Patrick Lee

The meeting agenda includes a review of the 2026 goals, which focus on continuing education relevance, collaboration with the Real Estate Commission, and increasing industry awareness regarding cyber/wire fraud, affiliated business arrangements, artificial intelligence, and new FinCEN reporting rules. Other topics include concurrence reports, a consultant payment inquiry, a review of wire transfer report forms, the five-year review of rule R592-11, a discussion on the draft of rule R592-19, and the preparation of the commission's report to the Governor.

The Commission met to review concurrence reports for licenses and continuing education, both of which were passed. Updates were provided regarding 2026 goals, including industry legislative sessions and upcoming conventions. The Department provided a reminder regarding annual report submissions and net worth capital percentages. New business included a discussion on the fair market value charging requirements for trade association use of facilities, resulting in an amendment to Rule R592-6-4(5). Old business addressed inquiries regarding proposed rule R592-18 and its application to existing escrow activities.

The Commission meeting agenda included updates on 2026 goals, including continuing education, working with the Real Estate Commission and ULTA, and increasing awareness of cyber and wire fraud, affiliated business arrangements, and new FinCEN reporting rules. New business items addressed proposed rule R592-19 regarding winding down the business of a resident agency title insurance producer, reporting methods for wire transfers, and a discussion on the title examiner position.

The meeting included a presentation of the quarterly accounting report for the Bail Bond Administration Account, detailing expenditures, revenue, and the ending balance. A significant portion of the meeting was dedicated to a discussion regarding ongoing scams involving individuals posing as law enforcement or bond services to solicit money from clients. Potential security measures and awareness strategies were proposed to address these incidents.

The Commission discussed several legislative updates, including the passage of HB 58 regarding title insurance and fidelity bond requirements, and the status of bills related to attorney opinion letters and communication networks. The group reviewed the authority and agenda topics for future meetings. Updates were provided on 2026 goals, including the use of AI in title insurance, and upcoming annual report submission deadlines. The Commission also reviewed public comments on proposed rules regarding closing definitions, fund holding periods, and lien disputes. Additionally, there was a presentation regarding new FinCEN reporting rules and best practices for industry compliance.