February 23, 2022

In This Issue:

  • TLTA and ALTA Submit Comments to FinCEN Regarding Proposed Anti-money Laundering Regulations
  • Texans Will Vote on Property Tax Amendments in Special Election May 7
  • Updates from TREC Meeting Feb. 14
  • SAVE THE DATE: Title Industry Day at the Texas Capitol Feb. 7-8, 2023
  • Early Voting for March Primary Underway Feb. 14–25

TLTA and ALTA Submit Comments to FinCEN Regarding Proposed Anti-money Laundering Regulations

 FinCEN proposals would require banking regulations and compliance for escrow officers
 
TLTA | Feb. 23, 2022
On Dec. 8, 2021, FinCEN issued an Advanced Notice of Public Rule Making (ANPRM) to solicit public comment on a potential rulemaking to address the vulnerability of the U.S. real estate market to money laundering and other illicit activity.
 
TLTA and ALTA both submitted letters in response to FinCEN's ANPRM. 
 
Many TLTA members are aware of the current FinCEN Geographically Targeted Orders (GTOs) affecting 12 metropolitan areas in the U.S., including some in Texas. These orders require title insurance companies in these areas to file reports on all-cash purchases of residential real properties through LLCs or entities if the transaction exceeds $300,000. FinCEN is contemplating rulemaking that would expand these reporting requirements to any all-cash deal—including those by real persons in addition to those purchased by entities for commercial as well as residential—with no geographical limitations.
 
Additionally, FinCEN is contemplating adding additional duties for title agents handling escrow monies that banks currently are required to perform: According to FinCEN, “[t]his ANPRM seeks public comment on whether FinCEN should impose a similar [to the current GTOs for title insurance companies], ongoing, and expanded reporting requirements through regulations...including, for example, potentially promulgating Bank Secrecy Act record keeping and reporting requirements for 'persons involved in real estate settlements and closings.'"  
 
TLTA staff reviewed FinCEN's proposals and worked with TLTA's board on development of formal comments, which were submitted Feb. 17. 
 
Review TLTA's Letter to FinCEN »
Review ALTA's Letter to FinCEN »
Read an Article by ALTA re: FinCEN's Proposals »
 

Texans Will Vote on Property Tax Amendments in Special Election May 7

TLTA | Feb. 23, 2022
Two property tax-related amendments to the Texas Constitution will be considered by Texas voters during a special election May 7, 2022.

The first ballot proposition would increase the homestead exemption on school taxes to $40,000 from $25,000.

The second proposition on the May 7 ballot would extend the school property tax rate cuts approved by the Texas Legislature in 2019 to elderly and disabled homeowners.

Both of these initiatives were approved by lawmakers during special sessions of the 87th Texas Legislature in 2021. To become law, they must now be approved by Texas voters during the special election May 7. 

Additional Background Info from Texas Tribune »
 

Updates from TREC Meeting Feb. 14

Texas Real Estate Commission | Feb. 15, 2022
The Texas Real Estate Commission met February 14, 2022. In addition to hearing updates from TREC staff, the Commission elected Jan Fite Miller as vice chair and Jason Hartgraves as secretary. Read on for information on adopted and proposed rule changes.
 
Read More »
 

SAVE THE DATE: Title Industry Day at the Texas Capitol Feb. 7-8, 2023

TLTA | Feb. 23, 2022
Please mark your calendar and make your plan to join us at the Texas Capitol in Austin Feb. 7-8, 2023, for TLTA's Day at the Capitol. The Texas Legislature will be meeting for their 88th Session, and we're going to pack the halls of the Capitol for a goodwill mission to share our industry's powerful story with lawmakers and staff.

The legislators we'll meet with during Day at the Capitol oversee our regulated industry, and it's important we remind them of the communities we serve and our essential role in Texas' real estate marketplace.

Please save these dates: we hope to see you at the Texas Capitol Feb. 7-8, 2023!
 

Early Voting for March Primary Underway Feb. 14–25

TLTA | Feb. 23, 2022
Early voting for the March 1 primary election began Feb. 14 and continues through March 25.
 
Texas is an open primary state. As long as you are registered to vote, you can vote in either the Republican or Democratic primary, but not both. Regardless of the primary in which you choose to vote, you can vote for candidates of any party during the general election in November. 
 
On this year's primary election ballots you will find legislative, statewide, congressional and State Board of Education candidates. 
 
Voter turnout in Texas is the among the lowest in the nation, so please make a plan to vote early, and be sure to remind your family, friends, neighbors and coworkers that voting is one of our country's most cherished liberties.
 
As always, if you would like to discuss any of the candidates on your ballot or the impact of this election on our industry, please contact TLTA's Government Affairs Director, Aaron Day. 
  
Early Voting: Feb 14 - 25  
Primary Election: March 1  
  
Polling Locations and Other Info from Texas Secretary of State »
More Primary Election Information from Texas Tribune »
  


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