May 29, 2014

TREC Form Changes Affecting Survey Coverage Take Effect June 1

The Texas Real Estate Commission (TREC) recently adopted new and revised forms that take effect on June 1. One of the revisions concerns the Title Policy and Survey Paragraph, which affects the following forms:

One to Four Family Residential Contract (Resale) (TAR 1601, TREC 20-12)
Unimproved Property Contract (TAR 1607, TREC 9-11)
New Home Contract (Incomplete Construction) (TAR 1603, TREC 23-13)
New Home Contract (Completed Construction) (TAR 1604, TREC 24-13)
Farm and Ranch Contract (TAR 1701, TREC 25-10)
The standard printed exception to the title policy covered in this section did not change — what has changed is language that now requires the buyer to designate whether they are amending their title policy to reduce the number of exceptions to the title policy, and that now designates whether the buyer or seller will pay the fee associated with that change. Read More »

Here's How to Submit T-S Forms to TDI

New agent solvency rules require the submission of several new forms to the Texas Department of Insurance (TDI). TDI has provided two ways to submit the newly required T-S forms (T-S1 through T-S5). You can email the forms to [email protected], or mail the forms to:

Texas Department of Insurance
Title Examinations
MC 104-2T
P.O. Box 149104
Austin, TX 78714

If you have any questions, please email Becky Humphrey or call 512.322.4361.

ALTA President Testifies Before Congress at CFPB Hearing

Last week, ALTA President Rob Chapman testified at a U.S. Congressional hearing titled “Legislative Proposals to Improve Transparency and Accountability at the Consumer Financial Protection Bureau (CFPB).” The hearing was held before the House Financial Services subcommittee on Financial Institutions and Consumer Credit. “When the Bureau operates in a transparent, open, and iterative manner, the results are generally positive,” Chapman told the subcommittee. “However, when the Bureau makes unilateral decisions, rolls out initiatives, rules or processes in a more closed deliberation, the results are far more likely to be problematic.” The hearing focused on legislative ideas to improve how the CFPB regulates providers of financial services. One such proposal is HR 4383, which would create a small business advisory board at the CFPB. ALTA members asked members of Congress to co-sponsor the bill during the Federal Conference & Lobby Day earlier this month.

Watch Testimony | Read Spoken Testimony | Full Written Testimony

Tea Party Conservatives Win Top GOP Runoff Contests

The Texas Tribune | May 28, 2014 
Tea Party-backed candidate state Sen. Dan Patrick became the Republican candidate for Texas lieutenant governor on Tuesday, soundly defeating three-time incumbent Lt. Gov. David Dewhurst in a bitterly fought runoff election. Patrick cruised to victory, beating Dewhurst by more than 30 percentage points. He will face state Sen. Leticia Van de Putte, D-San Antonio, on Nov. 4 in the general election. Read More »

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