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By now all of you should have received, and hopefully read, the letter from Insurance Commissioner Carroll Fisher, dated September 4, 2003, regarding complaints of "Title Insurance Companies and Agents engaging in business practices that violate RESPA."
In cooperation with the Department of Insurance, we have agreed to publish this article in an effort to make everyone aware that violations of RESPA will be investigated vigorously by the Commissioner.
I urge each of you to reevaluate your business practices to ensure that your relationships with customers do not involve any "situation" that could be construed as a violation of RESPA.
The Insurance Commissioner is very serious about this issue and will order "market conduct and financial examinations" as a result of any complaint received by his office. If violations are found, the penalties could result in severe fines and license revocation. Please take this warning seriously. The consequences could be very devastating for the title industry in Oklahoma.
2003-2004 OLTA Board of Directors
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OFFICERS:
G. Barry Schmulbach, President - OKC
David Steed, President-Elect - OKC
Bryan Thomason, Vice President - Purcell
Lisa Sparks, Secretary - Lawton
Danita Francis, Treasurer - Norman
Beverly Jones, Past President - Jay
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DIRECTORS:
Glenda Mittasch, KEG Director - Perry
Sue Bailey, Director - OKC
Robin Berg, Director - Cherokee
Mary Ann Nelson, Director - Norman
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