{"id":4325,"date":"2009-03-09T22:29:00","date_gmt":"2009-03-10T04:29:00","guid":{"rendered":"http:\/\/www.nmpolitics.net\/index\/2009\/03\/house-oks-title-insurance-reform\/"},"modified":"2009-03-09T22:29:00","modified_gmt":"2009-03-10T04:29:00","slug":"house-oks-title-insurance-reform","status":"publish","type":"post","link":"https:\/\/nmpolitics.net\/index\/2009\/03\/house-oks-title-insurance-reform\/","title":{"rendered":"House OKs title insurance reform"},"content":{"rendered":"<p><a onblur=\"try {parent.deselectBloggerImageGracefully();} catch(e) {}\" href=\"http:\/\/1.bp.blogspot.com\/_IabUCQmoheQ\/SbXtEE9lUQI\/AAAAAAAALDo\/JmAosyNOQc4\/s1600-h\/2009Legislature.jpg\"><img decoding=\"async\" style=\"margin: 0pt 0pt 10px 10px; float: right; cursor: pointer; width: 100px; height: 150px;\" src=\"http:\/\/1.bp.blogspot.com\/_IabUCQmoheQ\/SbXtEE9lUQI\/AAAAAAAALDo\/JmAosyNOQc4\/s200\/2009Legislature.jpg\" alt=\"\" id=\"BLOGGER_PHOTO_ID_5311411989860667650\" border=\"0\" \/><\/a> <\/p>\n<p class=\"MsoNormal\">Title insurance reform is an issue that many in <st1:place st=\"on\"><st1:state st=\"on\">New Mexico<\/st1:state><\/st1:place> have been working on for years, and one that gained some momentum on Friday when it was approved on a vote of 59-0 by the House.<\/p>\n<p class=\"MsoNormal\"><o:p> <\/o:p><\/p>\n<p class=\"MsoNormal\">The <a href=\"http:\/\/www.nmlegis.gov\/lcs\/_session.aspx?Chamber=H&amp;LegType=B&amp;LegNo=488&amp;year=09\" target=\"_blank\">Business and Industry Committee substitute<\/a> for House bills 488 and 357, sponsored by House Speaker <a href=\"http:\/\/www.nmlegis.gov\/lcs\/legdetails.aspx?SPONCODE=HLUJA\" target=\"_blank\">Ben Lujan<\/a>, D-Namb\u00e9, now heads to the Senate. <\/p>\n<p class=\"MsoNormal\"><o:p> <\/o:p><\/p>\n<p class=\"MsoNormal\">\u201cFriday\u2019s unanimous, bipartisan vote in favor of the speaker\u2019s bill is a big step toward lowering title insurance costs for homebuyers and homeowners seeking to refinance a mortgage. It is especially urgent given this challenging economic environment,\u201d said Fred Nathan, executive director of <a href=\"http:\/\/www.thinknewmexico.org\/titleinsurance.html\" target=\"_blank\">Think New Mexico<\/a>, which has led the charge for title insurance reform.<\/p>\n<p class=\"MsoNormal\"><st1:state st=\"on\"><st1:place st=\"on\">New Mexico<\/st1:place><\/st1:state> has the eighth-highest closing costs in the nation. One of the largest elements is title insurance. The state currently allows the state insurance superintendent to set rates for title insurance, which eliminates the cost-reducing effect of competition.<\/p>\n<p class=\"MsoNormal\"><o:p> <\/o:p><\/p>\n<p class=\"MsoNormal\">\n<p class=\"MsoNormal\">The reform bill would still allow the superintendent to set a rate, but companies could propose charging lower rates, so in essence the superintendent would be setting the highest allowable rate possible.<\/p>\n<p class=\"MsoNormal\"><o:p> <\/o:p><\/p>\n<p class=\"MsoNormal\">The bill has not yet been scheduled for any Senate hearing, and must make its way through two committees before a full Senate vote.<\/p>\n<p class=\"MsoNormal\">\n<p style=\"font-style: italic;\" class=\"MsoNormal\">This article has been updated to clarify what the bill would allow.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Title insurance reform is an issue that many in New Mexico have been working on for years, and one that gained some momentum on Friday when it was approved on a vote of 59-0 by the House. The Business and Industry Committee substitute for House bills 488 and 357, sponsored by House Speaker Ben Lujan, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4325","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/posts\/4325","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/comments?post=4325"}],"version-history":[{"count":0,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/posts\/4325\/revisions"}],"wp:attachment":[{"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/media?parent=4325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/categories?post=4325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/tags?post=4325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}