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Guarantee Title and Trust Company may have overcharged home owners for title insurance when those home owners were refinancing their homes.
Investigation Source
- Pennsylvania
Investigation Scope
Category Information
Investigation Topics
- Unfair and Deceptive Services
- Over Charge
- Excessive or Unauthorized Fees
Product or Service
- Title Insurance
Injury Type
- Monetary Loss
Investigation Details
This is a class action lawsuit against Guarantee Title and Trust Companyon behalf of all Pennsylvania consumers who were overcharged by Guarantee Title and Trust Company.
Title insurance in Pennsylvania is pervasively regulated by the Title Insurance Act. The only allowed rates for title insurance are approved by and filed with the Commonwealth's Insurance Commissioner. The approved rates are published in the Manual of the Title Insurance Rating Bureau of Pennsylvania (TIRBOP Manual). If a property owner applies for title insurance within ten years of obtaining a policy issued on the same property, the reissue rate includes a ten percent discount. TIRBOP Manual 5.3, 5.50. If the application is within three years of a previous policy, the refinance rate is eighty percent of the reissue rate.
This class action lawsuit alleges that Guarantee Title and Trust Companyamong other wrongs failed to give Pennsylvania residents the 20% discount for title insurance when refinancing.
Title insurance in Pennsylvania is pervasively regulated by the Title Insurance Act. The only allowed rates for title insurance are approved by and filed with the Commonwealth's Insurance Commissioner. The approved rates are published in the Manual of the Title Insurance Rating Bureau of Pennsylvania (TIRBOP Manual). If a property owner applies for title insurance within ten years of obtaining a policy issued on the same property, the reissue rate includes a ten percent discount. TIRBOP Manual 5.3, 5.50. If the application is within three years of a previous policy, the refinance rate is eighty percent of the reissue rate.
This class action lawsuit alleges that Guarantee Title and Trust Companyamong other wrongs failed to give Pennsylvania residents the 20% discount for title insurance when refinancing.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| Guarantee Title and Trust Company, The | Guarantee Title and Trust Company was a title insurance company but it has been liquidated. |