January 7, 2015
And so it begins…
After several years of the status quo within the top offices of this state, 2015 will begin with a historic turnover of each of our major statewide offices and several new legislators. But, before our officials can start swearing at each other, they must first be sworn in.
Article 4, Section 4 of the Texas Constitution provides that the Governor shall be installed on the first Tuesday after the organization of the Legislature, or as soon thereafter as practicable. So, Governor-elect Greg Abbott will be sworn into office on Tuesday, January 20. Article 4, Section 16, Texas Constitution, provides that the Lieutenant Governor "shall be chosen at every election for Governor by the same voters, in the same manner, continue in office for the same time, and possess the same qualifications,” Lieutenant Governor-elect Dan Patrick will also be sworn in on January 20. Texas legislators will not take their oaths of office until noon on the second Tuesday of January, which will be the 13th and which is the first day of the legislative session. (
Section 301.001, Government Code) State law provides that all the remaining elective state office begins on January 1 of the year following the general election for state and county officers. (
Section 601.003, Government Code) Thus, we saw Comptroller Glenn Hegar and Land Commissioner George P. Bush take their oaths of office on Friday, January 2. Attorney General Ken Paxton was sworn in on Monday, January 5.
The Texas Legislature meets for 140 days in odd-numbered years, but even with that short period it starts a bit slow by design. The Texas Constitution provides that "when convened in regular Session, the first thirty days shall be devoted to the introduction of bills and resolutions . . . and such emergency matters as may be submitted by the Governor . . . [and] the succeeding thirty days . . . . the various committees of each House shall hold hearings to consider all bills and resolutions and other matters then pending". (
Article 3, Section 5, Texas Constitution.)
That said, bills started being pre-filed on November 10 and, as of Friday, January 2, 2015, there were 815 House and Senate bills and joint resolutions filed for consideration by the 84th Legislature. (House Rule 8, Sec. 7, and Senate Rule 7.04(a)) In the last regular session of the Texas Legislature there were approximately 5,900 bills and joint resolutions filed, over 1,400 of which were finally passed. It’s worth noting that statistics show that a bill filed the second week of February has the greatest likelihood of final passage, so we know from experience that we will see legislative filings increase exponentially the last weeks of February and the first week of March. So, the process has begun but expect to see the numbers of bills filled to grow dramatically until filing deadline on Friday, March 13, 2015. (House Rule 8, Sec. 8; Senate Rules 7.07(b); Senate Rule 10.01 subjects joint resolutions to the rules governing proceedings on bills)
As Judge Gideon J. Tucker famously noted, “No man’s life, liberty or property are safe while the legislature is in session,” therefore no doubt many will be looking forward to the end of session on its 140th day - Monday, June 1, 2015. (Sec. 24(b), Art. III, Texas Constitution) Well, of course, those who saw their favorite bills pass the Legislature will be waiting with bated breath for the veto period to end on June 21, 2015. (Sec. 14, Art. IV, Texas Constitution)
Day at the Capitol: Hotel Deadline is Jan. 12: Sign Up Now!
TLTA’s Day at the Capitol, February 2-3, is for every title professional. It is an excellent opportunity to speak directly with your legislators about the issues impacting the title industry and ultimately your bottom line. With the important issues our industry faces, it’s crucial to show our strength in numbers and have our voices heard during the 84th Legislative Session. By attending, you’re making a difference in the future of your business and your industry.
NOTE: Cut-off date for TLTA’s group rate is next Monday, January 12. The TLTA group rate is not guaranteed as rooms are limited. Book today!
Mortgage Compliance Magazine Dedicates Full Issue to TILA-RESPA
There are big changes on the horizan for mortgage professionals. August 1,2015 the new TILA- RESPA integrated disclosures will be in effect. To help make sure you are prepared Mortgage Compliance Magazine has dedicated its entire January issue to educate mortgage professoinals on the new disclosures.
Click Here to check out the January issue.
Short Sale Tax Break Signed Into Law
HousingWire | December 29, 2014
Homeowners who had short sales in 2014 can breathe easier now that the Mortgage Debt Forgiveness Act was signed into law by President Barack Obama.
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Five Things to Watch in Housing in 2015
The Wall Street Journal | January 5, 2015
What's in store for the housing market now that we kicked off 2015? Find out the top 5 things you need to look out for this year.
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Check out this month's top 5 Webinars:
Understanding & Complying With P-53 & Anti-Rebating Laws
The Ethical Title Professional
Surveys - Don't Be Out of Bounds!
Bankruptcy - A Title Insurance Perspective
CFPB Integrated Mortgage Disclosures: Only 9 Months Away