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2008 TEXAS TITLE INSURANCE BIENNIAL RULE HEARING AGENDA
ITEMS
Click
the titles below to skip to that section or browse at your leisure.
Items to be heard in the Rulemaking
Hearing: (click
HERE to browse this section)
- TLTA Agenda Items
- Fidelity National Title Group Agenda Items
- Stewart Title Guaranty Company Agenda Items
- OPIC Agenda Items
- TDI Agenda Items
............................................................................................................
Items to be heard in the Ratemaking
Hearing: (click
HERE to browse this section)
- TLTA Agenda Items
- Fidelity National Title Group Agenda Items
- Stewart Title Guaranty Company Agenda Items
- OPIC Agenda Items
- TDI Agenda Items
............................................................................................................
RULE HEARING AGENDA ITEMS
Click each Agenda Item to view or print PDF.
AGENDA ITEM:
Item
#2008-1
|
FILED BY: |
TLTA |
|
|
The Texas Land Title Association (“TLTA”) petitions the
Commission of Insurance to amend Form T-47 Residential Real
Property Affidavit. |
|
JUSTIFICATION: |
Because “Title Company” is a
defined term in the Form T-47, the language to be deleted is
redundant. |
|
TLTA POSITION: |
SUPPORT |
|
AMENDMENT
PROPOSED - 09/26/08 |
|
AMENDMENT FILED
BY: |
Thomas A. Rutledge on behalf of Texas Land
Title Association |
|
AMENDMENT SCOPE:
|
CLICK
HERE TO VIEW OR PRINT THIS AMENDMENT |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item
#2008-2
|
FILED BY: |
TLTA |
|
|
The Texas Land Title Association
("TLTA") petitions the Commissioner of Insurance to amend
Procedural Rule P-36: Arbitration Provisions to allow for
deletion of the arbitration provision by selection of an option
on Schedule A of the Loan Policy. |
|
JUSTIFICATION: |
The arbitration provision may
deleted by checking a line (or box) on Schedule A of either of
the two loan policies; however, the current rule does not permit
deletion except by typing deletion language on Schedule B. This
amendment will make the rule consistent with the forms. In
addition, the sub-paragraphs have been re-numbered using letters
for ease of preference and to allow the two options for deletion
on loan policies to be properly enumerated. |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item
#2008-3
|
FILED BY: |
TLTA |
|
|
The Texas Land Title Association
("TLTA") petitions the Commissioner of Insurance to amend
Procedural Rule P-21 to reflect the changes in form names in the
section for estimated premiums, to change the descriptive name
of the rule and to correct two obsolete references to the State
Board of Insurance. |
|
JUSTIFICATION: |
Since references to the proposed
policies on Schedule A are likely to use the new form names, for
consistency the premium estimates should agree with those names.
Having the words “Schedule D” in the bold descriptive title to
the rule will make it easier for the industry and members of the
public to find the rule when questions arise.
References to the State Board of Insurance
should be amended to the proper current name. |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item
#2008-4
|
FILED BY: |
TLTA |
|
|
The Texas Land Title Association ("TLTA") petitions the
Commissioner of Insurance to amend Procedural Rule P-9.b(8) to
refer to correct the name of the endorsement to agree with the
new name promulgated in 2008; to add the form number and improve
formatting for readability and to remove a redundant
instruction. |
|
JUSTIFICATION: |
The T-35 endorsement was amended
in 2008 to become a Future Advance/Revolving Credit endorsement.
This procedural rule should be amended to use the new name for
the form.
For ease of understanding by the industry and the public, the
rule should begin with the name and number of the form to which
it applies and be presented in outline format. |
|
TLTA POSITION: |
SUPPORT |
|
AMENDMENT
PROPOSED - 09/26/08 |
|
AMENDMENT FILED
BY: |
Thomas A. Rutledge on behalf of Texas Land
Title Association |
|
AMENDMENT SCOPE:
|
CLICK
HERE TO VIEW OR PRINT THIS AMENDMENT |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item
#2008-5
|
FILED BY: |
TLTA |
|
|
The Texas Land Title Association
("TLTA") petitions the Commissioner of Insurance to amend
Procedural Rule P-9.b(6) to refer to the endorsement by the name
promulgated in 2007; to add the form number and improve
formatting for readability and to remove a redundant
instruction. |
|
JUSTIFICATION: |
The T-33 and T-33.1 endorsements
were amended from “Adjustable Rate” to “Variable Rate” in 2007.
