Feb. 9, 2023

In This Issue:

• 88th Texas Legislature: Trust as Grantee Clarification Bill Filed, Goodwill and Strengthened Connections During TLTA Day at Capitol
• TDI News: Compliance Reminder - T-S5 Due Feb. 15, New TDI Job Posting for Title Specialist, Quarterly Audit Results
• New TREC Forms In Effect as of Feb. 1; Upcoming Live TLTA Webinar Will Familiarize You With New Forms

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88th Texas Legislature: Trust as Grantee Clarification Bill Filed, Goodwill and Strengthened Connections During TLTA Day at Capitol

TLTA | Feb. 9, 2023
The Speaker of the Texas House announced committee assignments this week. You can review House committee assignments for the 88th Legislative Session sorted by member or by committee.
 
Both chambers have made committee assignments now (ICYMI: here are the Senate's committee assignments) and we'll see the volume of legislative work increase in the weeks ahead as bills are routed to committee and hearings are announced. 

Trust as Grantee Clarification Bill Filed

There are currently three issues on TLTA's affirmative agenda for the legislative session in progress at the state Capitol in Austin, and we are pleased to announce that Sen. Hughes, chair of the Senate's powerful State Affairs Committee and past author of legislation important to our indusrty, has filed a bill that would accomplish important objectives on our industry's session agenda. Senate Bill 801 would clarify that a deed conveying title to a trust (as opposed to naming the trustee of that trust) should be deemed to be a conveyance into the trustee – an important priority for our industry this session.
 
Review Senate Bill 801 »
Review TLTA's Affirmative Legislative Agenda One-Pager Related to SB 801 »

TLTA's Day at the Texas Capitol Marked by Goodwill and Strengthened Connections With Lawmakers

Nearly 200 title industry professionals were in Austin this week for TLTA's Day at the Texas Capitol. We went door to door, visiting with legislators and staff to educate them about our industry's good work protecting Texans property rights and our affirmative legislative agenda this session. It was a successful goodwill mission and our deepest respect and gratitude for all who joined us at Day at Capitol to help us strengthen our connections with the lawmakers who oversee our regulated industry! 
 

Title professionals gather in the Capitol rotunda for a group photo during TLTA's Day at the Texas Capitol

Other Bills to Watch

TLTA's legislative team reviews all bills filed during the session and monitors those that might impact our industry or the state's real estate marketplace. If these bills begin to move through the process and TLTA takes official positions on them, we’ll provide more detailed information about our stance and how they might affect you and your business. Review Current Bills to Watch List. 

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TDI News: Compliance Reminder - T-S5 Due Feb. 15, New TDI Job Posting for Title Specialist, Quarterly Audit Results

Compliance Reminder: T-S5 Forms Due Feb. 15

TLTA | Feb. 8, 2023
TDI form T–S5, your quarterly withholding tax report for the fourth quarter of 2022, is due Feb. 15.
 
Please email your completed form to [email protected].

TDI Posts Job for Title Specialist

TLTA | Feb. 2, 20223
The Texas Department of Insurance posted notice they're hiring a title insurance specialist.
 
Review TDI's Job Posting for Title Specialist »

ICYMI: TDI Published Quarterly Audit Results

TLTA | Feb. 2, 20223
The following is a summary of recent TDI audits, violations and enforcement actions from September 2022 through November 2022. Read TDI's complete summary of operations for the quarter, or review key statistics below.        
      
Compliance Audits: TDI's goal is to comprehensively audit agencies at least once every two years. This quarter, TDI conducted 67 audits.      
       
Commissioner Orders: This quarter, TDI signed 1 Commissioner Order. As of this report, 18 cases remain active and under investigation.      
       
Compliance Audit Results: Below are TDI's most common audit findings for the quarter that ended in November 2022. The numbers below represent how many agencies had an infraction, not the number of times the infraction occurred:
 

Review Complete Quarterly Audit Report »

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New TREC Forms In Effect as of Feb. 1; Upcoming Live TLTA Webinar Will Familiarize You With New Forms

TLTA | Feb. 7, 2023
As previously reported in Dateline, the Texas Real Estate Commission approved changes to several forms that are effective as of Feb. 1, 2023.
 
Learn More about TREC Contract Changes »
 
TLTA is offering a new webinar on Feb. 15, TREC Contract Changes, which will familiarize title insurance professionals with the new changes in TREC contracts. Learn more below:
 
New Webinar
TREC Contract Changes
1 hr Escrow
 
Watch it live and ask presenters questions Feb. 15

The goal of this new live Webinar, TREC Contract Changes, is to familiarize title insurance professionals with the new changes in the TREC contracts forms that went into effect Feb. 1. We will go over the new changes and their impact on the title insurance industry.
 
Register Now
Upon completion of the course, attendees should:

• Have a general understanding of the revisions to existing forms.
• Be aware that paragraph of the basic contract has been changed to give greater disclosure of where the buyer’s funds are coming from.
• Be aware that the Special Provisions section in paragraph 11 has been rewritten to clarify that it is limited to additional informational items only, excluding any additional agreements.
• Have a better understanding of the clarifications made as to the handling of HOA prorations in Paragraph 13.
• Be aware of revisions to the Seller Financing addendum as there is clarification of whether casualty insurance is required and clarification addressing the holding of taxes and insurance in a separate escrow account.
• Be aware of the changes regarding adjustment of contract prices when there is a discrepancy in land under a Farm and Ranch contract. 
• Clearly understand the role of the escrow agent and the contract.

Presenters: 
Jamie Westmoreland, First American Title Insurance Company
Michelle R. Webb, First American Title Insurance Company
 
CE Credits:
1 hr Escrow
 
Webinar Rating:  (Intermediate) 
Cost: $40 for TLTA members / $54 for non-members
 
Watch it live and ask the presenters questions
Wednesday, Feb. 15, 2023 
2 - 3 p.m.
Register Now