August 16, 2023

In This Issue:

  • FinCEN Expected to Propose Rule to Require Title Industry to Report Consumers’ Identities in Certain Transactions
  • Compliance Reminder: Agent Statistical Data Due Monday to TDI; TLTA Webinar Available to Help You Complete the Report
  • ICYMI: TDI Issues Bulletin Concerning Title Insurance Annual Audit Reports

FinCEN Expected to Propose Rule to Require Title Industry to Report Consumers’ Identities in Certain Transactions

HousingWire | Aug. 11, 2023
After years of discussion, the U.S. Treasury Department is expected to propose a rule that would effectively end anonymous luxury home purchases in the coming weeks, according to the Financial Crimes Enforcement Network’s (FinCEN) regulatory agenda.

The rule, which department officials first said they planned to implement in 2021, would require real estate professionals, such as title insurers, to report the identities of beneficial owners buying real estate in cash to FinCEN. The department believes the proposed rule will close a loophole that allows corrupt oligarchs, terrorists and criminals to hide illegally obtained funds in U.S. real estate.
 
According to a state from Treasury Secretary Janet Yellen in March, as much as $2.3 billion was laundered through U.S. real estate between 2015 and 2020, a trend that she said has been going on for decades.

The new rule would replace FinCEN’s current reporting system known as the Geographic Targeting Orders (GTOs).
 
Read More in Housing Wire »
This Coverage Was Published by Reuters »  

Compliance Reminder: Agent Statistical Data Due Monday to TDI; TLTA Webinar Available to Help You Complete the Report

TLTA | Aug. 16, 2023
The Texas Department of Insurance issued a call for 2022 agent statistical data to each agency in Texas in accordance with Texas Insurance Code §2703.153, which requires each title insurance company and title insurance agent engaged in the business of title insurance in Texas to annually submit certain data to TDI. TDI uses this data to set title insurance premium rates.
 
Please note that this call is for data collected during calendar year 2022. 
 
You must respond to this data call using the provided instructions and forms no later than this Monday, Aug. 21, 2023.
 
If you are unable to download the forms or have any questions concerning this data call, please contact TDI's Property and Casualty Actuarial Office by phone at 512-676-6693 or by email at [email protected].
 

TLTA Webinar Available To Walk You Through Completing Your TDI Agent Statistical Report

On-Demand Webinar: TDI Experience Reporting - Industry Financial Reporting 

In this webinar, our team of experts will instruct you on completing the Texas Title Insurance Experience Report and provide a clear, basic overview for finding the information you need.  
  
Presenters 
 Nancy Waggoner, CPA, CFE  
Sylvia Freyling, Fidelity National Title Insurance Company  
Cass Burton, Fidelity National Financial
 

ICYMI: TDI Issues Bulletin Concerning Title Insurance Annual Audit Reports

TDI | Aug. 9, 2023
The 88th Texas Legislature passed House Bill 1901, which amended Insurance Code §2651.151 and §2651.152 to allow title agents and direct operations the option to file annual escrow audit reports electronically instead of by certified mail. HB 1901 is effective September 1, 2023.

The audit reports can be submitted via email to [email protected].

Please contact Title Examinations with any questions by phone at (512) 676-6880 or by email at [email protected].
 
 
TLTA Editor's Note: TLTA supported passage of HB 1901 during the recently concluded legislative session. TLTA Legislative Committee Chair Steve Streiff and Government Affairs Director Aaron Day reported on the impact of this bill's passage, along with other bills passed this session that could impact our industry, during a webinar hosted Aug. 16. You can watch a recorded, on-demand version of the webinar here: 2023 Texas Legislative Session: New Laws That Could Impact Title Industry and Bad Bills Defeated.