Overcharged Maryland consumers will receive refunds for real estate settlements

BALTIMORE - Maryland consumers who were overcharged during real estate settlements will receive refunds from their title company, according to the Maryland Insurance Administration.

A total of 5,338 consumers will receive a combined $2,276.736 plus interest from LSI Title Agency Inc., of Coraopolis, Pa. for recordation tax over payments made between July 1, 2008 and Dec. 31, 2012.

The settlement comes after the Maryland Insurance Administration received a complaint from a consumer who reported being charged $2,920 in recordation tax instead of the $395 he owed.

The LSI agreed to make full restitution within 120 days and will not seek to recover from consumers any recordation taxes that were underpaid as a result of faculty calculations during that time.

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