March 13, 2019
In This Issue:
- TDI Sets May 23 Hearing Regarding TLTA's Rate Petition
- Legislative Update: TLTA's Legislative Priorities Filed, Bills We're Monitoring, Special Election Results
- New CFPB Director Kraninger Testifies Before Congress - Addresses Simultaneous Issue Disclosure Problem
- Licensing Update: New Title Licensing Rules, Basic Manual Changes as of March 7
- ICYMI: Positive Testimony About Texas' Title Insurance System During Recent Legislative Hearing
TDI Sets May 23 Hearing Regarding TLTA's Rate Petition
TLTA | March 12, 2019
The Texas Department of Insurance has scheduled a hearing May 23 to gather public comment regarding TLTA's rate petition. TLTA’s team of experts will represent the industry at this hearing.
Read TDI's Notice »
These are the materials that will be discussed at the hearing:
TLTA Rate Briefing Book
If you have questions, please contact us
The bill filing deadline for the 86th Session of the Texas Legislature was March 8. Lawmakers filed more than 7,000 bills before the deadline. Staff at TLTA are currently monitoring the development of these 77 bills
and other issues that could impact our industry or industry partners.
We continue to monitor the identical bills filed by Chairman Hancock and Rep. Muñoz that would amend statute to give any interested individual the ability to trigger a title insurance premium rate hearing, as well as the option to request that it be conducted as a contested hearing (SB 1062
). We are working with these lawmakers to address our concerns with their legislation.
Additionally, Sen. Larry Taylor filed SB 1437
relating to easements to be included in title commitments. We are working with Sen. Taylor's office to address concerns about this proposed change.
TLTA's legislative team continues working to advance our Legislative Priorities
for the 86th Session. We are pleased to report that Sen. Brandon Creighton filed the TTIGA update (SB 2333
) and RON clarification (SB 2128
) legislation that are included among TLTA's legislative priorities for the 86th Session. With the filing of these bills, all of TLTA's legislative priorities have been filed in both chambers of the Legislature. Review our priorities and the filed bills that could accomplish those priorities here
Ray Lopez won the special election runoff Tuesday night for the Texas House seat formerly held by state Rep. Justin Rodriguez. Read More »
New CFPB Director Kraninger Testifies Before Congress - Addresses Simultaneous Issue Disclosure Problem
James E. Hyland, TLTA Federal Legislative Counsel | March 11, 2019
Now that all of the committee assignments have been made, the 116th Congress is ramping up its legislative work. Here are some highlights relevant to our industry:
The House Financial Services Committee has held several hearings, and new CFPB Director Kathy Kraninger appeared before the committee last week.
Kraninger testified for over four hours. She was grilled by Democrats on changed policies for pay day lenders, whether she was fully investigating fair lending complaints, and upholding the Military Lending Act, which restricts high interest loans to members of the military.
With respect to TRID, Congressman French Hill (R-AR) specifically questioned her about TRID and title insurance disclosure, notably the simultaneous issue reporting on the closing disclosure. She said she is “very aware of the issue.” She added that she is “looking at it but not sure how fast they are acting on it,” but concluded that she is “aware of the issue and his legislation.” Kraninger had earlier sent a letter to ten senators, including Sen. Ted Cruz, on simultaneous issue, writing that this would be dealt with during the required five-year review of TRID rules. That process is beginning at CFPB, but not likely to result in changes until 2020.
Read More »
Licensing Update: New Title Licensing Rules, Basic Manual Changes as of March 7
TLTA | March 12, 2019
In December TDI Commissioner Sullivan adopted new title licensing rules to implement statutory changes recently made by the Texas Legislature. The changes go into effect, March 7, 2019.
What You Need to Know – Some Key Highlights of the Changes
- Escrow officers will no longer be licensed through their employer/title agent. Escrow officers must, however, have an appointment from a title agent to use their license.
- Escrow officers will hold their own individual licenses and will have their own individual license number and expiration/renewal date.
- Escrow officers will be issued a new license number and new expiration/renewal date.
- After an initial six-month grace period, new escrow officer expiration dates will be on the last day of the escrow officer's birth month.
- Escrow officers will be responsible for renewing their own license and for ensuring that their continuing education requirements are met.
- The continuing education requirements have changed to require two hours of Ethics out of the 10 total hours required every two years.
Read "What You Need to Do" for more important information and specifics about what you need to do to prepare for these changes.
Read more information and specifics about what you need to do to prepare for these changes »
Updates to Basic Manual
- Escrow officer licenses will no longer renew with your agent license.
- Title agents will continue to be responsible for the escrow officer bond or deposit.
TDI also updated, corrected and clarified rules and forms in the Basic Manual of Title Insurance. These Basic Manual changes are effective March 7, 2019.
Need help keeping up with your Basic Manual? TLTA's online Basic Manual
has been updated with all of these changes. Subscribe to TLTA's Basic Manual Service today »
ICYMI: Positive Testimony About Texas' Title Insurance System During Recent Legislative Hearing
TLTA | March 11, 2019
On Feb. 14 (one day after TLTA's Day at the Capitol event) John Fleming, General Counsel for the Texas Mortgage Bankers Association, testified in support of Texas' current title insurance system when asked about it by Rep. Stan Lambert in the House Pensions, Investments and Financial Services Committee. The Texas Mortgage Bankers Association, along with these trade associations, have taken positions in support of our system and we are grateful for all their support.
Click the image below to watch a video of John Fleming's testimony:
TLTA has scheduled a variety of live webinars for 2019! Register now, or explore our library of more than 80 On-Demand webinars and videos covering the title industry topics you need!