etition and it allows title companies to gouge customers. This is because they all charge the same premium but many title companies simply add on “junk” fees and extra charges to boost their bottom line and pay illegal kick backs to other professionals for business referrals. This arrangemeNJ Senate Bill 2229 is scheduled for debate by the Senate Commerce Committee in the next legislative term. This bill would bring real competition to the title insurance industry and allow title companies to offer lower prices to consumers. As it stands now title insurance rates are regulated by the state. This of course is under the guise that it is done to protect consumers from paying too much but in reality it is designed to protect the profits of title insurance companies. Senate Bill 2229 would force title insurance companies to compete for customers and would require they adjust prices in a way that benefits consumers instead of their bottom line. Many companies are against this bill because they understand that their old business practices will have to change or they will not make the huge profits they are currently reaping.

First we have to look at how title insurance works in New Jersey at this moment. Basically the law states that there is a set rate for title insurance and all title companies must charge this rate. The real reason for this is not to keep title companies from overcharging clients but in reality it is to restrict competition and it allows title companies to gouge customers. This is because they all charge the same premium but many title companies simply add on “junk” fees and extra charges to boost their bottom line and pay illegal kick backs to other professionals for business referrals. This arrangemen

d by the state. This of course is under the guise that it is done to protect consumers from paying too much but in reality it is designed to protect the profits of title insurance companies. Senate Bill 2229 would force title insurance companies to compete for customers and would require they adjust prices in a way that benefits consumers instead of their bottom line. Many companies are against this bill because they understand that their old business practices will have to change or they will not make the huge profits they are currently reaping.

First we have to look at how title insurance works in New Jersey at this moment. Basically the law states that there is a set rate for title insurance and all title companies must charge this rate. The real reason for this is not to keep title companies from overcharging clients but in reality it is to restrict competition and it allows title companies to gouge customers. This is because they all charge the same premium but many title companies simply add on “junk” fees and extra charges to boost their bottom line and pay illegal kick backs to other professionals for business referrals. This arrangeme

y adjust prices in a way that benefits consumers instead of their bottom line. Many companies are against this bill because they understand that their old business practices will have to change or they will not make the huge profits they are currently reaping.

First we have to look at how title insurance works in New Jersey at this moment. Basically the law states that there is a set rate for title insurance and all title companies must charge this rate. The real reason for this is not to keep title companies from overcharging clients but in reality it is to restrict competition and it allows title companies to gouge customers. This is because they all charge the same premium but many title companies simply add on “junk” fees and extra charges to boost their bottom line and pay illegal kick backs to other professionals for business referrals. This arrangeme

how title insurance works in New Jersey at this moment. Basically the law states that there is a set rate for title insurance and all title companies must charge this rate. The real reason for this is not to keep title companies from overcharging clients but in reality it is to restrict competition and it allows title companies to gouge customers. This is because they all charge the same premium but many title companies simply add on “junk” fees and extra charges to boost their bottom line and pay illegal kick backs to other professionals for business referrals. This arrangemeetition and it allows title companies to gouge customers. This is because they all charge the same premium but many title companies simply add on “junk” fees and extra charges to boost their bottom line and pay illegal kick backs to other professionals for business referrals. This arrangement is good for them as it keeps a consumer driven competitor from offering lower premiums, even though some new companies have cut out the junk fees and do offer a lower rate for title insurance and closing services.

How would Senate Bill 2229 change this? By allowing title insurance companies to offer discounted premiums the state would open the market to competitive forces. The would result in a free market for consumer driven title companies to thrive while the traditional anti-consumer forces would be forced to change or risk going out of business. New entries to the industry would now be able to offer lower premiums along with cutting out the “junk” fees, which they are already doing. This scares traditional title insurers and they are fighting the passage of this bill.

Who is against this bill? The NJLTA has come out strongly against this bill. The reason they give is that it would force title insurers to lower their rates to a point where they would no longer be able to survive. Of course this argument makes no sense. Why should the title insurance industry be unlike any other? If someone can offer a lower price while still making