Posted by hp/MD on 6/28/09 1:56pm
MD Notaires, Is there any truth in this warning?
--- Original Message -----
From: [e-mail address]
To: Jo Kelley ; Jo Kelly
Sent: Sunday, June 28, 2009 8:08 AM
Subject: TITLE PRODUCERS YOU ARE IN DANGER OF LOSING YOUR BOND
WHAT DO I NEED TO DO TO GET THIS IN YOUR HEADS
This is the last time I will warn you. You are in the position to loose your license and/or be charged a higher fee for your bond. Some of you already received letters from your bonding company and were dropped and must now fill our a new form to gain access of approval for another bonding company. If your credit score is not acceptable 670 or greater then you loose.
-- HERE IS A 2ND CHANCE TO VOICE YOUR CONCERNS --
DATE: THURSDAY, JULY 16
TIME: 5:00 PM
WHERE: COPPIN STATE COLLEGE
TOPIC OF DISCUSSION:
HEARING AND TESTIFYING ON ISSUES AND CONCERNS RELATING TO TITLE (SURETY BOND INCREASE) BEFORE THE COMMISSION AND SENATORS AND OTHER GRIEVANCES AND CONCERNS YOU HAVE WITH THE TITLE INDUSTRY. THE TITLE COMPANIES AND LAWYERS DO NOT WANT TO HAVE NOTARIES (LICENSED TITLE PRODUCER CONTINUE ITS SERVICES AND OR WANT YOU TO TAKE A PARALEGAL 2 YEAR COURSE TO CONTINUE ON).
THIS IS YOUR CHANCE TO STAND UP AS A GROUP AND BE HEARD. FOR MORE INFORMATION, YOU CAN CALL: TINNA DAMASO QUIGLEY, DIRECTOR OF GOVERNMENT RELATIONS AND POLICY DEVELOPMENT ([e-mail address]) 410-468-2202 X2202
Hearing and Testimony Results:
June 25, 2009
The Commission took testimony from various firms within the Title Industry. For those who testified were: ALTA, MDLTA, Chesapeake Insurance, Mobile Notaries Group, Kenneth Roseborough, various law firms and Title Companies.
Topics of discussion were:
Increase in surety bond
Qualifications of Title Producers
Qualifications of Licensed Notary Witness Closers
Education and CE issues
Non-license individual and firms
Harsh Penalties for Non-license notaries
HUD-1 line item 1106 (Disbursement) for payment for notaries - licensed title producers)
Senate Bill 86
Law firms vs. License Tile Producers
Making Maryland an Attorney State
Problems with lenders
CRESPA -- Penalty
Explaining documents to consumers before the closing
Title companies and their partnership with (non-licensed signing companies)
Signing companies and etc.,
STAND UP! -- BE HEARD!
PASS THIS MESSAGE ON
WHO TESTIFIED ON BEHALF OF THE MEMBERS
OF THE MOBILE NOTARIES GROUP
JUNE 25, 2009
Barbara Taylor, President/CEO/LTPLA
Mobile Notaries Group, Inc.
Reply by firegirl on 6/28/09 2:28pm
the new law goes into effect when you renew your license, after 10/1/09. There is no reason why your current bond would be 'dropped' as they are paid in advance.
It is true that there could be some people that will not be able to get the $150K bond because of poor credit or not enough net worth. You may be able to make a 'pre application' with a bonding company to see if you would qualify before the law takes effect, just so you can plan ahead.
I am sure that Mobile Notaries Group is a reputable outfit, however, keep in mind that they are in the business of making money from the licensing requirement. There is definitely cause for concern, as the new bond requirement will almost certainly put some people out of business. It can't hurt to speak your mind to the people that make the laws.
Good luck to you. Thanks for passing this on.