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MD Notaires, Is there any truth in this warning?
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MD Notaires, Is there any truth in this warning?
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Posted by hp/MD on 6/28/09 1:56pm
Msg #293872

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
DINNING HALL
BALTIMORE, MD

FREE PARKING:

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
*
Fraud
*
DemoTech
*
MoneyStore
*
Law firms vs. License Tile Producers
*
Making Maryland an Attorney State
*
Problems with lenders
*
RESPA
*
CRESPA -- Penalty
*
Residential/Commercial closings
*
Loan Officers
*
Explaining documents to consumers before the closing
*
Truth-In-Lending
*
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.

Kenneth Roseborough

Member

Reply by hp/MD on 6/28/09 1:58pm
Msg #293873

Sorry for the typo.

Reply by firegirl on 6/28/09 2:28pm
Msg #293875

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.

Reply by Yowheelz on 6/28/09 3:56pm
Msg #293880

Senate Bill 86

This refers to Senate Bill 86. In March there was a letter writting campagne and this bill was tabled. I have not heard that it is back on the docket for reconsideration. I will have to do some checking.

Reply by WDMD on 6/28/09 4:00pm
Msg #293881

Re: Senate Bill 86-Approved by governor 5/7/09 n/m

Reply by Prosperity on 6/28/09 8:23pm
Msg #293904

Re: Senate Bill 86-Approved by governor 5/7/09

WDMD is correct. Bill already been approved.

Reply by Ilene C. Seidel on 6/29/09 4:43am
Msg #293915

Only two closing agents showed up at the meeting last week and I was told a poor representation. A client of mine told me the Md Insurance commissioner wants to DO AWAY WITH THE CLOSING AGENT IN MARYLAND and only ATTORNEY's complete the final process of closing a bo loan.
If we don't go to the next meeting we may hit the unemployment lines. I was told by Chesapeake Insurance (my insurer) as long as my credit score hasn't dropped the company will issue the addl $50.0 bond and send me a bill for it. It's unfortunate the last meeting was on the last day of the month, perhaps on purpose so we couldn't show up to address the meeting.
I will be at COPPIN on July 16 representing the title industry with my oldest client and speaking before the committee and I recommend every Maryland Title Insurance Producer do the same. We stand to loose everything folks.

Reply by Prosperity on 6/30/09 6:21am
Msg #294015

Re: Letter From Bonding Company

I received my notice yesterday of the increase. The way I understand the letter, I will need to be approved for new bond (w/credit score of 670) or I will be dropped 10/01/09. They included a letter of cancellation to go into effect 10/01/09 unless I submit my new application. My current company (CIG) will not longer be issuing bonds & they're transferring everything to Travelers Insurance. I think the 670 is a requirement of Travelers. Not quite sure why they are also requesting my husband to sign the application.

Reply by Traci/MD on 6/30/09 8:57am
Msg #294021

Re: Letter From Bonding Company

This will hurt many of us... I know my houses have dropped in value. My IRA is almost nothing.
My credit scores are down because my credit was reduced. There are plenty of notaries in my area working without a License. What can we do??



 
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