September 2014 Executive Committee Meeting

A meeting of the Executive Committee was held on September 17, 2014 at Crystal Springs Resort, Hamburg, NJ Executive Committee: Michael Berey • First American Title Insurance Paul Bugoni • Stewart Title Rafael Castellanos • Expert Title Dennis Chorny • Commonwealth Bill Collins • Frontier Abstract Ray D’Esposito • Old Republic Richard Estrella • Fidelity National Title Nancy Farrell • Venture Title Richard Giliotti • Judicial Title Amy Kelly • Seaport Title Mike Kelly • WFG Larry Lipschitz • Westcor Land Title Insurance Company Larry Litwack • Big Apple Abstract Anthony Maiocchi • Perfect Abstract Marianne Mathieu • Chicago Title Bob Picone • Keppler Title James Scaturro • Superior Data Services DeAnna Stancanelli • National Granite Tommy Tafuri • Regal Title Robert Treuber • NYSLTA Sal Turano • Abstracts Incorporated Members & Guests: Elizabeth Alonso • New York Metro Title Joan Alverson • Superior Data Services Rina Barbaccia • Westcor Vincenzo Bivona • AIS Peter Brogan • Judicial Title John Burke • LandStar Title Agency David Carroll • S.J. Carroll Jr., Inc. Darren Chin • DataTrace Pat Cotter • Hudson Search Bernadette Cuevas • First Nationwide Title Agency Juie Curlen • Stewart Title D’Addona Mark • Home Abstract Corporation JoAnn Fleming • Westcor Suzanne Garcia • Federated Title Services/NMW Bill Grosstephen
• Network Title Agency 1
Kris • Security Title and Guarantee of Baltimore LaBar • Maven Abstract Madison • Old Republic Malagon • FNTG Marano • Judicial Title McElligott • FNTG Pereyo • First Nationwide Title Agency Pizzirusso • Red Vision Richards • FNTG Roper • AIS Spano • Spano Abstract Treuber • New York Metro Title Vincini • First American Title Insurance A quorum being present the meeting was called to order by President Castellanos at 9:38 a.m. MINUTES – The minutes of the June 2014 Executive Committee were approved. EXECUTIVE VICE PRESIDENT REPORT – Executive Director Treuber reported as follows: At the 2014 General Session, the Membership ratified two amendments to the By‐laws: ‐ Article IV amends the fiscal year to calendar year and a one‐time adjustment is allowed ‐ Article VII amends the dues conditions The amended articles are attached to these minutes TREASURER’S REPORT ‐ The financial report was presented by Ms. Mathieu and approved by the Executive Committee. Members may request a copy from the Association Staff office. TITLE SECTION Chair Michael Kelly reported the section’s approval of the by‐law amendments and the expressed section support for the forthcoming education program. ABSTRACTERS AND AGENTS SECTION Chair Giliotti reported: The Westchester County Clerk requested guidance from the Association on the time‐stamping of erecorded documents. The Executive Committee responded unanimously in support of sequential time stamps. It was reported that Erie County uses control numbers and gives all documents in the electronic submission the same time stamp. The Law Committee was requested to review the statute for direction on time stamping erecorded documents. Chair Giliotti reported the naming of Vice‐chair Stancanelli as head of the Agents Section Political Action Committee, who had raised pledges of $11,000 in two days. The initiative to hire Arthur Jakoby to write and publish an opinion stating that the Agent License law and regulations are intended to maintain the status quo was raised and the decision to proceed is pending until final regulations are issued. Hillary Sarah Ross Monica Vincent Maureen Dawn Scott Jonathan Kathy Paul William Stephen 2
NEW BUSINESS A discussion ensured with the Underwriter Liquidation Committee, in which it was reiterated that the Title Section has declined to discuss the issue of “regulatory minimums” for reasons of anti‐trust and tabled the discussion of liquidation for want of a specific document or proposal to address. The initial assignment was reintroduced – the preemptory termination of accepting claims for a liquidated underwriter. A motion was made and carried to charge the Licensing and Regulation Committee to a determine course of action and the impact on consumers and small businesses of Liquidation Bureau’s termination of claims for a liquidated Underwriter. The Law Committee was directed to review the Insurance Law for disclosures required of all insurance producers, not only title agents, and to propose standard forms and terminology, which could be reviewed and cleared by the DFS. NEXT EXECUTIVE COMMITTEE MEETING The December meeting of the Executive Committee will be held at 10:30 am on October 7, 2014 at Fidelity National Title Group, 485 Lexington avenue New York, NY The meeting adjourned at 10:42 am. Submitted: Robert Treuber Executive Vice‐president 3
Proposal to amend the by-laws, Article IV.
Article IV – Fiscal Period
The fiscal year of the Association shall be the period commencing November 1st and ending
October 31st.
Proposed amendment
The fiscal year of the Association shall be the period commencing November 1st January 1st and
ending October 31st December 31st. The Executive Committee shall be empowered in the year of
this amendment to authorize a one-time fiscal transition period to bridge the conversion to a
calendar fiscal year.
......................................................................................................................................................................................... Article VII Sub- Section 1( c) is repealed in its entirety and replaced with the following:
(c ) Surplus Dues
(1) In the event that the dues received from the Abstracters and Title Insurance Agents
Section members exceeds the budget allocation for said Section in any given fiscal
year, and the dues collected from the Section for the following fiscal year as of March
1 are insufficient to meet its budget allocation for that fiscal year, the surplus dues
collected the prior year shall be considered a credit toward meeting the Section’s
obligations under the budget for the following fiscal year. This credit shall not be
cumulative from year to year and all surplus funds received from the Agents Section
dues in any given year shall always be available to the Association as needed to
meet emergency expenses.
(2) In the event the dues collected by the Agents Section, together with the credit set
forth in Sub-section (c)(1)above, are insufficient to meet the budget allocation for
Abstracters and Title Insurance Agents Section for the fiscal year in question, the
Title Insurance Section, in its discretion, may, by majority plus one vote, eliminate a
voting seat for the Abstracters and Title Insurance Agents Section. Notwithstanding
the foregoing, if the members of the Abstractors and Title Insurance Section
subsequently meet the shortfall through a special assessment to the members of that
Section or otherwise, the Title Insurance Section shall not be permitted to eliminate
the aforementioned voting seat, or shall restore it if it has already been eliminated.
Article VII Sub-Section 1 (d) is amended as follows:
(d) Except as set forth in Sub-Section (c ) above all matters voted upon shall be decided by a
majority vote of the Members on the Executive Committee present in person,
by telephone or by proxy with the condition that no less than a majority of the Members in the
Title Insurance Section present in person, by telephone or by proxy shall have voted in the
affirmative, and on the further condition that as to any matter which, in the opinion of any
Member in the Title Insurance Section on the Executive Committee may invoke an antitrust
issue, a motion shall not carry unless a majority plus one of the Members in the Title Insurance
Section present in person, by telephone or by proxy have voted in the affirmative. The President
shall be a regular, voting Member on the Executive Committee.