REGULATORY NEWS
2008 Biennial Hearing on the Horizon
The Texas Department of Insurance (TDI or the Department)
has published the notice of call for agenda items relating to the
2008 Biennial Hearing. The deadline for submissions is May 26
and we expect the Department to schedule the
Rate/Rule hearing sometime in early fall.
Click here to view the notice.
The TLTA Regulatory Committee, led by Chair Brian
Pitman, is currently looking at several items that
will be submitted by TLTA. We will send out a
Breaking News once a hearing date is confirmed.
Agent Statistical Data Due – Help Available!
TDI sent out the call for agent statistical data for
the calendar year ending December 31, 2007.
Click here to read Commissioner’s Bulletin
#B-0019-08. The due date for hard copies is May 30, 2008 and for electronic
submission is June 13, 2008. TLTA is offering two
programs to assist you. The May 20 program is
designed to walk you through step-by-step in completing the report
and the June 10 program is a troubling shooting Q&A session.
Register today
for
one or both programs.
Basic
Manual Updates Now Available – Become a Subscriber and Save $$$
The May 1, 2008 effective
updates to the Basic Manual resulting from the 2006 Biennial Hearing will be available on the TLTA Web site
by May 1. Please note that changes relating to P-24 will be
available prior to the July 1, 2008 effective date; and
changes relating
to ICL’s will be available prior to the October 1, 2008
effective date.
The easiest and most cost-effective way to update
your manual is to subscribe to our subscription
service. Not only will you save money but you will
automatically receive all updates throughout the
rest of the year.
Click here to subscribe to this valuable service.
For those who have already placed an order, the
Basic Manual updates will be shipped on April
29.
Section VIII is Now Available-- Order Today!
Additions
to the Basic Manual regarding the business of
personal property title insurance will be included
in a separate binder and referred to as Section
VIII.
Section VIII is now available on the TLTA Web site
and is available as a separate purchase
soon.
Click here to order your new
Section VIII binder today.
▲TOP
LEGISLATIVE NEWS
Texas House and Senate Committees Take up
Industry Issues
TLTA has participated in two interim hearings regarding issues
affecting the title insurance industry. The Senate Intergovernmental
Relations Committee (IGR) met in Dallas to discuss affordable
housing issues as well as the use of title insurance policies in
seller financed transactions. Legislative Chair Roland Love
testified on behalf of TLTA and educated committee members about
contract for deeds. IGR Chair Royce West (D-Dallas) will
continue to work with TLTA on the issue.
The House
Business and Industry committee Chaired by Helen Giddings
(D-Dallas) met in Austin to hear testimony on the interim charge
to study the problem of identity theft and the impact of identity
theft legislation enacted in recent legislative sessions. They also
heard testimony on the problem of electronic data breaches, as well
as the feasibility of requiring periodic destruction of records for
businesses and state entities to limit exposure to identity theft.
TLTA testified on the issue of personal information contained in
publicly available government records and reiterated our position
that public records should remain public and accessible in a timely
and cost effective manner. We also suggested that an ad-hoc
committee made up of interested parties be appointed to study how to
balance the need for access to public records while safeguarding the
public’s sensitive information. We will continue to keep you updated
on these issues as they make their way through the process.
Speaker Names Select Committee on Property Tax
Relief and Appraisal Reform
House Speaker Tom Craddick (R-Midland) announced the formation of
the Select Committee on Property Tax Relief and Appraisal Reform,
which will “oversee all matters relating to property tax relief and
reforming the property appraisal system.”
Rep. John Otto (R-Dayton) will chair the committee
and Rep. Ken Paxton (R-McKinney) will serve as vice
chair. The committee members include: Rep. Drew
Darby (R-San Angelo), Rep. Gary Elkins (R-Houston),
Rep. Ismael "Kino" Flores (D-Palmview), Rep.
Dan
Flynn (R-Van), Rep. Dan Gattis (R-Georgetown), Rep.
Joe Heflin (D-Crosbyton), Rep. Phil King
(R-Weatherford), Rep. Tracy King (D-Batesville),
Rep. Ruth Jones McClendon (D-San Antonio), Rep.
Inocente "Chente" Quintanilla (D-Tornillo) and Rep.
Larry Taylor (R-Friendswood).
While the
committee has a broad charge that might include replacing the
property tax with another revenue source, the Speaker in particular
highlighted that the committee will review the sections of the Texas
Constitution and the tax code that deal with appraisal caps.
▲TOP
TLTAPAC UPDATE
Looking for a Few Good Men and Women to Serve
on TLTAPAC
The TLTAPAC
Board of Trustees is now accepting
nominations for 2008-09. If you are interested in serving on the
board or know someone who would make a good trustee,
please click
here to download the nomination form and
fax it to TLTA at 512.472.5931 or email it to
Lauren Carter. We want to continue to enhance the title
insurance industry's political influence at the Capitol as well as
educate TLTA members on the importance of investing in the PAC.
