March 6, 2024
In This Issue:
- Primary Election Results: Texas Legislature
- ICYMI: Breaking Down the FinCEN Anti-Money Laundering Rule: When Do you Have to Report a Transaction
Primary Election Results: Texas Legislature
TLTA | March 6, 2024
The primary election was held yesterday. While the general election will not be held until November, the winners of most of the races below are likely to be the sitting officials when the 89th Texas Legislature convenes January 2024.
The outcomes of yesterday's election will impact our industry's work in the Texas Legislature. Details below:
18 GOP House incumbents forced into runoffs or defeated; Speaker Phelan headed to runoff
Incumbent House members who lost their primary race
Rep. Jill Dutton (HD 2) note: Dutton won the seat in a special election five weeks ago
Rep. Travis Clardy (HD 11)
Rep. Ernest Bailes (HD 18)
Rep. Jacey Jetton (HD 26)
Rep. Hugh Shine (HD 55)
Rep. Glenn Rogers (HD 60)
Rep. Reggie Smith (HD 62)
Rep. Kronda Thimesch (HD 65)
Rep. Steve Allison (HD 121)
Incumbent House members headed to runoff
Rep. Gary VanDeaver (HD 1) finished first with 45.53%
Speaker Dade Phelan (HD 21) finished second with 43.24%
Rep. Justin Holland (HD 33) finished second with 38.79%
Rep. John Kuempel (HD 44) finished second with 45.04%
Rep. DeWayne Burns (HD 58) finished second with 41.21%
Rep. Frederick Frazier (HD 61) finished second with 32.09%
Rep. Lynn Stucky (HD 64) finished second with 43.29%
Rep. Stephanie Klick (HD 91) finished first with 48.09%
Rep. Shawn Thierry (HD 146) finished second with 44.73%
Texas Senate
Senate District 15 headed to a run-off between Rep. Jarvis Johnson and Molly Cook in the Democratic primary. This is the seat formerly held by Sen. Whitmire.
Hagenbuch and Yarbrough are headed to a runoff in the Senate District 30 Republican primary. This is the seat formerly held by Sen. Springer.
Sen. Nathan Johnson defeated Rep. Victoria Neave Criado in Senate District 16.
Rep. Criado gave up her House seat to challenge Sen. Johnson. There is no Republican candidate running in general election.
TLTA Editor's Note: We will provide additional information about the winners of the House races in which incumbents were defeated in next week's Dateline.
ICYMI: Breaking Down the FinCEN Anti-Money Laundering Rule: When Do you Have to Report a Transaction
ALTA | Feb. 22, 2024
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking that would require certain people involved in real estate closings and settlements to report information to the agency about all-cash residential transactions nationwide involving legal entities and trusts. You can read a summary of the proposed rule's requirements here.
ALTA will break down various parts of the proposal to help title and settlement professionals understand the impact it will have on their operation.
Here’s a look at when a transaction must be reported to FinCEN:
Read More from ALTA »
Free Webinar from ALTA March 7: Learn How Proposed Real Estate Anti-Money Laundering Rule Impacts You
Register for this free ALTA Insights webinar to learn more about the proposed rule, the impact it will have on title and settlement agents, and ALTA’s advocacy efforts.
Learn More About ALTA's Free Webinar »
TLTA Editor's Note: TLTA has set up a new page on our site dedicated to this issue, where you can review TLTA's initial analysis of FinCEN's proposal and more. TLTA is monitoring this significant regulatory proposal, will submit comments to FinCEN on behalf of the Texas title insurance industry, and will keep you apprised as this proposal moves closer to implementation. TLTA highly encourages all members to individually make comments to the rule proposal. In the coming weeks, we’ll be providing some guidance on how to do that as well as key points that may be helpful to you as you prepare your individual comments. Please contact Aaron Day with any questions. Comments are due April 16, 2024.