May 23, 2013
Penalties and Interest on Omitted Property Legislation Passes
TLTA is pleased to report that Sen. Tommy Williams and Rep. Dwayne Bohac's HB 1913 was passed by the Senate. This legislation provides significant relief for the title industry by allowing for the waiver of penalties and interest for property taxes that are levied against omitted improvements and erroneous exemptions.
Correction Instrument Legislation Awaiting Governor's Signature
In previous developments, SB 887 by Rep. Rob Orr and Sen. Carlos Uresti has been sent to the Governor. This legislation clarifies that the date of a correction instrument relates back to the original filing date and would also provide the clear ability to treat an inadvertently omitted attachment as a nonmaterial correction.
The TLTA lobby team is extremely grateful for the members of the Texas Legislature who worked so diligently to advance the TLTA legislative agenda and improve real estate law in the state of Texas.
TLTA Submits Comments to TDI on Rule Proposal
TLTA recently submitted formal comment to the Texas Department of Insurance (TDI) in connection with the department's rule proposal issued on April 4. You may view our comments on these proposed items here. It's important to note that this is just a proposal, and the agenda items have not yet been adopted. The commenting period on the proposal ended Monday, and an official order with effective dates will be issued after the comments have been reviewed.
The final rule will bring many significant changes to the Basic Manual. Now is a great time to sign your office up for our Basic Manual Online Update Service. Subscribers will automatically receive electronic updates as soon as they go into effect. Learn more about this service here.
TLTA Leaders Meets With CFPB & Texas Congressional Delegation in DC
A delegation of TLTA leaders, including TLTA President Randy Pittman, Immediate Past President Phyllis Mulder and Executive Vice President Leslie Midgley, recently participated in the American Land Title Association's Federal Conference in Washington, D.C., meeting with other title industry leaders from across the country and hearing presentations from legislators, regulators and political experts over the three-day conference.
Those TLTA representatives also met directly with the legal staff drafting CFPB's new rule to combine the mortgage disclosure and settlement statements. During that meeting, our delegation reiterated TLTA's positions as outlined in our previous comment letters, focusing on the importance of protecting consumers by making sure the neutral third-party settlement agent maintains their vital role in the transaction. The group also visited Capitol Hill and had 10 different meetings with members of the Texas Congressional Delegation about the important issues facing our industry.
CFPB Settles With Texas Builder on Kickbacks in Violation of RESPA
Last week, the CFPB announced a settlement with a Texas homebuilder to resolve allegations that he received kickbacks from two mortgage lenders through what the Bureau called sham joint ventures. Under the agreement, Paul Taylor will pay back the $118,194 in alleged kickbacks he received for referring business to mortgage lenders Benchmark Bank and Willow Bend Mortgage Co. In addition, Taylor agreed to be barred from engaging in future real estate settlement services. Read More ยป
Don't Miss These TLTAPAC Events at Conference!
There are several TLTAPAC events you won't want to miss at TLTA's Annual Conference & Business Meeting in Austin, June 19-21.
Evan Smith, the CEO and editor-in-chief of The Texas Tribune will discuss state politics and the 2013 Legislative Session at the PAC Annual Meeting and Breakfast on Thursday, June 20. During Friday's PAC breakfast, San Francisco 49ers quarterback and former UT quarterback Colt McCoy will talk about what it takes to win on and off the field.
You also won't want to miss the Bert Massey Classic Golf Tournament on Wednesday, June 19, at the Barton Creek Resort & Spa's signature golf course.
Register for the Annual Conference and these TLTAPAC events here.