This procedural rule should be amended to use the new name for
the forms. |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item
#2008-6
|
FILED BY: |
TLTA |
|
|
The Texas Land Title Association
("TLTA") petitions the Commissioner of Insurance to adopt a new
Texas Residential Limited Coverage Chain of Title Policy (Form
T-_____). |
|
JUSTIFICATION: |
The residential lending industry
has expressed a need for a policy of this type in connection
with their ongoing campaign to fight residential mortgage fraud. |
|
TLTA POSITION: |
SUPPORT |
|
AMENDMENT
PROPOSED - 09/18/08 |
|
AMENDMENT FILED
BY: |
Thomas A. Rutledge on behalf of Texas Land
Title Association |
|
AMENDMENT SCOPE:
|
CLICK
HERE TO VIEW OR PRINT THIS AMENDMENT |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item
#2008-7
|
FILED BY: |
TLTA |
|
|
The Texas Land Title Association ("TLTA") petitions the
Commissioner of Insurance to adopt a new Procedural Rule
P-_____, Texas Limited Coverage Residential Chain of Title
Policy. |
|
JUSTIFICATION: |
The residential lending industry
has expressed a need for a policy of this type in connection
with their ongoing campaign to fight residential mortgage fraud.
The policy should only be issued by the agent in the county
where the property is located, in order to facilitate a
reasonable cost for the policy. |
|
TLTA POSITION: |
SUPPORT |
|
AMENDMENT
PROPOSED - 09/19/08 |
|
AMENDMENT FILED
BY: |
Thomas A. Rutledge on behalf of Texas Land
Title Association |
|
AMENDMENT SCOPE:
|
CLICK
HERE TO VIEW OR PRINT THIS AMENDMENT |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item
#2008-8
|
FILED BY: |
TLTA |
|
|
The Texas Land Title Association
("TLTA") petitions the Commissioner of Insurance to amend Form
T-27. |
|
JUSTIFICATION: |
To correct
typographical errors in the Assignment of Rents/Leases
Endorsement adopted in 2005, when compared with the CLTA 104.6.
In paragraph (a) the promulgated form does not contain a blank
for the description of the document covered by the endorsement.
In paragraph (b) the words “there under” should be a single word
“thereunder.” |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item
#2008-9
|
FILED BY: |
TLTA |
|
|
The Texas Land Title Association
("TLTA") petitions the Commissioner of Insurance to amend Forms
T-1R, T-2R and T-13 to change the names of the forms to agree
with the names used for the T-1 and T-2 adopted in 2008. |
|
JUSTIFICATION: |
Although definitions
P-1.bb. and P-1.ee. give authority to use the new names on any
insuring form, for uniformity among underwriter forms it is
preferable to amend the promulgated forms. |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item
#2008-10
|
FILED BY: |
TLTA |
|
|
The Texas Land Title Association ("TLTA") petitions the
Commissioner of Insurance to amend Procedural Rule P-7 to change
the language in paragraph B to agree with the terms used in the
2008 Loan Policy (T-1) and to correct the reference to an
Owner’s Policy to use the formal name. |
|
JUSTIFICATION: |
The definition of
“Insured” appears in the Conditions of the new loan policy
forms. This change to the Procedural Rule amends the language to
be included in a Commitment or loan policy to agree with the
policy form. |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item
#2008-11
|
FILED BY: |
TLTA |
|
|
The Texas Land Title Association
("TLTA") petitions the Commissioner of Insurance to amend Form
T-2 Loan Policy of Title Insurance, Schedule B to add an
unintentionally omitted word. |
|
JUSTIFICATION: |
The form adopted in
2008 does not include the word “amended” in the second optional
element under Item #3. This was obviously an inadvertent error. |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item
#2008-12
|
FILED BY: |
TLTA |
|
|
The Texas Land Title Association
("TLTA") petitions the Commissioner of Insurance to amend Form
T-2 Loan Policy of Title Insurance, Schedule A to delete options
for deletion of paragraphs from included Endorsements. |
|
JUSTIFICATION: |
The usual practice
for deleting provisions from the affected endorsements is to add
the deletion language to Schedule B of the Commitment for Title
Insurance and to then carry that deletion language forward to
Schedule B of the policy. This provides a method of disclosing,
prior to policy issue, the provisions which will be deleted and
allows a lender to match Schedule B of the Commitment to
Schedule B of the issued policy. It also allows deletion of
endorsement language either in regard only to a specific
exception, or entirely.
