January 23, 2013
TLTA's Day at the Capitol Around the Corner
Register Today So We Can Schedule Your Legislator Appointments!
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.
We are currently working on scheduling appointments between attendees and their legislators. If you plan on coming, we ask that you please register as soon as possible so we can get your appointment scheduled in time. If you have any questions, please contact
[email protected].
Title Agents Beware of Life Insurance Referral Solicitation
It has come to our attention that title agents in Texas are being solicited to serve as referral agents for life insurance products. If you receive one of these solicitations to participate in such a program and are considering it, we highly recommend that you first consult with legal counsel familiar with the Texas Insurance Code, and particularly life insurance regulations. Your participation in it may require life insurance licensure and compliance with those regulations before engaging in such a program, and there could also be other regulatory restrictions that would affect your ability to participate.
Spending Limit Could Make State's Rainy Day Fund Tougher to Tap
Texas Tribune | January 23, 2013
Bumping up against the state’s constitutional spending limit is usually not a serious concern when Texas lawmakers plan their two-year budgets. This year could be an exception, and the state's fast rebound from the recession is a key reason why. Several political observers well-versed in the state's finances say that lawmakers could hit the state’s spending limit this session, complicating efforts to access the $11.8 billion in the state’s Rainy Day Fund.
Read More »
Water Tops Legislative Agendas
KUT News | January 18, 2013
Texas lawmakers have begun their 83rd session with money to spend – and a LONG list of projects to fund. One item keeps percolating to the top of the agenda as lawmakers are asked about funding priorities priorities. Water. It keeps the grass green, the crops growing, and in general...sustains all life. But why has water jumped to the top of the legislative priority list for this session? We asked Terrence Henry, who covers energy and the environment for KUT’s State Impact Texas. "We're in the 3rd year of a drought right now. In 2011 we had our driest one-year period in recorded Texas history. The reservoirs in Texas are only about 2/3rds full right now," warned Henry.
Read More »
TDI Quarterly Audit Results Published
Register Today for TLTA's Webinar "Avoiding TDI Audit Violations"
The following is a summary of recent TDI audits, violations and enforcement actions from September through November 2012. Read TDI's
complete summary of operations for the quarter or read the key statistics below.
Be sure to also register for TLTA's live webinar on Wednesday, February 13, from 10-11:30 a.m., where Robert York, manager of title examinations for TDI, and title industry compliance experts will review this report and walk you through the most common mistakes and violations discovered during TDI audits. The webinar can help you create procedures to stay compliant.
Compliance Audits
TDI's goal is to comprehensively audit agencies at least once every two years. Through November, 542 out of the 573 licensed agents have been audited in the last two years, a 94.4% rate. Twelve additional agencies have been audited within the last three years, and 19 new agencies are yet to be audited.
Commissioner Orders & Active Cases
From September through November 2012, the commissioner signed 13 orders resulting in fines and the revocation of two licenses. Through November, 69 cases remain active, including 23 cases involving the misappropriation of fiduciary funds.
Compliance Audit Results
Below are TDI’s most common audit findings from September through November 2012. The numbers represent how many agencies had an infraction, not the number of times the infraction occurred.
NUMBER OF AGENCIES
CATEGORY
DESCRIPTION
58
Texas Insurance Code
Actual receipts and/or disbursements not in agreement with settlement statement or premium split not disclosed
46
Escrow Accounting
Outstanding checks not cleared timely
39
Escrow Accounting
Every disbursement not supported by invoice or sufficient other evidence
34
Procedural Rules
Schedule D of commitment not in file or premium split not disclosed on commitment
29
Bulletins
All parties receiving portions of the real estate commission not disclosed on settlement statement
Other Valuable Audit Resources
In addition to our upcoming webinar to review this report, you may also be interested in the on-demand webinar Audit Survival: TDI, Underwriter and Annual Independent Audits, which you may order. You may also review TDI's Title Auditor's Notebook
here.
TLTA has also recently made the Basic Manual available to subscribers online. Now you can know your rules and rates and easily research regulations.