March 3, 2021
In This Issue:
- Gov. Abbott Lifts Mask Mandate as of March 10 – RIN Not Impacted by This Change
- TLTA Legislative Update
- Other Advocacy Updates From TLTA – Updated TREC Contract Forms Now Available
- Gov. Abbott Reappoints Melissa Hamilton as Public Counsel for the Office of Public Insurance Counsel
- Chopra Likely to Be Confirmed Head of CFPB Following Senate Banking Committee Confirmation Hearing
- CFPB Proposes Delay of Mandatory Compliance Date for General Qualified Mortgage Final Rule
Gov. Abbott Lifts Mask Mandate as of March 10 – RIN Not Impacted by This Change
TLTA | March 2, 2021
Gov. Greg Abbott yesterday issued Executive Order (GA-34)
lifting the mask mandate in Texas and increasing capacity of all businesses and facilities in the state to 100 percent as of March 10.
Emergency Use of RIN in Texas Not Impact By This Change
Please be aware that we have reviewed the Governor's order carefully and it does not impact the emergency use of RIN in Texas. Authorization to use RIN will continue to be permitted until terminated by the Governor or until the March 13, 2020 disaster declaration (which has so far been renewed every month) is lifted or expires.
Read the Press Release »
Read the Executive Order »
Learn More About TLTA's Work on the Emergency Use of RIN in Texas »
TLTA Legislative Update
TLTA |March 3, 2021
We are pleased to report that one of TLTA's two legislative priorities
for the 87th Session of the Texas Legislature was filed in the Texas Senate this week - SB 885
related to the statute of limitations for quitclaims. Learn more
about what our quitclaim bill does.
To date, 3,778 pieces of proposed legislation have been filed. The deadline for bill filing is next Friday, March 12. TLTA’s Legislative team is closely monitoring a large number of bills that could impact our industry. Click here
to see a list and description of each of those proposed pieces of legislation.
As noted in last week's Dateline, the Legislature continues to hold special hearings on the power and water outages that accompanied the recent severe winter storm, and reform of the systems governing our state's electricity grid is now among the list of emergency items designated by Gov. Abbott for consideration by the Texas Legislature during the first 60 days of the legislative session. Those hearings continue this week.
Additionally, the Texas House recently announced their standing committee schedule
for the session, and House committees met this week for organizational hearings.
TLTA's legislative priorities
Our legislative priorities
for the 87th Legislative Session were approved by TLTA's Board of Directors
as recommended by our Legislative Committee
, which is chaired by Steve Streiff. TLTA is seeking introduction and passage of two statutory changes that would improve real estate transactions. As reported above, the Statute of Limitations for Quitclaims bill
was filed in the Senate this week. Our Legislative Committee is still finalizing the Homestead Certainty proposal and we are working to secure a sponsor. As soon as those steps are completed, we will provide you with a summary of that proposal as well.
Bills we are monitoring
We are currently tracking the following 86 bills of interest
. If these bills begin to move through the process and TLTA takes official positions on them, we’ll provide more detailed information about our stance and how they might affect you and your business.
Questions about TLTA's legislative process and how you can get involved?
The TLTA Legislative Committee, our Local Legislative Liaisons, our Grassroots Network and our PAC Board of Governors are all part of our team of engaged legislative advocates. Learn More About TLTA's Legislative Process and How You Can Get Involved »
Other Advocacy Updates From TLTA – Updated TREC Contract Forms Now Available
Texas Land Title Association | March 3, 2021
We continue to monitor closely TREC's adoption and implementation of the changes to the termination option and option fee language included in the TREC contract form. Under the revised forms, a buyer is required to deliver the option fee to the title company, not to the seller. TREC adopted the updated form at their meeting Feb. 19, so the newly adopted form may now be used on a voluntary basis. Please note that use of the updated forms will be mandatory beginning April 1, 2021.
Review and Download TREC's Updated and New Contract Forms »
Read TREC's FAQs re: Changes to Delivery of Option Fees »
In case you missed it, TLTA hosted a webinar in February that reviewed the new changes to the TREC contract forms. On-Demand TLTA Webinar: Recent TREC Contract Form Changes »
Gov. Abbott Reappoints Melissa Hamilton as Public Counsel for the Office of Public Insurance Counsel
Gov. Abbott's Press Office | March 3, 2021
Gov. Greg Abbott has reappointed Melissa Hamilton as the Public Counsel for the Office of Public Insurance Counsel for a term set to expire on February 1, 2023. The office represents the interests of insurance consumers in regulatory matters relating to insurance rates, rules and forms.
Melissa Hamilton of Austin has served as the Public Counsel since January 2018. Previously, she served as director of Governmental Relations for the Texas Department of Insurance. She is a member of the State Bar of Texas and the SpineHope Walk Tall Event Planning Committee and a former member of the Austin Dress for Success Advisory Council and former member of the Junior League of Austin. Hamilton received a Bachelor of Arts from Texas A&M University and a Juris Doctor degree from The University of Texas School of Law.
This appointment is subject to Senate confirmation.
Read the Press Release »
Chopra Likely to Be Confirmed Head of CFPB Following Senate Banking Committee Confirmation Hearing
James Hyland - TLTA Federal Legislative Counsel | March 2, 2021
On Tuesday, March 2, the Senate Banking Committee held a nomination hearing for Rohit Chopra, the Biden Administration nominee to head the CFPB.
Chopra shared the hearing with the nominee to head the Securities and Exchange Commission, Gary Gensler, who fielded many questions. Both nominees are likely to be confirmed.
Read More »
CFPB Proposes Delay of Mandatory Compliance Date for General Qualified Mortgage Final Rule
CFPB | March 3, 2021
The Consumer Financial Protection Bureau (CFPB) today released a notice of proposed rulemaking (NPRM) to delay the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. The CFPB is proposing to extend the compliance date to ensure homeowners struggling with the financial impacts of the COVID-19 pandemic have the options they need.
Read the Press Release »
Read the Notice of Proposed Rulemaking »
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