When this practice is followed, including a provision for
deletion by notation on Schedule A is redundant. Making the
deletions of entire paragraphs on Schedule A, while still making
deletions only in regard to a specific exception on Schedule B
would be confusing. Additionally, waiting to make the deletions
on Schedule A of the policy without adequate disclosure to the
proposed insured on a Commitment is inappropriate. The brackets
around paragraph 6 and the last paragraphs indicate that they
are optional. Allowing the option of attaching a T-30
endorsement is redundant because the language contained in the
endorsement is available by selecting an option provided on
Schedule B. The endorsement would only be issued if the coverage
was, through error, not given at the time of policy issue. |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item
#2008-13
|
FILED BY: |
TLTA |
|
|
The Texas Land Title Association (“TLTA”) petitions the
Commissioner of Insurance to amend the Form T-7 Commitment for
Title Insurance to conform the Deletion of Arbitration Provision
to conform with Procedural Rule P-36. |
|
JUSTIFICATION: |
Agenda Item 2006-30,
adopted as of May 1, 2008, amended the Deletion of Arbitration
Provision to increase the amount of insurance threshold to
$2,000,000. This amendment to the same provision language in the
Form T-7 Commitment for Title Insurance will conform the
Commitment to the Procedural Rule language. |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item
#2008-14
|
FILED BY: |
TLTA |
|
|
The Texas Land Title Association
("TLTA") petitions the Commissioner of Insurance to amend the
caption and add a new paragraph (g) to Procedural Rule P-17. |
|
JUSTIFICATION: |
Filing or recording
documents electronically affords a higher degree of security and
efficiency than the transportation of paper documents by
courier. For these reasons, electronic filing or recording
serves the interests of consumers and the public. Electronic
filing or recording also serves the best interests of the
taxpayers by reducing costs incurred and increasing the
efficiency of the offices of county clerks, district clerks and
other local and state officials who accept documents for filing
or recording as public records. Title companies should be
encouraged to employ electronic filing or recording in those
offices in which electronic filing or recording has been made
available and should be able to pass through the actual charges
for electronically filing or recording such documents. |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item
#2008-15
|
FILED BY: |
TLTA |
|
|
The Texas Land Title Association
(“TLTA”) petitions the Commissioner of Insurance to amend the
Minimum Standards, Specific Instructions and Report Forms for
Audit of Trust Funds Required of Texas Title Insurance Agents,
Direct Operations, Title Attorneys and Attorneys Licensed as
Escrow Officers. |
|
JUSTIFICATION: |
This Agenda Item
provides that actual charges for tax search services can be
treated the same as actual charges for tax certificates. The
information about tax status included in tax certificates and
tax searches cannot be developed from a title plant. That
information has never been maintained in title plants and title
companies cannot search their plants for the information and
therefore must rely upon outside search services or taxing
entities. Many times the land in a transaction, particularly in
urban areas, will be subject to multiple taxing authorities and
districts such as public school districts, municipalities,
community college districts and the like. In such situations, it
is much more efficient and expeditious to engage a tax search
service to provide one
comprehensive search report of taxable status for all applicable
taxing authorities than to separately contact each authority and
request a tax certificate from each. Moreover, tax search
services are capable in most instances of producing the required
tax information with respect to all taxing authorities much
quicker than the taxing authorities can produce tax
certificates. This greatly benefits the consumer by avoiding
delays inclosing transactions while waiting on the various tax
authorities to prepare tax
certificates.
