Posted by hp/MD on 8/25/08 11:46pm
Msg #261781

Producer Lic. In MD

I just renewed my Title producer Lic. in MD. I used to pay $520 for every 2 years. Now I paid $600 for 2 years. Rates are going up for SA in MD. A while back there was a rummer that it was going to be $700-$1000 for a year.

Reply by Ilene C. Seidel on 8/26/08 5:58am
Msg #261791

The fees for the bond are based on your assets and credit. If nothing has changed since the last renewal look at my previous post there is a cheaper company.

Reply by WDMD on 8/26/08 6:09am
Msg #261793

"The fees for the bond are based on your assets and credit."

That makes sense. Although I will say you got to have pretty good credit to get the bond in the first place. It's a great deal for the insurers. Make you have enough in assets to cover the bond if it should have to pay out. Big risk for them huh?

Reply by MikeC/NY on 8/26/08 10:45pm
Msg #261939

What am I missing here?

"That makes sense. Although I will say you got to have pretty good credit to get the bond in the first place. It's a great deal for the insurers. Make you have enough in assets to cover the bond if it should have to pay out. Big risk for them huh?"

It's a bond, not an insurance policy - you're expected to pay it back if they have to pay out. Why wouldn't they want to make sure you have the assets to cover it? There's not supposed to be any risk for them...

Reply by WDMD on 8/27/08 5:26am
Msg #261954

Re: What am I missing here?

"It's a bond, not an insurance policy - you're expected to pay it back if they have to pay out. Why wouldn't they want to make sure you have the assets to cover it? There's not supposed to be any risk for them..."


And that was my point....no risk for bonding company. Easy money for them, collect payments for bond, no payout on their end.

Reply by WDMD on 8/26/08 6:01am
Msg #261792

I guess you mean you paid $600 to renew your surety bond and not your license. I renewed my bond last August and paid $625. I guess the rates have not changed any since last year. I would have expected them to rise some. I always thought the major expense with the license was the continuing ed. I understand that the credit hours are being raised to 24 from 16. Just another added expense.

Reply by Ilene C. Seidel on 8/26/08 6:10am
Msg #261794

If you use Cape School it's fairly inexpensive.

Reply by WDMD on 8/26/08 6:19am
Msg #261795

"If you use Cape School it's fairly inexpensive."

Yeah but half the credits must be in a classroom, which means travel expenses. Also have the expense of not being able to take assignments when doing the CE. More to it then just the cost of the class. It can get expensive.

Reply by Mona/MD on 8/26/08 9:10am
Msg #261816

The Cape class is about 4 hours in one day and no exam and gives 8 credits. The second 8 credits can be earned in a self study with docs from their website, students then take the exam at their convenience without paying untit that student pays. This is the explanation I received from the rep from Cape. Fees are reasonable.

Reply by WDMD on 8/26/08 9:23am
Msg #261821

"The Cape class is about 4 hours in one day and no exam and gives 8 credits. The second 8 credits can be earned in a self study with docs from their website, students then take the exam at their convenience without paying untit that student pays. This is the explanation I received from the rep from Cape. Fees are reasonable."


OK I give. It is not an expense we should take into consideration when considering our expenses.(Although I'm still going to). Don't forget though the new regs (for licenses renewed on or after Oct. 1, 2009) which add an additional 8 hours of CE of which 3 have to be ethics related.

Reply by Ilene C. Seidel on 8/26/08 11:50am
Msg #261845

Of course its an expense of doing buz. I'm just telling ya all Cape is the least expensive based on my investigation.

Reply by Alice/MD on 8/26/08 4:24pm
Msg #261891

Thanks to you both for the information shared. My TPL expires 09/02/09... looks like I am going to just escape the increase. Lets hope for more crack down on the non-licensed.

I will be using Cape for my CE's.

Reply by Ilene C. Seidel on 8/26/08 2:16pm
Msg #261870

There has been no change to the 16 CE hrs required for title insurance producers. For other insurance producers, beginning on October 1, 2009, for those other insurance producer who are renewing the license, there is an increase from 16 to 24 hrs, unless the licensee qualified for a partial CE exemption based on continuous licensure of 25 yrs.
Beginning on October 1, 2009, all licensees, including title insurance producers, renewing the license on or after 2009 must complete 3 hrs. of CE in Ethics. This means that 3 of the required 16 hrs of CE for title insurance producer must be in Ethics.

I emailed the Commissioner's office the CE courses for us DID NOT INCREASE. Please read above message from the Commissioner's office.

Reply by WDMD on 8/26/08 2:34pm
Msg #261872

"There has been no change to the 16 CE hrs required for title insurance producers. For other insurance producers, beginning on October 1, 2009, for those other insurance producer who are renewing the license, there is an increase from 16 to 24 hrs, unless the licensee qualified for a partial CE exemption based on continuous licensure of 25 yrs.
Beginning on October 1, 2009, all licensees, including title insurance producers, renewing the license on or after 2009 must complete 3 hrs. of CE in Ethics. This means that 3 of the required 16 hrs of CE for title insurance producer must be in Ethics.

I emailed the Commissioner's office the CE courses for us DID NOT INCREASE. Please read above message from the Commissioner's office."



Well I guess MIA is like the IRS, depends on who you talk to. I just called MIA and was informed that the 24 hours of CE in Oct 2009 is a requirement for anyone who's license requires CE's including title producers.

Reply by WDMD on 8/26/08 2:59pm
Msg #261876

CORRECTION

Yes Ilene, it appears you are correct and I was given inaccurate information. Here is a link showing that title producers still only need the 16 hours of which 3 must be ethics. I apologize for posting inaccurate information. The info is on page 2 in the middle.

http://mlis.state.md.us/2008rs/fnotes/bil_0009/hb1589.pdf

Reply by Ilene C. Seidel on 8/26/08 4:11pm
Msg #261887

Re: CORRECTION

No worries, don't want to spend more then we have too.