Sponsor warns of rising deed-fraud schemes, carries bill for more work
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Summary
A sponsor told the committee that scammers are filing fraudulent deed transfers and impersonating homeowners; the bill to stop title theft was introduced and carried over while stakeholders (realtors, bankers, probate judges) continue to refine language.
A committee member opened the hearing warning that scammers are increasingly filing fraudulent deed transfers and impersonating property owners to steal titles and sell land they do not own. The sponsor said the schemes use fake identifications and remote filings to transfer real property into companies controlled by the fraudsters, who then list or sell the property quickly online or through agents.
The sponsor said the bill is intended to prevent those transactions and protect owners of vacant properties, second homes, estates of deceased persons and long-held farmland. He named several stakeholders working on the text: the Realtors Association, Bankers Association, Bar Association, Land Title Association, the Securities Commission, probate judges and the County Commission Association.
"The end goal is to prevent it," the sponsor said, adding that the draft is still being simplified and that staff and stakeholders are working "to get the bugs out before it ever gets to you." He told the committee he would carry the bill over to allow more work.
The committee chair confirmed the item was carried and said members would return to the bill at the next hearing.
The sponsor did not present final statutory language and no motion or formal vote on final passage occurred; the matter was carried for further drafting and stakeholder agreement.