This Agenda Item also provides for some written evidence of the
payoff of a loan where there is evidence of a prior lien in the
file such as a check or a wire transfer confirmation. Many
payoffs are not accomplished by the issuance of a check but by
other means such as wire transfers. It also provides that either
a release needs to be received or a written demand made for a
release from the payoff lender. It is quite common that releases
are not received from payoff lenders, particularly those located
out-of-state.
Finally, this Agenda Item provides for actual charges for a
notary service to sign up a party to the transaction may be
passed through if there is a written request signed by
the consumer requesting an absentee sign up as an accommodation
to the requester. Very often, a borrower, buyer or seller cannot
attend the closing of the transaction in the office of the title
company due to private demands, travel and other reasons. In
such situations, they often request that the documents which
they must execute be signed by them in another location, many
times out-of-state, as an accommodation to them. Thus, the
availability of a notary sign up service to accommodate the
consumer dispenses with the potential disruption in the
consumer's business or travel schedules as well as the delay in
closing the transaction that would result from party to the
transaction having to sign the required documents only at the
office of the title company. |
|
TLTA POSITION: |
SUPPORT |
|
AMENDMENT
PROPOSED - 09/30/08 |
|
AMENDMENT FILED
BY: |
Robert R.
Carter, Jr. on behalf of Texas Department of Insurance |
|
AMENDMENT SCOPE:
|
CLICK
HERE TO VIEW OR PRINT THIS AMENDMENT |
|
AMENDMENT
PROPOSED 10/01/2008 |
|
AMENDMENT FILED
BY: |
Robert R. Carter, Jr. on behalf of Texas
Department of Insurance |
|
AMENDMENT SCOPE:
|
CLICK
HERE TO VIEW OR PRINT THIS AMENDMENT |
AGENDA ITEM:
Item
#2008-16
|
FILED BY: |
TLTA |
|
|
The Texas Land Title Association ("TLTA") petitions the
Commissioner of Insurance to amend Form T-7: Commitment for
Title Insurance to bring names of proposed policies into line
with changes to those names. |
|
JUSTIFICATION: |
Although definitions
P-1.bb. and P-1.ee. appear to give authority to use the new
names, for uniformity among underwriter forms it is preferable
to amend the promulgated form. |
|
TLTA POSITION: |
SUPPORT |
|
| FIDELITY
NATIONAL TITLE GROUP AGENDA ITEMS: |
AGENDA ITEM:
Item #2008-34
|
FILED BY: |
Fidelity National Title Group |
|
|
This
Agenda Item submitted by Fidelity National Title Group, Inc.
petitions the Commissioner of Insurance to adopt a new Tax
Parcel (single parcel) Endorsement Form T-___. |
|
JUSTIFICATION: |
The Tax Parcel Endorsement
covering a single tract is often requested by lenders and owners
in large transactions. This endorsement to the Owner’s or Loan
policy provides confirmation that the local tax appraisal
district records accurately reflects the correct tax parcel
identification number when the insured land is a single parcel.
