THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.
Bulletin: NY000099
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Bulletin: NY000099
Dear Associates:
The sales tax controversy which has been swirling around the title industry for some time has ended on a happy note. At the New York State Land Title Association's (NYSLTA) annual convention, which took place on August 20 through 22nd, Andrew S. Roffe, a lobbyist retained by NYSLTA, advised that the Department of Taxation and Finance had decided not to impose the New York State sales tax on title related searches. Although the Department's decision did not resolve the ultimate question regarding the taxability of such services, Roffe assured the members of the Association that the sales tax will not be implemented in the foreseeable future.
Furthermore, the Department has indicated that because of its decision, it would be inappropriate to require title search companies to register with the Department as vendors for purposes of collecting the sales tax. Any one who has registered previously should contact NYSLTA for information regarding the withdrawal of his or her application.
Should you have any questions, please contact Company Counsel.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None