May 5, 2021

In This Issue:

  • TLTA Legislative Update
  • New TDI Rule Requires Email Contact for All Licensees
  • FinCEN Reissues Real Estate Geographic Targeting Orders for 12 Metropolitan Areas, Including DFW and San Antonio
  • U.S. Interior Department Takes Steps to Restore Native American Land
  • FHFA Finalizes Rule on 'Living Wills' for Fannie and Freddie

TLTA Legislative Update

TLTA | May 5, 2021
Key, end-of-session legislative deadlines start to kick in as early as May 10, and we've officially entered the final stretch of the Texas Legislature's 87th Regular Session, which will adjourn Sine Die on May 31.
 
SB 885, Sen. Hughes' Quitclaim Bill that TLTA is working to pass this session, continues to make great progress. The House Local and Consent Calendar Committee met May 4 and set SB 885 on the May 8 local calendar. Because the House committee passed the version of the bill approved by the Senate, no conference committee would be required if the House passes it on their local calendar without amendments.
 
The other bill we are working to pass this session, HB 3115 by Rep. Shine, the Homestead Certainty Bill, remains in the House Calendars Committee, and we are working with that committee's members to win approval of the bill's consideration on the House floor. Our interactions with Calendars Committee members continue to be positive, but there are more than 500 bills in Calendars currently, and we are working with the members to ensure HB 3115 is seen as a priority. 
 
For your reference, here's our Master Legislative Tracking List and Action Report, which was updated today, April 28. This report includes updates on the bills TLTA is trying to pass this session, updates regarding other bills on which TLTA's Board of Directors has taken positions, as well as a link to the larger list of more than 150 bills on which we are working this session. Click the image to access this helpful tool:
 
 
 
Only 27 days remain in the 87th Legislative Session, but special sessions are expected due to redistricting and other issues. 
 

Bills TLTA Is Trying to Pass

The bills TLTA is trying to pass during the 87th Legislative Session were approved by TLTA's Board of Directors  as recommended by our Legislative Committee , which is chaired by Steve Streiff. TLTA is seeking passage of two statutory changes that would improve real estate transactions:
In addition to the bills we are trying to pass listed above, you can review our broader Master Legislative Tracking List and Action Report, which includes other bills on which TLTA's Board has taken positions, as well as a link to a list of the more than 150 bills we are working this session. We have been actively addressing concerns and seeking improvements to these bills to avoid unintended consequences and preserve our daily functions as title agents and underwriters.
 

Questions about TLTA's legislative process and how you can get involved?

 The TLTA Legislative Committee, our Local Legislative Liaisons, our Grassroots Network and our PAC Board of Governors are all part of our team of engaged legislative advocates. Learn More About TLTA's Legislative Process and How You Can Get Involved »

New TDI Rule Requires Email Contact for All Licensees

TDI | May 5, 2021
The Texas Department of Insurance (TDI) adopted a rule that requires individuals, agencies, and companies regulated by TDI to designate an email address for official communications from TDI.
 
To add or update an email address:
 
Underwriters
Agents
 
The rule also allows electronic submissions to TDI in most cases where a paper method was previously required.
 
Review the Adopted Rule »
Review TDI's Announcement »
 

FinCEN Reissues Real Estate Geographic Targeting Orders for 12 Metropolitan Areas, Including DFW and San Antonio

U.S. Treasury | April 29, 2021
The Financial Crimes Enforcement Network (FinCEN) today announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate.  The GTOs are identical to the November 2020 GTOs.  The purchase amount threshold remains $300,000 for each covered metropolitan area.

The terms of this Order are effective beginning May 5, 2021 and ending October 31, 2021.  GTOs continue to provide valuable data on the purchase of residential real estate by persons possibly involved in various illicit enterprises.  Renewing the GTOs will further assist in tracking illicit funds and other criminal or illicit activity, as well as inform FinCEN’s future regulatory efforts in this sector.

The GTOs cover certain counties within the following major U.S. metropolitan areas:  Boston; Chicago; Dallas-Fort Worth; Honolulu; Las Vegas; Los Angeles; Miami; New York City; San Antonio; San Diego; San Francisco; and Seattle.
 
Read FinCEN's Press Release »
Review the New GTO »
FAQs Regarding GTOs »
 

U.S. Interior Department Takes Steps to Restore Native American Land

ALTA | April 29, 2021
The U.S. Department of Interior on April 27 issued an order that eases the ability of Native American tribes to take land back into trust.

Secretary of the Interior Deb Haaland issued Order 3400 re-delegating the authority to review and approve applications to place land into trust to the Bureau of Indian Affairs regional directors. The order reverses steps taken in 2017 that elevated land-into-trust decisions to the department’s headquarters staff, which caused delays. The order does not apply to gaming applications.
 
Read More »
 

FHFA Finalizes Rule on 'Living Wills' for Fannie and Freddie

HousingWire | May 3, 2021
The Federal Housing Finance Agency (FHFA) finalized a rule on Monday that will require Fannie Mae and Freddie Mac to develop plans that would ensure upon their eventual exit from conservatorship, they won’t do any large scale harm to the financial system.

Should the FHFA be appointed receiver for the government-sponsored entities under the Housing and Economic Recovery act of 2008 (HERA), the so-called 'living wills' would facilitate a “rapid and orderly resolution” from conservatorship, the agency said Monday.

After the capital rule, the finalization of the living will rule is one of the last major regulatory pieces needed to give effect to Congress’ intent in HERA, said Mark Calabria, Director of the FHFA.
 
Read More » 


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