Regulation 208 (11 NYCRR 228) is now annulled pursuant to New York County Supreme Court Justice Rakower’s decision and order on New York State Land Title Association (NYSLTA) et. al. v. New York State Department of Financial Services (DFS).
The Court annulled Regulation 208 in its entirety and reasoned, among others, that Regulation 208 is “irrational” and “internally inconsistent.”
DFS has filed its Notice of Appeal. Stay tuned as it is yet to be determined whether Regulation 208 would be reinstituted with a stay or otherwise.
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