This endorsement is based on the ALTA Endorsement Form 18-06. |
|
STATUS: |
WITHDRAWN |
AGENDA ITEM:
Item #2008-35
|
FILED BY: |
Fidelity National Title Group |
|
|
This Agenda Item
submitted by Fidelity National Title Group, Inc. petitions the
Commissioner of Insurance to adopt a new Tax Parcel (multiple
parcels) Endorsement (T-__.1) to read differently. |
|
JUSTIFICATION: |
The Tax Parcel Endorsement
covering multiple tracts is often requested by commercial enders
and owners in multi-state, multi-site, and other large
transactions. This endorsement to the Owner’s or Loan policy
provides confirmation that the local tax appraisal district
records accurately reflect the correct tax parcel identification
numbers. This endorsement is based on
the ALTA Endorsement Form 18.1 -06. |
|
STATUS: |
WITHDRAWN |
AGENDA ITEM:
Item #2008-36
|
FILED BY: |
Fidelity National Title Group |
|
|
This Agenda Item
submitted by Fidelity National Title Group, Inc. petitions the
Commissioner of Insurance to adopt two new procedural rules by
amending Procedural Rule P-9. |
|
JUSTIFICATION: |
The amendment to Procedural Rule
P-9 would authorize the title company to issue the Tax Parcel
Endorsements. |
|
STATUS: |
WITHDRAWN |
AGENDA ITEM:
Item #2008-37
|
FILED BY: |
Fidelity National Title Group |
|
|
This Agenda Item
submitted by Fidelity National Title Group, Inc. petitions the
Commissioner of Insurance to adopt the Indirect Access And Entry
Endorsement (T-___) and amend Procedural Rule P-54 to recognize
this new endorsement. |
|
JUSTIFICATION: |
This proposed endorsement is the
2006 American Land Title Association Endorsement Form 17.1.
Often, an insured tract of land does not physically abut a
dedicated road or street, and
legal access to the insured tract is provided by an easement
estate over an across adjoining land. This easement estate is
generally insured in Schedule A of a policy. This proposed
endorsement is an often requested endorsement in other
jurisdictions and the access coverage provided by this
endorsement would be a positive benefit to a purchaser or
lender. With the adoption of this endorsement, Procedural Rule
P-54 would need to be amended to recognize the endorsement. |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item #2008-38
|
FILED BY: |
Fidelity National Title Group |
|
|
This Agenda Item
submitted by Fidelity National Title Group, Inc. petitions the
Commissioner of Insurance to adopt the following amendment to
Procedural Rule P-56 related to the Contiguity Endorsement
(T-25). |
|
JUSTIFICATION: |
When the insured land is composed
of a multitude of individual parcels it becomes a time consuming
and difficult task for the Company to complete and issue the
Contiguity Endorsement (T-25) because of the requirement to
specifically identify the contiguous boundary lines of the
various parcels. This amendment to P-56 facilitates the issuance
of the endorsement in transactions where there are four or more
parcels of land by substituting a different form of contiguity
coverage which does not require the Company to specifically
identify the contiguous boundary lines of the various tracts. |
|
AMENDMENT
PROPOSED - 09/29/08 |
|
AMENDMENT FILED
BY: |
Stan Keeton and Merritt Hopson on behalf
of Fidelity National Title Group, Inc. |
|
AMENDMENT SCOPE:
|
CLICK
HERE TO VIEW OR PRINT THIS AMENDMENT |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item #2000-39
|
FILED BY: |
Fidelity National Title Group |
|
|
This Agenda Item
submitted by Fidelity National Title Group, Inc. petitions the
Commissioner of Insurance to adopt a Contiguity Endorsement
(T-25.1). |
|
JUSTIFICATION: |
When the insured land is composed
of a multitude of individual parcels or irregular shaped parcels
it becomes a time consuming and difficult task for the Company
to complete and issue the Contiguity Endorsement (T-25) because
of the requirement to specifically identify the contiguous
boundary lines of the various parcels. This Contiguity
Endorsement (T-25.1) facilitates the issuance of the endorsement
in transactions where there are four or more parcels of land or
irregular shaped tracts becomes a burden, by substituting a
different form of contiguity coverage which does not require the
Company to specifically identify the contiguous boundary lines
of the various tracts. |
