March 21, 2013

TLTA Board Takes Positions on Bills That Could Impact the Industry

The TLTA Board of Directors took positions yesterday on a variety of bills that could impact the land title industry in Texas. You may read more about these bills and the Board's positions on our legislative Web page under "Other Bills of Interest".

The Board had previously taken a position to oppose HB 2384 filed by Rep. Matt Schaefer, which would dramatically alter the way title insurance rates are set in Texas. The bill would change the long-standing and successful system of promulgated rates set by the commissioner of insurance to a file and use system. Under this proposed system, each underwriter would file rates with the department, along with a justification of those rates. Our leadership and legislative team are holding a series of meetings with Rep. Schaefer, as well as members of the House Insurance Committee, to express our concerns and strong opposition to this potentially detrimental legislation. We will keep you posted as any developments happen.

TLTA Affirmative Agenda Moving Through Legislative Process

Correction Instruments Bill Heard by House Committee
HB 1940 was heard in the House Business & Industry Committee Tuesday and was left pending. TLTA Legislative Chair Roland Love testified in favor of the bill on behalf of the industry and TLTA. The companion bill, SB 887, has also been referred to the Intergovernmental Relations Committee. This legislation would clarify that the date of a correction instrument relates back to the original filing date. It would also provide the clear ability to treat an inadvertently omitted attachment as a nonmaterial correction.

Deceased Borrower Streamlining Bill Referred to House Committee
SB 1770 and HB 2795 would provide for a more efficient procedure to address a default by a deceased borrower. The House bill has been referred to the Judiciary & civil Jurisprudence Committee, and the Senate bill is awaiting referral to a committee.

Ad Valorem Assessment Mistakes Bill Referred to Senate Committee
SB 1657 and HB 1913 would 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. The House bill has been referred to the Ways & Means Committee, and the Senate bill is awaiting referral to a committee.

Track the Progress of Legislation and Stay Informed
Stay tuned to this newsletter and the Legislative page on our Web page for updates on the progress of our affirmative agenda, as well as other legislation we're tracking that could impact the industry. If you would like to receive email notifications with links to live legislative hearings, please email [email protected] to get added to the list.

U.S. Senate Banking Panel Backs Cordray on Party-Line Vote

Bloomberg | March 19, 2013
The U.S. Senate Banking Committee approved the nomination of Richard Cordray to head the Consumer Financial Protection Bureau in a party-line vote that reflected the remaining obstacle to his confirmation effort. Tuesday's 12-10 vote saw all of the panel’s Democrats back Cordray 53, while Republicans unanimously opposed him. Despite the committee approval, President Barack Obama's second nomination of Cordray, the former Ohio attorney general can’t be confirmed unless Senate Republicans and Democrats can overcome a deadlock that has prevented a full-Senate vote. Read More »

White House Urged to Fire a Housing Regulator

New York Times | March 17, 2013
Prominent state attorneys general are calling on President Obama to fire the acting director of the Federal Housing Finance Agency and name a new permanent director, arguing that current policies are impeding the economic recovery. Under its current leader, Edward J. DeMarco, the F.H.F.A., which oversees the bailed-out mortgage financiers Fannie Mae and Freddie Mac, has refused to put in place a White House proposal to reduce the principal on so-called underwater mortgages — a move that might prevent foreclosures and thus save the mortgage giants money, but also might expose taxpayers to additional losses. Read More »

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