March 1, 2023

In This Issue:

  • 88th Texas Legislature: Hearing on Foreign Ownership Bills Tomorrow, Texas House Identifies Priorities, and More
  • Supreme Court Will Hear Case Challenging CFPB Funding
  • ALTA Applauds Passage of SECURE Notarization Act in the House of Representatives
  • Fannie Mae: Appraisals Are No Longer the Default Option

88th Texas Legislature: Hearing on Foreign Ownership Bills Tomorrow, Texas House Identifies Priorities, and More

TLTA | March 1, 2023
Texas House Speaker Phelan announced two packages of bills that will be House priorities this session, including a package focused on economic and workforce development. We expect to see additional announcements from the House regarding high priority legislation in the coming days.
 
There are 88 days remaining in the 88th Texas Legislative Session.

Senate State Affairs Committee Holding Hearing on Foreign Ownership Bills Tomorrow, Thursday, March 2

You may recall that last session a bill was filed related to foreign ownership of real estate, which as drafted would have negatively impacted our industry. 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.
 
The Senate State Affairs Committee is meeting tomorrow, Thursday, March 1, to hear two of those bills:
TLTA Legislative Committee Chair Steve Streiff will be testifying on behalf of TLTA at the hearing.
 
When TLTA's Board of Directors met last week, they voted to oppose SB 147 as filed. We continue working with SB 147's bill author and other stakeholders to improve the bill, and our concerns have been communicated to Senate State Affairs leadership, members and staff as part of the prep for tomorrow's hearing.
 
You can watch the Senate State Affairs hearing tomorrow, Thursday, March 2 at 9 am. 

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.

Bills TLTA Advocates Are Working to Pass

TLTA's advocacy team is supporting passage of the following bills during the 88th Legislative Session. These affirmative legislative agenda items were approved by TLTA's Board of Directors as recommended by our Legislative Committee, which is chaired by Steve Streiff. These statutory changes would improve real estate transactions statewide:
 

Bills TLTA Is Monitoring

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 »

Supreme Court Will Hear Case Challenging CFPB Funding

CNBC | Feb. 27, 2023
The Supreme Court on Monday agreed to hear arguments in a case challenging the constitutionality of funding for the Consumer Financial Protection Bureau.

The order taking the case came four months after a federal appeals court panel unanimously ruled that the CFPB’s funding mechanism was unconstitutional.
 
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ALTA Applauds Passage of SECURE Notarization Act in the House of Representatives

ALTA | Feb. 27, 2023
The American Land Title Association (ALTA) the national trade association of the land title insurance industry, today applauds the U.S. House of Representatives for passing the SECURE Notarization Act of 2023, which was introduced earlier this month by Congressman Kelly Armstrong (R-ND) and Congresswoman Madeleine Dean (D-PA). The Securing and Enabling Commerce Using Remote Electronic (SECURE) Notarization Act would enable use of remote online notarization (RON) technology by notaries public in interstate commerce and allow signers located outside of the U.S. – such as active-duty military personnel – as well as the elderly and homebuyers with disabilities to securely notarize documents.
 
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Fannie Mae: Appraisals Are No Longer the Default Option

HousingWire | March 1, 2023
Fannie Mae updated its Selling Guide on Wednesday to include more options for property valuations, saying that they are “moving away from implying that an appraisal is a default requirement.” Those options include value acceptance (formerly appraisal waivers), value acceptance plus property data and hybrid appraisals.
 
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