Industry News

Title insurance reform on hold in New Mexico

Gov. Richardson says legislature can't tackle issue in 30 days

The ROI Producing Real Estate Event of the Summer
Reach top decision-makers at Inman Connect

New Mexico lawmakers will have to wait a year before tinkering with the state's uniform title insurance rate regulations, with Gov. Bill Richardson saying the issue is too complex for legislators to tackle in their lone 30-day meeting session this year. New Mexico's unpaid "citizen-legislators" meet for just 30 days in even numbered years, and can debate only budget and tax issues or legislation the governor places on the agenda. A spokesman for the governor said Richardson is not opposed to title insurance reform, but that his primary focus for the abbreviated 2008 legislative session is health insurance. The legislature's 30-day meeting "is simply not enough time for a full and fair hearing on the issue," which should be thoroughly studied to ensure consumers don't end up paying higher rates, Richardson's spokesman, Allan Oliver, told the Associated Press in a story published in the Albuquerque Tribune. The New Mexico Public Regulation Commission, the state attorney ge...