April 12, 2023
In This Issue:
- 88th Texas Legislature: Remote Ink Notarization Bill Heard in Committee; House Passes State Budget With Property Tax Relief
- TREC Accepting Nominations for Broker-Lawyer and Inspector Committees; Nominations Due This Friday, April 14
- FHFA Updates GSE Equitable Housing Finance Plans
- Preparing For The Beneficial Ownership Information Reporting Requirements Of The Corporate Transparency Act
88th Texas Legislature: Remote Ink Notarization Bill Heard in Committee; House Passes State Budget With Property Tax Relief
TLTA | April 12, 2023
The Texas House adopted its version of the state budget for the upcoming biennium on Thursday last week. Their proposal includes funding for property tax relief.
Learn more about the House's version of the state budget. The Texas Senate will now amend and adopts its own version of the state budget, then the two chambers will work out the differences in their respective versions via a conference committee.
There are 46 days remaining in the Texas Legislature's 88th Session.
Remote Ink Notarization Bill Heard in Senate State Affairs Tuesday, April 11
As part of our industry's affirmative agenda for the 88th Legislative Session, TLTA is seeking passage of a bill allowing for Remote Ink Notarization (RIN) within the existing statutory Remote Online Notarization (RON) framework.
SB 1780, which was filed by Sen. Parker and would accomplish the goals spelled out in this one-pager, was heard in the Senate State Affairs Committee on Tuesday.
TLTA Legislative Committee Chair Steve Streiff’s testimony was well received by the Senate committee. Others testifying for the bill included the Texas Mortgage Bankers Association and the AARP. TLTA appreciates our partners in this effort to provide more options for the real estate consumer.
Learn more about this and other bills TLTA is working to pass this session in the blurbs below.
TLTA's Affirmative Legislative Agenda: 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
Additionally, TLTA's Board voted April 4 to support the following bills this session:
Review a list of additional bills TLTA's advocacy team are working to pass »
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, 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.
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 Accepting Nominations for Broker-Lawyer and Inspector Committees; Nominations Due This Friday, April 14
Texas Real Estate Commission | April 9, 2023
Applications for volunteer roles at TREC due this Friday, April 14:
TREC recruiting members for Broker-Lawyer Committee »
TREC recruiting for Inspector Committee »
FHFA Updates GSE Equitable Housing Finance Plans
ALTA | April 11, 2023
The Federal Housing Finance Agency (FHFA) on April 5 released updates to Fannie Mae and Freddie Mac’s equitable housing plans, expanding the scope of road maps the government sponsored enterprises (GSEs) have drawn up with the aim of closing the racial homeownership gap.
Review FHFA's Updates »
TLTA Editor's Note: Diane Tomb, in her most recent ALTA Advocacy Update, shared the following insights on FHFA's update:
As it relates to the title industry, the updates include further information on the use of attorney opinion letters (AOLs) by the GSEs and references Fannie Mae’s title pilot program that reportedly would waive title insurance on certain transactions. In the 2022 report, Fannie Mae said it is “currently engaged with multiple providers and lenders on potential test-and-learn concepts aimed at reducing the cost of title for borrowers, and plan to finalize pilot opportunity parameters by end of the third quarter 2023.” Fannie noted this will be tied to a SPCP pilot. The GSE also stated heirs’ property will be added to its research topics for 2023.
Freddie Mac’s update relating to title and closing costs mentions that they will “continue
working with title insurers, their trade association and other industry stakeholders to look for ways to lower mortgage costs.”
Preparing For The Beneficial Ownership Information Reporting Requirements Of The Corporate Transparency Act
Strook Law Firm | March 21, 2023
Under the Corporate Transparency Act and the related reporting rule, reporting companies will be required to file reports containing beneficial ownership information (“BOI”) with the Financial Crimes Enforcement Network commencing January 1, 2024 for reporting companies formed on or after such date and January 1, 2025 for reporting companies in existence before January 1, 2024.
Read More »
TLTA's Editor's Note: The broader look at BOI requirements presented in this article might be helpful to some of you in our network. ALTA published guidance on this development too, which we ran in Dateline last week.