June 28,
2005
HUD
Secretary Announces RESPA Plans - TLTA Gets a Seat at the
Table
Housing
and Urban Development Secretary Alphonso Jackson announced
HUD’s plan to revisit the RESPA Reform issue in a closed
conference call held Monday, June 27.
In an effort to obtain individual views about possible
changes to RESPA regulations arising from HUD’s 2002 RESPA
reform proposals, the department will be conducting a series of round
table meetings with industry and consumer groups in Washington D. C.
over the coming months.
TLTA has been named as one of the invited participants for the round table meeting scheduled
on July 28th. We have worked
very hard over the past 3 years to establish ourselves as a
serious party to this issue, and we are pleased to have
been included in the review process. HUD is also interested in eliciting
information about changes in the home settlement process that
have occurred since the department issued its proposed rule in 2002.
These changes will need to be considered as HUD develops its
new proposals for RESPA
reform. For additional information, HUD has set up a page on their website dedicated to RESPA Reform. Go to
www.hud.gov/respareform
Bill Relating to Rebates Signed by Governor Perry - Will Go
Into Effect Sept. 1, 2005
The Governor signed HB 2565
relating to rebates on June 17, 2005.
The Bill is not
effective until September 1, 2005.
As we reported in the June 7
Breaking News,
SECTION 8 of
the Bill also affects the application of its provisions to
title insurance and other insurance policies delivered, issued
for delivery, or renewed after January 1, 2006 as follows:
-
"SECTION 8. The changes in
law made by this Act apply to conduct with respect to an
insurance policy that is delivered, issued for delivery, or
renewed on or after January 1, 2006. Conduct with respect
to a policy delivered, issued for delivery, or renewed
before January 1, 2006 is governed by the law as it existed
immediately before the effective date of this Act, and that
law is continued in effect for that purpose."
We don't know at this time how TDI will view the effective date. We recommend that you
consult with your counsel regarding the effect of the language
in Section 8 with regard to your company’s practices.
Again, please be aware that House
Bill 2565 is not yet in effect. Additionally, Procedural Rule
P- 53 remains in effect pending any further action by the
Commissioner of Insurance to revise or amend the Rule. As soon
as we know more about this legislation or any revisions to
P-53, we will update you.
