Monday, January 21, 2008

Governor Won'T Place Title-insurance On Legislature'S Agenda

Governor Richardson has turned down requests to have the Legislature consider reforms of the title insurance industry.

Advocates say legislation is needed to bring price competition to the title insurance system, which could lower closing costs for home buyers.

State regulators, the attorney general and others had requested the issue be heard, but Richardson says it won't be on the agenda for the 30-day session.

An Associated Press review of campaign finance records showed that title insurance company officials and their family members had contributed at least $30,000 to Richardson's presidential campaign through September.

1 of Richardson's top political aides also has ties to the industry.

A spokesman for Richardson says the contributions played no role in the governor's decision.

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