January 9, 2013

CFPB Mortgage Disclosure Rule Target Date: Sept. 2013

Yesterday, the Consumer Financial Protection Bureau (CFPB) published its semi-annual regulatory agenda in the Federal Register. According to the posting, the Bureau intends to issue a final rule on their project to combine the disclosure and settlement forms in September 2013. View the detailed posting in the Federal Register here.   

TLTA Comments on TDI's Proposed Rules for Conducting Business Electronically

The Texas Department of Insurance (TDI) recently proposed minimum standards regulated entities must comply with when conducting business electronically with other regulated entities and consumers. The proposed standards require that parties agree to use electronic communications before e-mail can be used between parties to conduct business. This week, TLTA submitted a letter to TDI sharing our observations regarding the scope and purpose of the rule and offered a few clarifying amendments.

In our letter to TDI, we observed that the new statutory language and subsequent rules apply only to communications that previously were statutorily required to be delivered through non-electronic means, and the rules re-affirm the existing law that a regulated entity must comply with the requirements of the Texas Uniform Electronics Transactions Act and relevant privacy laws.

We also suggested the addition of a few minor provisions to the rule, including a consistent use of definitions, clearness regarding the exact steps a consumer needs to take to refuse to do business electronically and clarity that an opt-out or revocation has no retroactive effect to the validity of prior communications or electronic notifications. Read TLTA's Letter »
The 83rd Legislature opened its 140-day Session Tuesday in Austin and the Texas House re-elected San Antonio Republican Joe Straus as Speaker. It is worth noting that there are 43 freshmen legislators being sworn into the 150-member House - the most new members in four decades. That will certainly have an effect on how business is conducted this Session, as those new lawmakers learn the ropes. Just some of the big issues facing this Legislature include paying for public schools, drug testing unemployment recipients and a mounting water crisis.

As always, the TLTA lobby team will be representing your interests as we monitor the legislation that is introduced that could impact our industry. Next week's Dateline will feature an in-depth report on TLTA's Legislative Agenda. Please stay tuned to this newsletter throughout the entire Legislative Session for weekly updates and information about legislation impacting the title industry.

Combs: Lawmakers Will Have $101.4 Billion for Budget

Texas Tribune | January 7, 2013
The Texas Legislature will have $101.4 billion to haggle over in crafting its next two-year budget, along with an extra $11.8 billion in the Rainy Day Fund, Comptroller Susan Combs announced Monday morning. Combs' official biennial revenue estimate sets the limit of the state’s general fund, the portion of the budget that lawmakers have the most control over. The general fund typically makes up nearly half of the state's total budget. Combs predicted that the state will collect $96.2 billion in revenue from taxes, fees and other income during the 2014-15 biennium. The fund already had $8.8 billion left over from the current biennium. Of the new revenue, $3.6 billion will be transferred to the state's Rainy Day Fund, which Combs predicted will grow to $11.8 billion. Read More »

ALTA Rolls Out Best Practices

The American Land Title Association (ALTA) recently published its "Title Insurance and Settlement Company Best Practices." The new guidelines are intended to serve as a benchmark for the mortgage lending and real estate settlement industry to protect consumers, promote quality service, provide ongoing employee training and meet legal and market requirements. Meeting the Best Practices is a voluntary decision by title insurance and settlement companies. The TLTA Federal Issues Committee and Board of Directors are currently reviewing them. We encourage you to read the full Best Practices document here.  
Register Now for TLTA's Day at the Capitol
February 12, 2013 in Austin
TLTA’s Biennial Day at the Capitol will take place Tuesday, Feb. 12, 2013. Each legislative session, industry associations fill the hallways of the Capitol with hundreds, sometimes thousands, of professionals with one goal — to educate legislators about their respective industries. We know that when it comes to title insurance, no one knows more about the importance of our industry in Texas than you, so find out more and sign up for TLTA's Day at the Capitol here.
You can also advance TLTA's advocacy efforts and help us increase our strength in numbers by becoming a TLTA Individual Member. Benefits include an individualized listing in the TLTA Membership Directory, advance registration privileges for educational events and much more. Help TLTA and join the ranks — it matters!