Posted by Louis Jones on 1/4/05 7:57pm
Msg #15431
Maryland law - signing agent
I have been told by the state that Maryland does not recognize signing agents but does have title insurance producers. Before I sign up for the Insurance commission course which is $545.00 I'd like to know if the title insurance producer license will allow me to do basically what the signing agent does. At this point I'm really confused. Is anyone out there familiar with things in Maryland???
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Reply by Loretta Reed on 1/4/05 11:45pm
Msg #15462
I am a Licensed Title Producer in Maryland. The license will let you be a "signing agent" in Maryland.
I think that it is a conspiracy about the whole license ordeal. A bunch of attorneys got mad at all of the notaries stealing their business and decided to make it rough on us. It may have made it a little rough at the beginning but I personally only know one LTP that will do a signing for $50 and she may be the same person backdating documents. The DC area and Baltimore are saturated with LTP's and they are a dime a dozen.
After you pay that $545, you have to take the test (by appointment only). $80 for that. It is $80 each time after that if you do not pass it the first time. You can take it until you pass. The questions had nothing to do with basic notary skills, laws or whatever, it is all about title policy.
Then, once you pass the test, you go get your bond and send it to the Maryland Insurance Administration. You will wait for your approval and they will send you your license. It seems like it takes forever.
After you get licensed, you have to have 16 credit hours ($$$$) a year to keep your license PLUS whatever your bond/E&O and other fees are.
Don't want to discourage you, I got on another soap box.
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Reply by Eatha/PA on 1/5/05 10:23am
Msg #15490
And don't forget the liability insurance you're required to have - $100,000 worth backed up by the same amount in assets!
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Reply by Sonya on 1/6/05 7:27pm
Msg #15643
Are they strict about the $100,00 in assets? What do most people use to fund the liabilty insurance? i just do not believe that people wouls use their personal assets. Please advise.
Sonya
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Reply by Sonya on 1/6/05 7:27pm
Msg #15644
Are they strict about the $100,00 in assets? What do most people use to fund the liabilty insurance? i just do not believe that people wouls use their personal assets. Please advise.
Sonya
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Reply by sue on 1/5/05 2:36pm
Msg #15514
this isn't a new MD law, it's been on the books for quite some time, perhaps 'forever', I don't know. BUT, the NNA came to town about 2 years ago and was advertising their seminars on the radio and in every newspaper. all of a sudden it was announced by the "MD powers that be" that this old law was now going to be strictly enforced. perhaps it was coincidence.
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Reply by Art_MD on 1/5/05 2:59pm
Msg #15523
On Dec 1, 2003 in response to a question posed by a title company, the MD Insurance Admin. issued a letter to all title insurers clarifing and interpreting section 10-101 of the MD ins code. This effectively said that since title insurance could be produced by the signing of the documents and soneone had to be the representative( my choice of word) of the title insurer, the only person there other than the borrowers had to be that rep !! - the signing agent !!!!
Art
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Reply by Louis Jones on 1/5/05 3:45pm
Msg #15528
Thanks Loretta. You told it like it is and I think I'm going to hold off.
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