September 27, 2023

In This Issue:

Legislative Updates
TDI Updates
New TLTA Webinar: Navigating the Corporate Transparency Act for Title Insurance Professionals, Including FinCEN's BOI Rule Reporting
With Fewer Sellers on the Housing Market, More Scammers Are Impersonating Them

Legislative Updates

3rd Special Session of the 88th Texas Legislature expected to be called in October

TLTA | Sept. 27, 2023
Gov. Abbott announced that he will call the Texas Legislature back for a third special session next month. He's indicated that the call will include school vouchers and border security, but the call has not been issued yet.

Your TLTA advocacy team continues to monitor all developments at the Capitol in Austin, and we'll alert you if the upcoming special session is expanded to include any issues directly related to our industry's functions or operation of the real estate market.

Correction: SB 1916 on PID transparency was vetoed by Gov. Abbott

TLTA | Sept. 21, 2023
In a recent edition of Dateline we included this update on bills passed by the Texas Legislature that took effect Sept. 1. Please note that we listed SB 1916, related to PID transparency, among the bills that are now effective, but that information is incorrect. Gov. Abbott vetoed SB 1916, so it will not impact any PID-related work in which you are engaged.

TDI Updates

TDI to present webinar for title insurance underwriters Oct. 5

TLTA | Sept. 20, 2023
On Oct. 5, the Texas Department of Insurance will present a webinar, Title Insurance: Agent Oversight Responsibilities, with an overview of requirements for title insurance underwriters to oversee title agents and direct operations.

The webinar will be presented by TDI's Deputy Director of the Financial Regulations Division, Jamie Walker. Among other topics, it is TLTA’s understanding that this webinar will include a section on how underwriters and the Department should handle troubled agents and potential insolvencies in light of recent economic events impacting the housing sector and real estate market.

We strongly encourage all underwriters to participate in this program that is also open to all industry members.

A recording of the webinar and any materials provided will be available on TDI's InsurED page at some point following the live presentation.

Register for the Webinar »

TDI to consider proposals to update Basic Manual during rulemaking hearing Nov. 15
TLTA | Sept. 20, 2023
The Texas Department of Insurance set a Nov. 15 hearing to consider proposals to update, correct and clarify rules and forms in the Basic Manual. A petition from TLTA, as well as additional proposals from TDI, will be discussed at the hearing. Review TDI's notice.

The rules and endorsement rate adjustments proposed by TLTA were generated by TLTA's Regulatory Committee and approved by TLTA's Board of Directors following many years of work. TLTA's rule package contains several improvements to current procedural rules, a modernization of certain fees, new endorsements, and plain language rewrites.

The upcoming hearing follows months of work with TDI that began last December with a public meeting and continued with an additional public meeting this summer wherein issues were discussed among TLTA members, stakeholders, and TDI staff, resulting in an improved package that will be considered at the November hearing.

Hearing details
Nov. 15, 2023
1 p.m. Central
Barbara Jordan Building
TDI's hearing notice

Proposals to be considered
TLTA Petition (w/ Exhibits)
TDI Proposal
TDI Exhibits

TLTA's Regulatory team led by Committee Chair, Roland Love, and Government Relations Director and Counsel, Aaron Day, will lead our presentation supporting adoption of TLTA’s proposals, which were generated by our Regulatory Committee and approved by the Board of Directors.

Questions?
If you have questions or comments, please submit them to Aaron Day at [email protected] or call 512.810.8800.

New TLTA Webinar: Navigating the Corporate Transparency Act for Title Insurance Professionals, Including FinCEN's BOI Rule Reporting

Webinar: Navigating the Corporate Transparency Act for Title Insurance Professionals
Presented live Oct. 16 by TLTA Regulatory Chair Roland Love

In the title insurance industry, compliance with the new Corporate Transparency Act (CTA), effective January 1, 2024, is crucial. Join us to gain the knowledge necessary for navigating and complying with the imminent Corporate Transparency Act, including BOI Rule reporting requirements. Small businesses are not excluded from its reach, and after completing this course, you will understand how this change impacts your business and what best practices are necessary to remain compliant.

Learn more and register for the webinar now »

TLTA Editor's Note: TLTA's Regulatory Committee along with our counterparts at ALTA have been tracking and commenting on the development of the BOI rule since the subject was first discussed. Your team at TLTA has developed this new webinar to help answer your questions on these new reporting requirements. Here's some recent notices from FinCEN on this subject:

FinCEN issues a Notice of Proposed Rulemaking to extend the deadline for certain companies to file their beneficial ownership information reports »

FinCEN issues compliance guide to help small businesses report beneficial ownership information »

With Fewer Sellers on the Housing Market, More Scammers Are Impersonating Them

ALTA via Fortune | Sept. 24, 2023
Across the country, Americans are still dealing with the trickle-down effects the pandemic left in its wake–and real estate is no exception. Prospective homebuyers face low inventory and bidding wars continue to be commonplace. With stiff competition, it can be tempting for homebuyers to take shortcuts in the homebuying process. However, moving too fast in purchasing real estate can increase exposure to unforeseen risks. A relatively new scam, seller impersonation fraud, is rising across the nation. Buyers must be aware of its telltale signs.

Seller impersonation fraud is a scam in which bad actors impersonate property owners and try to sell homes or vacant land they do not own. Those who fall victim to these scams could potentially lose their hard-earned down payments if the criminals are not caught in the act.

Read More »