Feb. 22, 2023
In This Issue:
- 88th Texas Legislature: Private Transfer Fee Bill Filed, TLTA Board Takes Position on Foreign Ownership Bills, and More
- TREC Adopts Changes to Inspection Report Rule, Proposes Rule Changes Related to Unauthorized Practice of Law, Broker Responsibility, Education Requirements, License Renewal, and More
- ALTA Urges FinCEN to Give Title Entities Access to Beneficial Ownership Information System
- 2023 Annual Conference: Registration Is Now Open!
88th Texas Legislature: Private Transfer Fee Bill Filed, TLTA Board Takes Position on Foreign Ownership Bills, and More
TLTA | Feb. 22, 2023
During Gov. Abbott's State of the State speech last week, the governor named seven emergency items that can be voted on immediately this session (emergency items allow lawmakers to bypass a ban on passing legislation before the 60th day of a session). Property tax cuts are among the governor's emergency items. You can review a transcript of his
State of the State speech here.
There are 99 days remaining in the 88th Texas Legislative Session.
Private Transfer Fee Bill Filed by Rep. Drew Darby
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 Chairman Drew Darby, senior member of the Texas House and author of the original bill outlawing Private Transfer Fees in 2011, has filed
House Bill 2447, which would enhance the existing statute prohibiting Private Transfer Fees. Review TLTA's
affirmative legislative agenda one-pager related to HB 2447.
As previously reported,
Senate Bill 801 would address another of our industry's priorities this session, clarifying 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.
Learn more about our industry's support for passage of SB 801.
TLTA Board Adopts Oppose Position for Two Foreign Ownership Bills as Filed
You may recall that last session a bill was filed related to restricting foreign ownership of real estate. TLTA shared its concerns with the legislature about that bill. The issue has resurfaced this session with myriad bills filed that could impact our industry when closing transactions involving foreign buyers.
When TLTA's Board of Directors met this week, they decided to oppose two of those bills as they were filed (we continue to work with legislative authors and stakeholders to improve these bills):
SB 147
HB 1075
As foreign ownership of U.S. real estate continues to grow as a hot button political issue, we may see additional bills filed on this subject. TLTA's advocacy team will continue to monitor and work to address each of these.
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 »
Questions About TLTA's Legislative Process?
TLTA's Legislative Committee, Local Legislative Liaisons, our industry's grassroots network and the TLTA PAC Board of Governors are all part of TLTA's team of engaged legislative advocates.
Learn More About TLTA's Legislative Process and How You Can Get Involved »
TREC Adopts Changes to Inspection Report Rule, Proposes Rule Changes Related to Unauthorized Practice of Law, Broker Responsibility, Education Requirements, License Renewal, and More
Texas Real Estate Commission | Feb. 20, 2023
The Texas Real Estate Commission met February 13 in Austin. In addition to hearing updates from TREC staff, the Commission elected Mark Woodruff as vice chair and Ben Peña as secretary. Read on for information on adopted and proposed rule changes.
Read More »
ALTA Urges FinCEN to Give Title Entities Access to Beneficial Ownership Information System
ALTA | Feb. 16, 2023
ALTA submitted a letter in support of the development of the Beneficial Ownership Information (BOI) system being created by the Financial Crimes Enforcement Network (FinCEN).
BOI is a critical tool for combatting money laundering through real estate transactions. The Geographic Targeting Orders (GTOs) that many title companies must comply with have shown that BOI is the critical piece of information that has not historically been available commercially or from government data.
“When fully implemented, the BOI system will provide law enforcement with its most valuable source of data about the use of shell companies to launder funds via real estate,” ALTA said.
Currently, FinCEN has proposed to limit access to the BOI system to entities subject to the Customer Due Diligence rule.
ALTA recommended FinCEN broaden the scope of the rule to include facilitating compliance for financial institutions subject to a special measure, GTO or other rule that requires the collection, reporting or review of BOI.
Read More »
Download ALTA's Letter to FinCEN »
Registration for TLTA's 2023 Annual Conference Is Now Open!
Don't miss the best our industry has to offer
June 19-21 in San Antonio
Registration is now open for
TLTA's 2023 Annual Conference and Business Meeting! Our annual conference continues to be the must-attend Texas title industry event for title pros seeking the following:
Latest Industry News
Top Networking Opportunities
Valuable CE Hours
3 Easy Steps to Make Your Plan to Join Us
1. Register for Conference
Lock in the lowest conference registration rate when you
register for Conference today. You won't want to miss our TLTAPAC golf tournament, luncheon, or closing breakfast - add these event tickets on after you register.
2. Book Your Hotel Room
TLTA has partnered with Convention Housing Management (CHM) to assist with all your Conference lodging needs.
Book your hotel safely and securely with the official housing agent for conference.
3. Mark Your Calendar and Keep and Eye Out for More Information Coming Soon
Get ready for conference by reviewing our schedule of events, and stay tuned for exciting updates and more top-rated speakers and hot topic programs to join our lineup.
We can't wait to see you June 19-21 at the Riverwalk in San Antonio!
Register Now