Q: I have heard that title insurance agents in New York State must be licensed. Is this a new law?
A: Yes. At the end of September 2014, a new law went into effect in New York State regarding licensing requirements for title insurance agents. Just as real estate licensees must meet licensing requirements set by the New York State Department of State, title insurance agents of authorized title insurance corporations must now be licensed according to the regulations of the New York State Department of Financial Services. Similar to a real estate licensee, a title agent will have to complete a New York State approved pre-licensing course and pass a written exam. One exception, which is available through September 2015, is for individuals who have worked as title agents for the past five years or more; they will not be required to take a course or exam, but will still have to complete the license application.
The Legal Line Question by:
Neil B. Garfinkel
REBNY Broker Counsel
Partner-in-charge of real estate and banking practices at Abrams Garfinkel Margolis Bergson, LLP