TLTAPAC Trustees are responsible for raising and disbursing funds
to achieve the governmental affairs objectives of the Texas Land
Title Association. They will be responsible for educating other
industry members in their area of the state about the TLTAPAC
and encouraging them to invest and participate at the grassroots
level. We are seeking energetic members who are willing to
contribute to the TLTAPAC and assist in fundraising
events. If this sounds like something you would be interesting in
doing or if you know the perfect candidate, we urge you to send in a
completed form today! Nominated members will be approved at the
annual TLTAPAC Board of Trustees meeting held in
conjunction with the TLTA Annual Conference in San Antonio. Forms
must be received by May 15, 2008. If you have any questions, please
e-mail
Lauren Carter.
Wentworth and Rose to Speak at TLTAPAC
Breakfast
TLTA is pleased to announce that Sen. Jeff Wentworth
(R-San Antonio) and Rep. Patrick Rose (D-Dripping
Springs) will serve as our distinguished guests and speakers for the
TLTAPAC Breakfast on Friday, June 6 at 7:45 a.m. at
the Westin Riverwalk Hotel. Both state officials will give an
insider's perspective on Texas Legislative activities and the effect
they may have on the title industry.
Additionally, the
2008-09 TLTAPAC Board of Trustees will be elected.
Register today to attend this
annual meeting.
Pick a Partner and Play in the
TLTAPAC
Golf Tournament
The annual
TLTAPAC Golf Tournament will be held on June 5 at
the magnificently scenic Westin
La Cantera Resort in San Antonio. Sign up now and show your support
of the PAC! We will have some great door prizes and you do not have
to be registered for the TLTA Conference to be eligible to play.
Also, please consider sponsoring to make this tournament a huge
success for the PAC! Show your company support in TLTA’s legislative
efforts by donating corporate money to assist in
TLTAPAC.
Several sponsorship opportunities are still available.
Find out how your company can support the PAC or contact
Mary Beth Kiser.
Be a Part of History!
Support the TLTAPAC and also make history by joining
the Centennial Club. To become a member, contribute $100 or more by
June 30 and you will receive an exclusive ribbon at TLTA events and
have your name inscribed on a special plaque that will hang in the
TLTA office. Most importantly, you will be supporting your industry
and its continuing success for years to come. Don’t miss out on this
“once in a century” opportunity!
See who is already making history and join fellow industry
members by
donating online today.
Kudos to TLTA Members!
Kudos to the TLTA members listed below for volunteering their time
and opening up their checkbooks to help increase TLTA’s presence at
the federal level. Several members of the Texas Congressional
delegation held fundraisers in their districts while home during
spring break. Special thanks to Todd Gregory with Countrywide
for playing in Rep. Kay Granger’s (R-Fort Worth) golf
tournament held at the Colonial Golf Club in Fort Worth. Congressman
Mike Conaway (R-Midland) held his first invitational golf
tournament in Horseshoe Bay. TLTA members Bert Massey with
Brown County Abstract, Mike Lucksinger and Mike Murray
both with Highland Lakes Title Company played a good game of golf while
raising money for their congressman. Thanks to all!
▲TOP
FEDERAL NEWS
RESPA Reform Update
TLTA informed the membership on March 17 in a
Breaking News that the US Department of Housing and Urban
Development (HUD) has just released the
long-discussed Real Estate Settlement Procedures Act (RESPA) reform
proposal that would make significant changes to the closing process.
The proposed rule, which was published in the Federal Register
on Friday, March 14, is the product of a six-year revision by
HUD to simplify the transaction process and encourage consumer
choice; however HUD only gave the public 60 days to analyze and submit
comments.
At the request of ALTA, along with other groups, Rep. Ruben
Hinojosa (D-TX) and Rep. Judy Biggert (R-IL)
have authored a "Dear Colleague" letter requesting HUD extend the
comment period on the proposed RESPA rule for an additional 60 days.
The more Members of the US House of Representatives who sign the
letter, the better the chance of getting the comment period
extended. Given the extensive changes and volume of the proposed
rule an extension would be beneficial, so all interested parties
have adequate time to review and submit comments. TLTA sent out the
call for action and we hope many members took time to email their
representatives.
If
HUD does not extend the comment period, TLTA will send our own alert
asking that you please submit your comments to HUD. We will provide
you with talking points to help craft your message; however ask that
you make the letter personal by adding your own concerns and
experiences.
Click here for more information about the proposed rule.
Bush Appoints New HUD Secretary
On April 18, President George W. Bush announced his nomination of
Steve Preston, Administrator of the Small Business
Administration (SBA), to serve as the next Secretary of the US
Department Housing and Urban Development (HUD). Bush called SBA’s
Preston “a strong executive with a quarter century of management
experience” who “understands the free enterprise system from every
angle.” If confirmed by the Senate, Preston would succeed Alphonso
Jackson, who resigned.
Click here to view comments by
President Bush and Steve Preston.
Chairman Frank and Committee Members Call for
GAO Study on Fair Lending Enforcement
Released April 11, 2008
Washington, DC - House Financial Service Committee Chairman
Barney Frank, along with 15 members of the committee sent a
letter to Government Accountability Office, calling for a
comprehensive review of the current state of the federal enforcement
of the Equal Credit Opportunity Act (ECOA), the Home Mortgage
Disclosure Act (HMDA) and the Fair Housing Act (FHA), and other
related fair lending laws. The members expressed concern over the
thoroughness and effectiveness of Federal regulator’s oversight and
enforcement of fair lending laws and asked the GAO to study mortgage
lending as well as other types of lending such as small business and
unsecured lending.
▲TOP