|
TLTA POSITION: |
SUPPORT |
|
AMENDMENT
PROPOSED - 09/29/08 |
|
AMENDMENT FILED
BY: |
Stan Keeton and Merritt Hopson on behalf
of Fidelity National Title Group, Inc. |
|
AMENDMENT SCOPE:
|
CLICK
HERE TO VIEW OR PRINT THIS AMENDMENT |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item #2000-40
|
FILED BY: |
Fidelity National Title Group |
|
|
This Agenda Item
submitted by Fidelity National Title Group, Inc. petitions the
Commissioner of Insurance to: (i) repeal State Board of
Insurance Bulletin 153 as to the exception to taxes for the
current year and move the subject matter discussed therein to
this proposed amendment to Procedural Rule P-20; (ii) amend P-20
to clarify when taxes for the current year may be insured; (iii)
amend P-20 to clarify when the standard tax exception (Item 3 of
Schedule B) may be amended to delete the words “and subsequent
taxes and assessments by any taxing authority for prior years
due to change in land usage or ownership” (“insure or insuring
against roll back taxes and (iii) delete Procedural P-29 and
move the rule to this proposed amendment to P-20 so that all
procedural rules relating to the standard tax exception appear
in one rule. |
|
JUSTIFICATION: |
This amendment to P-20; (i)
organizes several procedural rules and TDI bulletin 153 related
to the standard tax exception into one Procedural Rule to make
the information more readable and easier to find; and (iii)
provides much needed guidance to a Company as to what may or may
not be done regarding the standard tax exception and the
practice of insuring taxes are paid or insuring against roll
back taxes based upon an indemnity and/or the escrow of funds
for the future payment of taxes. |
|
AMENDMENT
PROPOSED - 09/29/08 |
|
AMENDMENT FILED
BY: |
Stan Keeton and Merritt Hopson on behalf
of Fidelity National Title Group, Inc. |
|
AMENDMENT SCOPE:
|
CLICK
HERE TO VIEW OR PRINT THIS AMENDMENT |
|
TLTA POSITION: |
SUPPORT |
|
| STEWART
TITLE GUARANTY COMPANY AGENDA ITEMS: |
AGENDA ITEM:
Item #2008-21
|
FILED BY: |
Stewart Title Guaranty Company |
|
|
Stewart Title Guaranty Company
recommends adoption of an additional Non-Imputation Endorsement
(Mezzanine Financing) (T-24.1). |
|
JUSTIFICATION: |
This proposed endorsement to the
Owner’s Policy, which is the same as the ALTA Endorsement 16-06
includes non-imputation coverage in paragraph 4 and also acts as
assignment of rights to receive payments under the Owner’s
Policy. Because of the assignment of right to receive payments,
the endorsement contains a signature of the Insured under the
Owner’s Policy and the Mezzanine Lender. This endorsement is not
designed or requested to insure any security interest or to
insure rights in personal property. |
|
TLTA POSITION: |
SUPPORT |
|
AMENDMENT
PROPOSED |
|
AMENDMENT FILED
BY: |
Jim Gosdin, John Rothermel, and James
Kletke on behalf of Stewart Title Guaranty Company |
|
AMENDMENT SCOPE:
|
CLICK
HERE TO VIEW OR PRINT THIS AMENDMENT |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item #2008-22
|
FILED BY: |
Stewart Title Guaranty Company |
|
|
Stewart Title Guaranty Company
recommends adoption of a new Procedural Rule prohibiting insured
closing letters by licensees for the benefit of non-agents or
non-escrow officers. |
|
JUSTIFICATION: |
TDI has a reasonable interest in
seeing that attorneys who choose to remain outside the title
insurance system and to some extent outside the regulatory reach
of the TDI do not have the same advantages as title insurance
agents, direct operations and true fee attorneys who become
escrow officers and subject their title insurance operations and
escrow accounts to audit by the TDI. TDI has been relying on
P-22 b to prohibit (i) a practice where a title agent obtains an
insured closing letter from an insurer and then takes the money
into escrow and then pays the money to the P-22 attorney at the
closing of the real estate contract and (ii) a practice where
the agent simply places the name of the attorney , usually along
with their name , into the ICL. TDI has been interpreting P-22b
as requiring that for such an attorney to obtain a portion of
the premium, the attorney must actually disburse the funds. P-1f
requires only that the person closing the transaction determine
that the funds have been properly disbursed.
This rule will clearly and properly address both of TDI staff’s
concerns without straining the meaning on P-1f and P-22b to
reach the concern. It will also provide clear guidance to
companies and escrow officers dealing with outside or P-22
attorneys. |
|
TLTA POSITION: |
SUPPORT WITH AMENDMENT BELOW |
|
AMENDMENT
PROPOSED |
|
AMENDMENT FILED
BY: |
Jim Gosdin, John Rothermel, and James
Kletke on behalf of Stewart Title Guaranty Company |
|
AMENDMENT SCOPE:
|
CLICK
HERE TO VIEW OR PRINT THIS AMENDMENT |
|
TLTA POSITION: |
SUPPORT |
|
AMENDMENT
PROPOSED 09/30/2008 |
|
AMENDMENT FILED
BY: |
Robert R. Carter, Jr. on behalf of Texas
Department of Insurance |
|
AMENDMENT SCOPE:
|
CLICK
HERE TO VIEW OR PRINT THIS AMENDMENT |
AGENDA ITEM:
Item #2008-23
|
FILED BY: |
Stewart Title Guaranty Company |
|
|
Stewart Title Guaranty Company
recommends adoption of a new Procedural Rule on cancellation
fees and fees for services rendered. |
|
JUSTIFICATION: |
Title search and examination when
done in connection with a bona fide order for title insurance is
done for the benefit of the title insurance company and not for
the benefit of the consumer. Charges between licensees that are
not passed on to a consumer when a transaction fails to close
are not cancellation fees but are legitimate business expenses
incurred in connection with a bona fide order for title
insurance. |
|
TLTA POSITION: |
NO POSITION TAKEN YET |
|
AMENDMENT
PROPOSED |
|
AMENDMENT FILED
BY: |
Jim Gosdin, John Rothermel, and James
Kletke on behalf of Stewart Title Guaranty Company |
|
AMENDMENT SCOPE:
|
CLICK
HERE TO VIEW OR PRINT THIS AMENDMENT |
|
TLTA POSITION: |
NO POSITION TAKEN YET |
|
AMENDMENT
PROPOSED 09/26/2008 |
|
AMENDMENT FILED
BY: |
Thomas A.
Rutledge on behalf of Texas Land Title Association |
|
AMENDMENT SCOPE:
|
CLICK
HERE TO VIEW OR PRINT THIS AMENDMENT |
|
TLTA POSITION: |
SUPPORT |
|
AMENDMENT
PROPOSED 09/30/2008 |
|
AMENDMENT FILED
BY: |
Robert R.
Carter, Jr. on behalf of Texas Department of Insurance |
|
AMENDMENT SCOPE:
|
CLICK
HERE TO VIEW OR PRINT THIS AMENDMENT |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item #2008-24
|
FILED BY: |
Stewart Title Guaranty Company |
|
|
Stewart Title Guaranty Company
recommends adoption of a revised Form T-50: Insured Closing
Service – Lender. |
|
JUSTIFICATION: |
This proposed Insured Closing
Service – Lender (T-50) would be substantially the same as the
existing standard ALTA Standard Closing Protection Letter. |
|
TLTA POSITION: |
SUPPORT WITH AMENDMENT BELOW |
|
AMENDMENT
PROPOSED |
|
AMENDMENT FILED
BY: |
Jim Gosdin, John Rothermel, and James
Kletke on behalf of Stewart Title Guaranty Company |
|
AMENDMENT SCOPE:
|
CLICK
HERE TO VIEW OR PRINT THIS AMENDMENT |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item #2008-25
|
FILED BY: |
Stewart Title Guaranty Company |
|
|
Stewart Title Guaranty Company
recommends adoption of a revised Co-Insurance Endorsement
(T-48). |
|
JUSTIFICATION: |
The revised Co-Insurance
Endorsement (T-48) is the ALTA Endorsement 23-06 (Co-Insurance –
Single Policy) and is consistent with the new Owner’s and Loan
Policies. |
|
TLTA POSITION: |
SUPPORT |
|
AMENDMENT
PROPOSED |
|
AMENDMENT FILED
BY: |
Jim Gosdin, John Rothermel, and James
Kletke on behalf of Stewart Title Guaranty Company |
|
AMENDMENT SCOPE:
|
CLICK
HERE TO VIEW OR PRINT THIS AMENDMENT |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item #2008-26
|
FILED BY: |
Stewart Title Guaranty Company |
|
|
Stewart Title Guaranty Company
recommends deletion of the Last Dollar Endorsement (T-15). |
|
JUSTIFICATION: |
The Last Dollar Endorsement
(T-15) should be deleted because the endorsement is no longer
necessary or appropriate – it refers to a provision that no
longer appears in the Loan Policy (T-2). |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item #2008-27
|
FILED BY: |
Stewart Title Guaranty Company |
|
|
Stewart Title Guaranty Company
recommends deletion of Procedural Rule P-9.b(12), relating to
the Last Dollar Endorsement (T-15). |
|
JUSTIFICATION: |
Procedural Rule P-9.b(12),
relating to the Last Dollar Endorsement (T-15) should be deleted
because the endorsement is no longer necessary or appropriate –
it refers to a provision that no longer appears in the Loan
Policy (T-2). |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item #2008-28
|
FILED BY: |
Stewart Title Guaranty Company |
|
|
Stewart Title Guaranty Company
recommends amendment of Procedural Rule P-55 to refer to the
proposed Non-Imputation Endorsement (Mezzanine Financing)
(T-24.1). |
|
JUSTIFICATION: |
The proposed Non-Imputation
Endorsement (Mezzanine Financing) (T-24.1) to the Owner’s
Policy, which is the same as the ALTA Endorsement 16-06 includes
non-imputation coverage in paragraph 4 and also acts as
assignment of rights to receive payments under the Owner’s
Policy. The proposed amendment of P-55 makes no substantive
change in the rule, other than to refer to both Non-Imputation
Endorsements. |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item #2008-29
|
FILED BY: |
Stewart Title Guaranty Company |
|
|
Stewart Title Guaranty Company
recommends amendment of the Texas Title Insurance Information,
Deletion of Arbitration Provision, and Commitment to conform to
the current Arbitration Provision in the Owner’s Policy and Loan
Policy, and the provisions of Procedural Rule P-36. |
|
JUSTIFICATION: |
This proposed endorsement will
conform the Texas Title Insurance Information, Deletion of
Arbitration Provision, and Commitment to the current Arbitration
Provision in the Owner’s Policy and Loan Policy, and the
provisions of Procedural Rule P-36 (including the Deletion of
Arbitration Provision in Procedural Rule P-36). |
|
TLTA POSITION: |
SUPPORT WITH AMENDMENT BELOW |
|
AMENDMENT
PROPOSED |
|
AMENDMENT FILED
BY: |
Jim Gosdin, John Rothermel, and James
Kletke on behalf of Stewart Title Guaranty Company |
|
AMENDMENT SCOPE:
|
CLICK
HERE TO VIEW OR PRINT THIS AMENDMENT |
|
TLTA POSITION: |
SUPPORT |
AGENDA ITEM:
Item #2008-30
|
FILED BY: |
Stewart Title Guaranty Company |
|
|
Stewart Title Guaranty Company
recommends amendment of Section VI, Title Insurance Basic
Manual, Administrative Rules, L-1. Title Insurance Agent,
Section III, Cancellation. |
|
JUSTIFICATION: |
This proposed amendment will
provide necessary flexibility to cancel a title insurance agent
for cause, if authorized in the Underwriting Agreement, and will
provide consistency between subparagraphs A and B. |
|
TLTA POSITION: |
SUPPORT WITH AMENDMENT BELOW |
|
AMENDMENT
PROPOSED |
|
AMENDMENT FILED
BY: |
Jim Gosdin, John Rothermel, and James
Kletke on behalf of Stewart Title Guaranty Company |
|
AMENDMENT SCOPE:
|
CLICK
HERE TO VIEW OR PRINT THIS AMENDMENT |
|
TLTA POSITION: |
SUPPORT |
|
AMENDMENT
PROPOSED 10/01/2008 |
|
| | |
