April 7, 2021

In This Issue:

  • TLTA Legislative Update
  • Other Advocacy Updates From TLTA: New Town Hall April 15
  • TREC Broker-Lawyer Committee Accepting Applications for Members
  • Gov. Abbott Appoints Three to Texas Real Estate Commission
  • CFPB Reverses Pandemic Flexibilities, Vowing Enforcement
  • FinCEN Launches Regulatory Process for New Beneficial Ownership Reporting Requirement

TLTA Legislative Update

TLTA | April 7, 2021

One of two bills on TLTA's affirmative legislative agenda for the Texas Legislature's 87th Session, HB 3115 by Rep. Shine, was heard during a Texas House Business and Industry Committee hearing yesterday. Steve Streiff, chair of TLTA's Legislative Committee, was on hand to testify in favor of HB 3115, which we are referring to as our Homestead Certainty bill.

Also heard at yesterday's hearing was HB 1679, which provides that a mechanic’s lien can survive a foreclosure up to the retainage amount. TLTA's Board of Directors adopted a neutral position on this bill earlier in the legislative session. 

While all bills considered at yesterday's House Business and Industry Committee hearing were left pending, including our Homestead Certainty bill, Chairman Turner indicated that the committee would meet again later this week to vote out pending legislation. 

HB 2825 by Rep. Bonnen was heard today in the House Defense and Veteran's Affairs committee. TLTA's Board of Directors adopted an oppose position to the bill as filed, which would require title companies to keep current information on zoning status of properties within 25 miles of military installations in Texas, check buyer's names and company ownership against a designated list, and inform the seller that a buyer's name or company matches this list of a "scrutinized company" or otherwise flagged individuals. This would represent a departure from the neutral third-party status of title professionals and would create enormous costs for the industry. TLTA Board of Directors and Legislative Committee member Claire Hartman testified on behalf of TLTA. Her testimony was well received, and the bill's author was open to TLTA's feedback on alternative and more efficient approaches to the bill's goal.

In addition to the affirmative legislative agenda items on which we are working, our legislative team is monitoring 151 of the more than 7,000 bills filed this session. Review a list and description of the proposed pieces of legislation we are monitoring. 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.

Only 53 days remain in the 87th Legislative Session, but special sessions are expected due to redistricting and other issues.

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 passage of two statutory changes that would improve real estate transactions:
Next steps for these TLTA affirmative legislative agenda items start with securing committee hearings.  

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: New Town Hall April 15 

TLTA | April 7, 2021
The decisions made by our state and federal governments have real and lasting impacts for our regulated industry. If you're having trouble keeping up with all of it, you're not alone. That's why we're gathering three of the talented professionals working the legislative process on our industry's behalf for a special installment of our Town Hall Insights Series on Thursday, April 15.
 
Get a first-hand look at the inner workings of the capitol buildings in Austin and D.C. from industry insiders who will provide perspectives and insights to help you prepare your business for any legislative or regulatory changes ahead. 
 

 
Politics and the Legislative Landscape From Austin to D.C. – What It Means for the Title Industry
Thursday, April 15, 2021 - 2 p.m. CDT
 
RSVP for This Complimentary, TLTA Members-Only Event Now
 

Federal Perspective  


Chris Morton, Senior Vice President of Public Affairs, American Land Title Association (ALTA)
The first hundred days of the new administration – what does it mean for the title insurance industry

State Perspectives  


Aaron Day, Director of Government Affairs and Counsel, Texas Land Title Association (TLTA)
On the ground insights from the 87th Session of the Texas Legislature in progress now

Steve Streiff, Chair, TLTA Legislative Committee  
TLTA's affirmative legislative agenda: Bills TLTA is working to pass during the 87th Session of the Texas Legislature

RSVP for This Complimentary, TLTA Members-Only Event Now »
Submit a Question for the Town Hall Panelists »
 

TREC Broker-Lawyer Committee Accepting Applications for Members

TREC | April 6, 2021
The Texas Real Estate Commission (TREC) is accepting applications for two open real estate license holder positions to the Texas Real Estate Broker-Lawyer Committee. A selection committee will review applications and the Commission will make appointment announcements at the August 2021 Commission meeting.  

Those wishing to be considered for an appointment should send their letter of interest, resume, and two professional references to Vanessa Burgess, TREC General Counsel, at general.counsel@trec.texas.gov.  To be considered for an appointment, applications must be received no later than April 23, 2021.  
 
Read More »
 

Gov. Abbott Appoints Three to Texas Real Estate Commission

Governor's Press Office | March 30, 2021
Governor Greg Abbott has appointed Leslie Lerner, Mark Woodroof, and Benjamin “Ben” Pena to the Texas Real Estate Commission for terms set to expire on January 31, 2027. The commission's primary purpose is to protect the public in its dealings with real estate brokers and salespersons.

Read the Governor's Press Release »
 

CFPB Reverses Pandemic Flexibilities, Vowing Enforcement

HousingWire | March 31, 2021
The Consumer Financial Protection Bureau announced Wednesday it is rescinding seven of its temporary policies put in place to protect consumers during the pandemic. The seven rescissions will be effective Thursday, April 1, with the government agency noting that it intends to exercise the full scope of its supervisory and enforcement authority provided under the Dodd-Frank Act.

In one of its key decisions, the CFPB said it will roll back its leniency on reporting Home Mortgage Disclosure Act data. In March 2020, the CFPB announced it would no longer require certain lenders to report quarterly information under HMDA, however, now the agency is instructing all financial institutions to do so beginning with their 2021 first-quarter data due by May 31.
 
Read More »
Read CFPB's Announcement »
 

FinCEN Launches Regulatory Process for New Beneficial Ownership Reporting Requirement

U.S. Treasury | April 1, 2021
The Financial Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a wide range of questions related to the implementation of the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA). 

This ANPRM is the first in a series of regulatory actions that FinCEN will undertake to implement the CTA, which is included within the Anti-Money Laundering Act of 2020 (AML Act).  The AML Act is part of the FY 2021 National Defense Authorization Act, which became law on January 1, 2021. 
 
Comments should be submitted by May 5, 2021.
 
Read More » 

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