February 20, 2025

In This Issue:

  • FinCEN: New BOI Reporting Deadline Is March 21
  • TREC Adopts Changes to IABS and Notice of Buyer’s Termination of Contract
  • ICYMI: TDI Quarterly Audit Results Published (Sept. 2024 – Nov. 2024)
  • Legislative Update: Speaker Announces House Committee Assignments. Telling Title Industry's Unique Story and Building Relationships Keys to Success of TLTA's 2025 Day at the Texas Capitol

FinCEN: New BOI Reporting Deadline Is March 21

FinCEN | Feb. 18, 2025
With the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.), beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply with their BOI reporting obligations, FinCEN is generally extending the deadline 30 calendar days from February 19, 2025, for most companies.

Notably, in keeping with Treasury’s commitment to reducing regulatory burden on businesses, during this 30-day period FinCEN will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks.

FinCEN also intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.

Updated deadline for most reporting companies: March 21, 2025.

TLTA Editor's Note: Notice that the deadline could change again and additional info on special reporting deadlines can be found here. After you click the link, scroll down to "Alerts" on middle of FinCEN's BOI page. 

TREC Adopts Changes to IABS and Notice of Buyer’s Termination of Contract

TREC | Feb. 18, 2025
 The Texas Real Estate Commission met February 10 and adopted changes to the Information About Brokerage Services (TXR 2501, TREC IABS 1-0) form and Notice of Buyer’s Termination of Contract (TXR 1902, TREC 38-7). The updated forms will be available on the TREC website for voluntary use soon. The mandatory effective date of the updated forms is April 1. 

Read more »

ICYMI: TDI Quarterly Audit Results Published

(Sept. 2024 – Nov. 2024) TLTA | Feb. 13, 2025
 The following is a summary of recent TDI audits, violations and enforcement actions from September through November 2024.

Read TDI's complete summary of operations for the quarter. Below are TDI's most common audit findings for the quarter:

  • Outstanding checks not cleared timely (Escrow Accounting)
  • Section 2702.053 – Actual receipts and/or disbursements not in agreement with settlement statement or premium split not disclosed. (Statutes and Administrative Rules)
  • #16 - Every disbursement not supported by invoice or sufficient other evidence. (Minimum Escrow Accounting Procedures and Internal Controls)
  • P-21: Schedule D of commitment not in file or premium split not disclosed on commitment. (Procedural Rules)
  • Title Bulletin No. 160 – All parties receiving portions of real estate commission not disclosed on settlement statement. (Title Bulletins)

Read complete summary for the quarter »

Legislative Update: Speaker Announces House Committee Assignments. Telling Title Industry's Unique Story and Building Relationships Keys to Success of TLTA's 2025 Day at the Texas Capitol 

TLTA | Feb. 13, 2025

Speaker Burrows Announces House Committee Assignments

TLTA Member Takeaway: The House changed their committee structure when they adopted new rules in January. Now that we know which committees members are serving on, our industry can continue to hone our approach to serving lawmakers as they craft legislation that could impact our industry.
Speaker Burrows announced House committee assignments for the 89th Session last week. As previously reported in Dateline, the Texas House recently adopted new rules, including a restructuring of the chamber’s committees. For example, the Business and Industry Committee that we worked with in recent sessions was eliminated.  Instead, a new committee—Trade, Workforce and Economic Development— was given a mix of responsibilities, among them real property transactions.

You can review a list of House Committee assignments broken down by committee here. Or, you can find a list of committee assignments by member here. 

Please note that the Insurance Committee is now chaired by Rep. Jay Dean. You can find the committee's vice chair and general membership here. 

Now that House committees have been named, the pace of the legislative session will increase.

Telling Title Industry's Unique Story and Building Relationships Keys to Success of TLTA's 2025 Day at the Texas Capitol 

TLTA Member Takeaway: The 89th Legislative Session is underway, and lawmakers are considering numerous bills that could significantly impact the way you do business. Sharing our industry’s firsthand expertise during Day at the Capitol and throughout the legislative session helps lawmakers make informed decisions regarding operation of the real estate marketplace.
TLTA’s Day at the Texas Capitol was held last week, Feb. 10-11. Our crew of volunteers and advocates from communities across the state visited 114 offices in the Texas House, and every office in the Texas Senate.


Attendees of TLTA Day at the Capitol 2025
As trusted partners in the state’s real estate marketplace, we play a significant role in the process by which lawmakers formulate bills related to real property. Day at the Capitol is a great time to strengthen existing relationships with legislators and staff, and establish new relationships. We also had the opportunity to tell our story: Title insurance is unique. We serve every county in the state. And we’re eager to share our expertise and help the lawmakers who serve our communities.

Great job by all of the title professionals who travelled to Austin to visit Capitol offices with friendly faces and outstretched hands, thank you.

You can find additional pictures from the event here.

Legislation TLTA's Advocacy Team Is Tracking

Bills related to adverse possession, land use, HOA's and more have been filed by lawmakers. Review the  89th Session Bills of Interest your TLTA Advocacy Team is tracking this session. Note that this list will grow as more bills are filed.

The following companies have made the All In For Your TLTAPAC Commitment: San Jacinto Title Services of Texas, LLC First Community Title LLC Texas National Title Truly Title, Inc. Republic Title of Texas, Inc. Valley Land Title Co. Freedom Title Platinum Title Partners, LLC Providence Title Company Town Square Title Company, LLC Agents National Title Insurance Company. Click here to learn more: