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: NY000586
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Bulletin: NY000586
**PAYMENT PROCESSING CHANGES**
We have received from the NYC Register a notice of changes relating to filing Uniform Commercial Code (UCC) documents.
WHAT IS CHANGING?
Beginning August 1, 2016, fees paid to the New York City Department of Finance, Office of the City Register, for filing Uniform Commercial Code documents will cover only one filing. If a document is rejected or is not recorded, the fee cannot be applied to a future recording, and the fee will not be refunded. Re-submission of a rejected UCC document will require repayment of the filing fee.
LEGAL AUTHORITY:
NY State Executive Law Section 96-a, specifies that the fees collected for UCC filing and services are non- refundable. These fees, referred to as processing fees, shall be non-refundable fees paid to the Department of State or other filing office at the time that the documents are presented for filing, and will be paid whether or not the documents are accepted for filing.
WHAT THIS MEANS:
The City has been treating the filing fee paid to process a UCC as a recording fee.
Beginning August 1, 2016, NYC Department of Finance will automatically recognize the fee whether the document is recorded or not.
Re-submission of a UCC will require re-payment of the fee.
In the event you have any questions, please call the Stewart Title Insurance Company- New York Legal Department at (212) 922-0050.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None