November 7, 2024
In This Issue:
- Legislative Update: Election Results; Save the Date for Our Industry's Day at the Texas Capitol
- Basic Manual Resource Toolbox: Find Everything You Need to Know About Extensive Changes Implemented Last Week
- TDI: Two Vacant Slots for Public Members on TTIGA Board - Applications Due. Nov. 18
- Chevron is Overruled: How Does This Affect the CFPB and the Title Insurance Industry?
- Survey: ALTA's 2024 Cybercrime Study
Legislative Update: Election Results; Save the Date for Our Industry's Day at the Texas Capitol
TLTA | Nov. 7, 2024
Tuesday's election included a number of competitive races for the Texas Legislature, and there will be some new officials in Austin when the next legislative session commences in January 2025. TLTA's Advocacy Team congratulates the winners of these races and looks forward to connecting with them as we work together on behalf of the state's real estate market. Some legislative changes to note can be found below:
Texas House
Following this election, the Republican majority in Texas House increases by two seats to 88-62. Here are the seats that changed hands:
HD 34 (seat formerly held by Rep. Abel Herrero, who retired)
Republican: Denise Villalobos (55%) Winner
Democrat: Solomon Ortiz (44%)
HD 80 (seat formerly held by Rep. Tracy King, who retired)
Republican: Don McLaughlin (63%) Winner
Democrat: Cecilia Castellano (37%)
Review results of all competitive races in Texas House »
Texas Senate
In SD 27, Republican Adam Hinojosa defeated incumbent Sen. Morgan LaMantia. The Republican majority in Texas Senate will increase by one seat to 20-11.
Learn more about Senator-elect Hinojosa »
Day at the Capitol - Save the Date - Feb. 10-11, 2025
The Texas Legislature's 89th Session will commence in January 2025, and as we do every session, our industry will host a Day at the Capitol to share our story with lawmakers and staff.
Please mark your calendar and make your plan to join us. Registration for this crucial industry event will open later this month.
TLTA Editor's Note: Many of our industry's friends and partners running for office enjoyed victories during Tuesday's election, including TLTA Board Member, Mark Scott, who won a seat on the Corpus Christi City Council. Congrats, Mark!
Congratulations too to the slew of industry professionals who won seats in local governments and the Texas Legislature. We're grateful for the opportunity to work with you as you help lead our communities.
Basic Manual Resource Toolbox: Find Everything You Need to Know About Extensive Changes Implemented Last Week
TLTA | Nov. 7, 2024
The Texas Department of Insurance adopted changes to the Basic Manual of Rules, Rates, and Forms for the Writing of Title Insurance in the State of Texas. These extensive changes were implemented and made effective as of Nov. 1, 2024.
Please note that stat codes for the new items adopted by TDI are not effective yet and so it's not necessary to track or report issuance of these endorsements until Jan. 1, 2025. TDI will not start counting them until they're implemented -- TDI does not want us to include 2024 endorsement data in the 2025 year report.
Special note re: Basic Manual links in old editions of Dateline
As you may be aware, TLTA upgraded our software last month, which broke some URLs we were sharing in Dateline. Among these brokern links are some of the Basic Manual resources we've shared over the last few months. Please do not look to old editions of Dateline for Basic Manual resources. The links in this edition are all operational (as will all Dateline links moving forward).
Want to make sure your Basic Manual is always up-to-date? Subscribe to TLTA's Basic Manual Service.
With TLTA's Basic Manual Service, you can rest assured that your Basic Manual is always up-to-date. Subscription options include TLTA's online Basic Manual with advanced search and bookmarking capabilities. Or, TLTA's printed Basic Manual, which can be ordered and shipped directly to your home or office.
Learn more »
TLTA resources to guide you through changes implemented Nov. 1
Review all 10 of the installments in TLTA's Basic Manual update series »
Register for TLTA's on-demand webinar explaining the changes adopted »
Background on TLTA proposals and process by which TDI adopted their changes »
TDI: Two Vacant Slots for Public Members on TTIGA Board - Applications Due. Nov. 18
TLTA | Nov. 7, 2024
The Texas Department of Insurance offers a number of opportunities to volunteer on a slate of boards and committees related to TDI's operations.
Currently there are two vacant slots for public members on the Texas Title Insurance Guaranty Association (TTIGA) board of directors. Applications are due Nov. 18.
Learn More About TTIGA Openings »
Review Other Volunteer Opportunities at TDI and How to Apply »
Chevron is Overruled: How Does This Affect the CFPB and the Title Insurance Industry?
ALTA | October 2024
The U.S. Supreme Court on June 28, issued a landmark 6-3 decision rejecting the judicial doctrine known as Chevron deference in two cases, Loper Bright and Relentless. The court’s opinion was authored by Chief Justice Roberts, with Justices Thomas, Alito, Gorsuch, Kavanaugh and Barrett joining. Justices Kagan, Sotomayor, and Jackson dissented (note that Justice Jackson was recused in Loper). Why should the title insurance industry care about this Supreme Court decision on a judicial doctrine that was little-known outside of legal circles? Because this opinion could affect how the CFPB administers, and how courts interpret the Real Estate Settlement Procedures Act (RESPA) and rules promulgated under that statute, including RESPA Section 8 and the TRID rule, which impact the title insurance industry.
This decision could help reign in the aggressive excesses of the CFPB (and other regulatory agencies), and perhaps unexpectedly, provide more consistency for regulated entities.
Read More »
Survey: ALTA's 2024 Cybercrime Study
ALTA | November 2024
Welcome to ALTA's 2024 Cybercrime Study. This study aims to better understand the wire fraud experience, company and consumer losses, and actions to prevent cybercrime. Your engagement helps ALTA continue to raise awareness with policymakers about cybercrime and wire fraud.
It takes about 10 minutes to complete the survey, and the data's impact is invaluable to the industry as we continue to navigate this challenge.
Thank you for helping us better understand the wire fraud and cybercrime landscape.
Complete ALTA's Survey »