TTIGA Releases GARC Fee Forms, Remittance Schedule
Texas Land Title Association | Dec. 13, 2017
As TLTA reported last week, TDI Commissioner Kent Sullivan issued an order on Nov. 30 setting a Guaranty Assessment Recoupment Charge (GARC). Beginning Jan. 1, 2018 through Dec. 31, 2018, title agents will be required to collect a GARC Fee of $4.50 on each owner and loan policy.
In a memo sent to all Texas title agents on Dec. 6, TTIGA said, "All GARCs must be collected at closing and remitted to the Texas Title Insurance Guaranty Association (“TTIGA”) on a quarterly basis, with the first GARC remittance due on May 1, 2018. For purposes of collecting the GARC, a closing is deemed to occur when the closing documents are signed by the parties to the transaction. The GARC should be remitted to TTIGA using the 2018 TTIGA Guaranty Assessment Recoupment Charge Remittance Form..."
The TTIGA website has complete details including the remittance form, due dates and FAQs.
Get the GARC Remittance Form »
Read the Commissioner's Order »