February 14, 2013
TLTA Day at the Capitol a Huge Success!
TLTA's Biennial Day at the Capitol kicked off Monday evening with a reception followed by dinner at local Austin hotspot The Tavern. Members enjoyed a casual dinner while visiting with old friends and relaxing before the following day's events.
In the morning, more than 75 attendees met for the main Day at the Capitol event. Participants were first briefed on TLTA's legislative agenda and then received tips for meeting with legislators. Texas House Representative and Chair of the House Calendars Committee Todd Hunter offered our members good advice for meeting with legislators, and shared insightful stories about how the Capitol operates on a day-to-day basis. Later in the day, TLTA members made their way to the Capitol building and met with every state legislator or their staff, sharing information about the importance of our industry and our key legislation this session.
We would like to thank all of the participants who contributed to our strong showing at the Capitol. By meeting with our elected officials, you helped educate lawmakers about the issues affecting our industry and demonstrated the vital role we play in their business community. We also thank our generous sponsor, Stewart Title, for helping make the event possible. Check out the great photos from Day at the Capitol
here.
TLTA Legislative Agenda Focused on Improving the Industry
Legislation Seeks to Increase Efficiency in the Transfer of Real Property
TLTA has already been involved in several stakeholder meetings with various groups for input on our proposed legislative initiatives, which you may view
here.
Correction Instruments
TLTA is seeking to clarify that the date of a correction instrument relates back to the original filing date, and to also provide the clear ability to treat an inadvertently omitted attachment as a nonmaterial correction. This will clear up two potential ambiguities in the current law and help make it more workable.
Deceased Borrower Streamlining
We are also seeking to amend the Probate Code to provide for a more efficient procedure to address a default by a deceased borrower. Our proposal would provide certainty and eliminate litigation risks to lenders, title companies and consumers when it comes to ownership of a deceased borrower's property. Our proposal would also help put a deceased borrower's property back into the stream of commerce in the same manner as if the borrower were still alive, which would help avoid increased costs, over-utilization of courts and extended periods of vacant property in neighborhoods.
Ad Valorem Assessment Mistakes
Lastly, we seek to amend the statute to provide for the ability of tax assessor collectors to waive certain interest and penalties related to ad valorem taxes. This would create an equitable situation for new property owners while helping ensure taxing authorities receive the original amount of any back taxes owed.
In addition to our affirmative agenda, TLTA will work vigorously to defend the industry from any harmful legislation that may be filed, so stay tuned to this newsletter for further updates. If you would like to receive email notifications with links to live legislative hearings, please email
[email protected] to get added to the list.
Rate Hearing To Take Place February 19
The Texas Department of Insurance (TDI) has scheduled a rate hearing for the morning of Tuesday, Feb. 19, 2013, to consider TLTA's request to increase the Basic Premium Rate for Title Insurance. The hearing will take place at 9:30 a.m. in Room 100 of the William P. Hobby Jr. State Office Building, located at 333 Guadalupe St. in Austin. The hearing is expected to conclude no later than noon.
Texas Joins Dodd-Frank Lawsuit
Houston Business Journal | February 14, 2013
Texas is joining 10 other states in a lawsuit that challenges the constitutionality of the way the Dodd-Frank Act gives financial regulators authority to order the dismantling of a bank. The lawsuit says a section of Dodd-Frank "empowers the (U.S.) Treasury Secretary to order the liquidation of a financial company with little or no advance warning, under cover of mandatory secrecy, and without either useful statutory guidance or meaningful legislative, executive, or judicial oversight."
Read More »
Basic Manual Changes Coming Soon — Are You Ready?
If you subscribed to TLTA's paper update service in the past, you'll now need to subscribe to our new Basic Manual Online. You'll receive email instructions on how to easily download and print the updates, and your subscription will extend through Dec. 31. We are also offering discounted pricing for bulk orders.
In addition to receiving updates, you'll also be able to quickly search the Basic Manual by keyword, download the forms you need and have peace of mind that your manual is always up-to-date. Try the demo version and then subscribe to ensure you stay compliant!