April 24, 2013

TLTA Affirmative Legislative Agenda Progressing Forward 

Correction Instrument Legislation Moves Through House and Senate
TLTA-sponsored legislation to clarify that the date of a correction instrument relates back to the original filing date is continuing to progress positively through the legislative process. HB 1940, was passed in the House of Representatives, and is now making its way through the Senate, and its companion, SB 887, has passed the Senate and is now making its way through the House. This legislation would also provide the clear ability to treat an inadvertently omitted attachment as a nonmaterial correction. We are pleased with the progress it has made through the legislative process so far.

TLTA Affirmative Legislation Voted Favorably Out of Committees
Two additional pieces of TLTA-sponsored legislation were recently voted out of House committees and are on track to be heard by the full House of Representatives. HB 2795 would provide for a more efficient procedure to address a default by a deceased borrower, and was voted favorably out of the House Judiciary & Civil Jurisprudence Committee on Monday. HB 1913, which would provide for the ability of tax assessor collectors to waive certain interest and penalties related to ad valorem taxes, was voted favorably out of the House Ways & Means Committee on Thursday and is also on track to be voted on by the full House.

TLTA Monitoring Other Legislation That Could Impact the Industry
TLTA is tracking several other pieces of legislation that could have an impact on our industry, including HB 1626, which would give county clerks discretion to reject documents. The TLTA Board opposes this legislation, in addition to pending amendments attached to HB 2590 as filed, which relates to the foreclosure sale of property subject to certain agreements related to the production or sale of oil or gas. We are continuing to work with stakeholders to come to a mutually beneficial agreement on this legislation.

Track the Progress of Legislation and Stay Informed
Stay tuned to this newsletter and the Legislative page on our website for updates on the progress of our affirmative agenda, as well as other legislation we're tracking that could impact the industry.

House Financial Services Committee Refuses to Allow Consumer Bureau Chief to Testify

The Washington Post | April 22, 2013
Richard Cordray, director of the Consumer Financial Protection Bureau, is being barred from testifying before the House Financial Services Committee until he is confirmed by the Senate. Committee Chairman Rep. Jeb Hensarling (R-Tex.) sent a letter to the consumer bureau on Monday saying Cordray's recess appointment places his authority in question. In January, a federal appeals court ruled that President Obama's recess appointments to the National Labor Relations Board were unconstitutional and therefore invalid. That ruling was not directly related to Cordray, but essentially invalidates his appointment as well, said Hensarling. Read More »

ALTA President Shares Importance of Title Insurance on NAR Radio Show

Real Estate Today | April 22, 2013
With the program addressing the home closing process, Frank Pellegrini shared why consumers should purchase an owner’s title insurance policy during his segment. Listen Now »

Updates Expected Soon to the Basic Manual

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Next Wednesday, a new rate chart will be incorporated into the Basic Manual, and in just a few months, the Texas Department of Insurance will publish a Rule Order addressing 72 agenda items that will significantly change the Basic Manual. 

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