Washington, D.C., July 23, 2019—The American Land Title Association (ALTA), the national trade association of the land title insurance industry, issued the following statement on the need to clarify compliance for businesses that provide services to the growing cannabis industry.

“Senator Robert Menendez’s insurance bill—along with the SAFE Banking Act—provide some needed relief to the tension between federal and state laws regarding the legality of cannabis,” said Diane Tomb, ALTA’s chief executive officer. “However, more needs to be done to make sure legitimate businesses like title and escrow companies are not violating the law when providing services to this burgeoning industry when real estate is purchased. ALTA members support efforts to clarify compliance under state and federal laws for businesses that facilitate transfer and sale of real estate that could be used in growing, storing or selling of marijuana.”

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About ALTA

The American Land Title Association, founded in 1907, is a national trade association representing more than 6,200 title insurance companies, title and settlement agents, independent abstracters, title searchers, and real estate attorneys. ALTA members conduct title searches, examinations, closings, and issue title insurance that protects real property owners and mortgage lenders against losses from defects in titles.