Stewart Title Discontinues Business with Richmond Title in California
March 19, 2007
HOUSTON--On March 14, 2007, the California Department of Insurance (CDOI) announced that it has issued a Cease and Desist Order to Richmond Title Services, L.P. (Richmond), Stewart Title Guaranty Co. (Stewart), and Electronic Closing Services Inc., a Stewart affiliate. The CDOI alleges that Richmond is not properly licensed under California law. Upon receipt of the CDOI's Cease and Desist Order, Stewart discontinued doing business with Richmond in California.
Stewart is conducting its own inquiry into the matter, and will cooperate fully with the CDOI.
The business Stewart transacted with Richmond over a 22-month period represents a small percent of Stewart's total title insurance business.
Stewart remains committed to complying with all laws pertaining to its conduct of title insurance and settlement business in all jurisdictions in which Stewart operates, including California.
Source: Stewart Information Services Corp.