Stop Collecting GARC Fees After Dec. 31
No Guaranty Fee in Place Until Further Notice
The Guaranty Assessment Recoupment Charge (GARC) fee that you've been collecting throughout 2018 expires at the end of the year. After Dec. 31, you should stop collecting that fee (see below for clarification). Additionally, there currently is no Guaranty Fee in place. We anticipate that TTIGA will reinstate that fee early in 2019, but as of Jan. 1, neither fee should be charged.
TTIGA frequently gets this question about the GARC Fee: Do you have to collect GARC fees on transactions that close (papers signed) at the end of December, but that don't fund until January 2019? Yes, the date you should go by is the date on which the transaction documents are signed, rather than the date of funding.
Learn more about GARC compliance and remittance instructions.
Again, while it is expected that title agents will be required to collect the Guaranty Fee in 2019, the Guaranty Association Board has not approved that fee. Therefore, there will be a gap early in 2019 during which neither the GARC nor the Guaranty fees will be collected.
If you have questions about remittance of GARC fees already collected, please see these FAQs
, or contact the Texas Title Insurance Guaranty Association