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The State of Nevada Removes The Residency Requirement To Obtain a Title Agent License

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RIVER FOREST, Ill. - eTradeWire -- Presidential Title, a trailblazer in the title industry renowned for its commitment to excellence and forward-thinking practices, proudly announces the recent settlement with the Nevada Commissioner of Insurance in the United States District Court of Nevada. Presidential Title is pleased to announce a significant legal victory. In a landmark case, the Nevada Commissioner of Insurance has agreed to remove the "residency" requirement to obtain a title producer license in the state of Nevada.

For fair application, the Nevada Division of Insurance has agreed to allow Mr. Polk to submit an application for a Nevada title producer license without considering his home state residency. This sets a precedent for fair treatment of applicants, regardless of their residency status. Further, the outdated regulation required applicants for title agent or escrow officer positions to be bona fide residents of Nevada or live within 50 miles of the state border. Its repeal will open the market to a broader pool of qualified professionals, enhancing competition and service quality.

Presidential Title President, and Plaintiff on the case, Geoff Polk noted, "The title industry is over-regulated and, ironically, underserved.  One key reason for this paradox is state regulations like that in Nevada that restricted title agents to residents of the state.  This "protectionism" drives up costs and reduces service quality.  We are extremely pleased that the Commissioner of Insurance agreed to settle the matter and remove the residency restriction and we look forward to providing our exceptional service and lower costs to the state of Nevada in the near future."

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There are numerous other states that still attempt to restrict title licensure to residents.  Presidential Title will remain active in striking down these regulatory barriers. This is expected to foster innovation, reduce costs, and provide a better client experience across the country.

About Presidential Title

Presidential Title is a leading provider of title insurance and title-related services, committed to fostering innovation, inclusivity, and excellence in the title industry. With a proven track record of over 1,500 closing and 20,000 title searches to date. The dedicated team works tirelessly to advocate for fair regulations that benefit both professionals and clients, ensuring a robust and competitive market. https://www.presidentialtitlegroup.com/

Source: Presidential Title
Filed Under: Insurance

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