Breaking News
Douglas Karlen of Fidelity National Title Addresses Challenges
with Implementation of the Transfer on Death Instrument Act --
Effective Date is January 1, 2012
As of January 12, 2012, the Transfer on Death Instrument Act
becomes effective (for decedents dying on or after that
date). Title insurance companies across the state are looking
at the challenges presented by its implementation. Douglas M.
Karlen is Vice President and Regional Counsel for Fidelity National
Title Group. His recent article presents the view from the
perspective of a title insurance company and addresses two
significant issues.
To access and download the article. click on:
Karlen Article: "Transfer on Death Instruments and Title Insurance:
Two Significant Problems"
Amended IRPC 1.15 -- Changes Regarding An Attorney's Obligation
to Manage and Protect Client Funds
On July 1, 2011, the Supreme Court of Illinois announced amendments to Rule 1.15 of the Illinois
Rules of Professional Conduct (IRPC) regarding a lawyer's
obligation to manage and protect client funds through client trust
accounts. Before September 1, 2011 effective date, lawyers should
take action to ensure that the trust accounts in which they have
placed their clients' funds meet the requirements of Rule 1.15.
Three key changes affect: (1) the types of client trust accounts
permitted: (2) specific recordkeeping requirements, and (3)
automatic overdraft notification.
IDFPR Issues Cease and Desist Order Against National Company
Handling REO Transactional Matters
The Title Insurance Section of the Illinois
Department of Financial and Professional Regulation, Division of
Financial Institutions, recently issued an important Cease and
Desist Order against a national entity working in the area of REO
sales transactions. ServiceLink, LP, ("ServiceLink") a
Fidelity Company, has been ordered to cease and desist several
activities which the Section has found to be in violation of the
Title Insurance Act, including purporting to issue title insurance
in Illinois although ServiceLink is not registered as a title agent
in Illinois. The Section also imposed a fine against
ServiceLink for the several violations.
To access and download the Cease and Desist Order,
click on:
ServiceLink Cease and Desist Order
MARS Final Rule Issued by FTC
The Final Rule regarding Mortgage Assistance Relief
Services("MARS"), which affects attorneys
and others who, in exchange for a fee, offer to work on behalf of
consumers to help them obtain modifications to the terms of
mortgage loans or to avoid foreclosure on those loans, has been
issued and can be accessed and downloaded at:
MARS Final Rule