First GARC Fee Due May 1
Title agents are required to collect a Guaranty Assessment Recoupment Charge (GARC) fee for each owners and loan (mortgagee) policy issued throughout all of 2018, and then remit these funds quarterly to TTIGA. The fee--which is set by the Commissioner of Insurance--is $4.50 per policy for the entire year of 2018. The GARC fee will only be in effect for one year, and the remittance process is very similar to the Guaranty Fee remittance (the Guaranty Fee has been suspended for 2018). GARC funds for Q1 must be submitted by May 1.