April 5, 2023
In This Issue:
- 88th Texas Legislature: TLTA Board Votes to Support Additional Legislation
- Gov. Abbott Appoints Three To Texas Real Estate Commission
- FinCEN Issues Initial Beneficial Ownership Information Reporting Guidance
- CFPB Independent Funding Constitutional, Second Circuit Rules
88th Texas Legislature: TLTA Board Votes to Support Additional Legislation
TLTA | April 5, 2023
The Texas House is hearing the House's version of the state budget for the upcoming biennium (HB 1) on the House floor today, as well as the supplemental appropriations bill, which covers gaps in funding for the current biennium. Development of the state budget impacts all policy areas during the legislative session, and your TLTA advocacy team continue to monitor the appropriations process.
There are 53 days remaining in the Texas Legislature's 88th Session.
TLTA's Board of Directors Votes to Support Additional Legislation Being Developed by the Texas Legislature This Session
TLTA's Board of Directors met this week, Tuesday, April 4, and voted to support the following four bills:
HB 4
Relating to the regulation of the collection, use, processing, and treatment of consumers' personal data by certain business entities; imposing a civil penalty.
HB 219
Relating to the release of a deed of trust or other contract lien securing a home loan after payoff by mortgagor.
HB 1040
Relating to the authority of entities regulated by the Texas Department of Insurance to conduct business electronically.
HB 1901
Relating to the filing of an annual audit report by a title insurance company, title insurance agent, or direct operation.
Additionally, the board voted to support the following bills, with the caveat that these bills would need to be amended to accomplish goals discussed by the board in consultation with TLTA's Legislative Committee and advocacy team:
HB 611
Relating to the creation of the criminal offense of unlawful disclosure of residence address or telephone number.
HB 1195 / SB 319
Relating to the authority of a county to require photo identification to file certain documents with the county clerk.
HB 1382
Relating to the public sale of real property taken in execution of a judgment.
HB 1765
Relating to the redaction of certain information from a document posted on the Internet by a county clerk or district clerk on request of a person to whom the information relates.
HB 1823
Relating to certain documents or instruments purporting to convey real or personal property.
HB 1915 / SB 604
Relating to land services performed by a landman.
HB 2267 / SB 809
Relating to the sale of unplatted lots in certain subdivisions of land.
HB 3573 / SB 895
Relating to modernizing the regulation of money services businesses.
HB 3657
Relating to notaries public; creating a criminal offense.
HB 4513
Relating to the authority of an individual, before purchasing real property to be used as the individual's residence homestead, to request from the chief appraiser of the applicable appraisal district a preliminary determination of whether the property would qualify for a disabled veteran exemption if purchased by the individual and used for that purpose.
TLTA's Affirmative Legislative Agenda: Other Bills We're 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:
Trust as Grantee Clarification
SB 801 (Sen. Hughes) |
HB 4281 (Rep. Longoria)
Review TLTA's One-Pager
Status: Passed by Texas Senate, Referred to House B&I Committee
Remote Ink Notarization
SB 1780 (Sen. Parker) |
HB 5004 (Rep. Capriglione)
Review TLTA's One-Pager
Status: Referred to Senate Jurisprudence Committee, Referred to House Judiciary and Civil Jurisprudence Committee
TLTA is Actively Working on These Bills That Could Impact Our industry
While we are monitoring more than 100 bills this session that could impact our industry or the state's real estate marketplace (see Other Bills TLTA Is Monitoring blurb below), some of the bills on that list require active engagement by our advocacy team.
Review list of bills TLTA is working on that could impact our industry.
We are working with the bill authors and other stakeholders to address concerns and seek improvements to these bills to avoid unintended consequences and preserve our daily functions as title agents and underwriters.
Other 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 »
Gov. Abbott Appoints Three To Texas Real Estate Commission
Gov. Abbott's Media Office | April 4, 2023
Governor Greg Abbott has appointed Stuart Bernstein, Chance Brown, and Renee Harvey Lowe to the Texas Real Estate Commission for terms set to expire on January 31, 2029. The Commission's primary purpose is to protect the public in its dealings with real estate brokers and salespersons.
Read the press release and learn more about new appointees »
FinCEN Issues Initial Beneficial Ownership Information Reporting Guidance
ALTA | March 29, 2023
The Financial Crimes Enforcement Network (FinCEN) on March 24 published its first set of guidance materials to aid the public—and in particular the small business community—in understanding upcoming beneficial ownership information (BOI) reporting requirements.
The new regulations, which go into effect Jan. 1, 2024, require many corporations, limited liability companies and other entities created in or registered to do business in the United States to report information about their beneficial owners—the persons who ultimately own or control the company—to FinCEN.
Read More »
ICBA, Affiliates Urge CFPB to Improve Construction Loan Disclosures
HousingWire | March 30, 2023
The Independent Community Bankers of America (ICBA) and 42 affiliated state banking associations are calling on the Consumer Financial Protection Bureau (CFPB) to approve language that allows community banks to test out different consumer construction and construction-to-permanent loan disclosures, which the group describes as “a core offering of community banks in many local communities.”
The proposed template would change the mortgage disclosures required under the Truth in Lending Act (TILA)-Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) rules. The group has stated in formal comments and a joint letter that the changes would have potential benefits to both lenders and the consumers they serve.
Read More »