ALTA Principles of Fair Conduct

The American Land Title Association has been working on developing a set of basic business principles which should govern all companies within the title industry. The result of that work are the "ALTA Principles of Fair Conduct". These principles have been announced very recently with much fanfare and have received great media attention. I have copied and included the final product below.

These principles do not strike any of us here at Prairie Title as something very new. I firmly believe that we have been conducting our business by these precepts for many years now. Nonetheless, it is good to have the fundamentals refreshed for us from time to time. And it is also good to see that the rest of the industry has realized that strong ethics are good for business. Something we have known for twenty five years.

ALTA PRINCIPLES OF FAIR CONDUCT
Preamble
The ALTA Principles of Fair Conduct represent the association’s commitment to promote behavior within the title industry that serves the needs and interests of consumers.

The Principles describe ALTA’s expectation of its Members to adhere to the highest standards of ethical behavior and the laws and regulations governing the business of title insurance.

The "Appropriate Steps to Implement the ALTA Principles" sets out specific actions that Members can take, and suggests what government can do to assist the title industry in this regard.

ALTA encourages all if its Members to pledge to support The Principles, and to incorporate them into their daily business practices.

ALTA pledges to assist its members in implementing The Principals through ongoing training on ethical standards and legal compliance.

ALTA has formed a special Committee for ongoing review of The Principles annually to ensure that they continue to address the needs and interests of the consumer public.

ALTA PRINCIPLES OF FAIR CONDUCT

1. To engage only in business practices that are lawful and consistent with a high standard of ethical behavior.


2. To encourage a culture of compliance within their organizations for federal and state laws that govern the title insurance business and for these Principles.


3. To treat consumers in a fair and ethical manner.


4. To provide consumers with timely and comprehensive information regarding their policies, services, products, and prices so as to enable consumers to shop effectively among providers of title-related services.


5. To encourage and assist consumers to be educated purchasers of title insurance and title-related services.

- Frank Pellegrini, President, Prairie Title