Anyone heard about this new law? What are your thoughts on how the banks are going to handle this?AB 957 has now been signed into law by Governor Schwarzenegger.This law gives buyers the legal protection to choose the title company of their choice without the fear of having the offer rejected!Banks can no longer require the use of their out of town title companies. The bank may provide a list of their preferred vendors but it is now illegal to require the use of their companies or to reject or dismiss an offer based on the title and escrow company chosen. The new law will force banks to change their practices as the penalties are 3 times the cost of the title and escrow services with the possibility of huge punitive damages and the loss of their California License
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This was great and I have taken the initiative to write my State Representative, Doug Holder in District 70, Florida to bring this to his attention. Title servicing has been a chronic problem for us and I hope Florida will consider a similar law.
Replies
This was great and I have taken the initiative to write my State Representative, Doug Holder in District 70, Florida to bring this to his attention. Title servicing has been a chronic problem for us and I hope Florida will consider a similar law.
Norml