July 2018

Second Quarter GARC Fee Due Aug. 1

Read GARC Compliance Tips Below
 
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 โ€“ which is set by the Commissioner of Insurance โ€“ 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 Q2 must be submitted by Aug. 1.
 

TO-DO: Remit Q2 TTIGA GARC Fee With Remittance Form โ€“ due Aug. 1

 
REMIT CHECK MADE PAYABLE TO: 
Texas Title Insurance Guaranty Association
P.O. Box 2212 
Austin, TX 78701
 
FOR OVERNIGHT DELIVERY: 
Texas Title Insurance Guaranty Association 
500 W 5th St., Suite 1150 
Austin, TX 78701


GARC Fee Tips and Hints:

 
Now that the first quarter of collecting and remitting Guaranty Assessment Recoupment Charge (GARC) Fees is behind you, below are some tips and hints TTIGA has provided to help you smoothly file fees for the second quarter that ended June 30.  
 
GARC Fees:
  • GARC Fees became effective Jan. 1, 2018; no guaranty fee should have been collected for that time period.
  • All GARC Fee remittance forms are found on the TTIGA website: http://www.ttiga.org.
  • A check for the GARC Fee must be provided with the remittance form.
  • Do not combine GARC and Guaranty Fees on the same check.
  • Your check must be from an escrow or trust account.

Guaranty Fees: 
  • Guaranty Fees are not in effect for 2018.
  • If you have Guaranty Fees for any 2017 quarter, please use the most current guaranty fee remittance form found on the TTIGA website: http://www.ttiga.org.
  • At the TOP of the Guaranty Fee remittance form write: 2017 _____ Quarter "additional/straggler/supplemental." This will assist with the reconciling of your Guaranty Fee check.
  • In the section of the remittance form re: "Quarter Dates" please, clearly state the respective quarter dates on the remittance form you are submitting. DO NOT use the 2018 quarter dates.
  • If an internal audit or TDI audit determines that you owe multiple quarter Guaranty Fee funds, a separate remittance form and check must be prepared for each quarter.
  • The Guaranty Fee remittance forms are found on the TTIGA website: http://www.ttiga.org.
  • Your check must be from an escrow or trust account.
  • Do not combine GARC and Guaranty Fees on the same check.

IMPORTANT: The policy information (Guaranty and GARC) cannot be combined into one remittance form. The fees (Guaranty Fee and GARC Fee) cannot be combined into one check. 
 
Unfamiliar with your GARC Fee responsibilities? Learn more ยป 
 
Remember: The second quarter remittance due date is Aug. 1.
 

Other Compliance Deadlines

See the full Title Agent Compliance Checklist and Reporting Calendar for all upcoming deadlines.