January 5, 2022
In This Issue:
- New Texas Laws Effective Jan. 1, 2022, Including Change in Homestead Exemption Filing
- TDI Issues 2020 Underwriter Data Call; Report File and Affidavit Must Be Submitted by Feb. 28
- ICYMI: Recent FinCEN News of Interest to Title Insurance Industry
- No Sign of Reprieve From Ransomware Frenzy for Companies in 2022
New Laws Effective Jan. 1, 2022, Including Change in Homestead Exemption Filing
TLTA | Jan. 5, 2022
Nearly two dozen new laws went into effect Jan. 1, 2022, and another half dozen will go into effect Jan. 18, 2022.
Among the new laws effective as of Jan. 1 is a change in homestead exemption requirements that allows homeowners to secure their homestead exemption during the year in which the property was acquired. Previously, when someone purchased a home, the new homeowner had to wait until Jan. 1 of the following year to receive the benefit of the homestead exemption provided under Texas law. Learn more about SB 8
, the bill that implemented this change. SB 8 was passed during the Texas Legislature's second special session this summer.
Review a complete list of the 23 new laws effective Jan. 1, 2022
TDI Issues 2020 Underwriter Data Call; Report File and Affidavit Must Be Submitted by Feb. 28
TLTA | Jan. 3, 2022
The Texas Department of Insurance (TDI) issued this mandatory data call under Insurance Code Section 2703.153, which requires title insurance underwriting companies to submit data to TDI annually. TDI uses this data to set title insurance premium rates, as required by Insurance Code Section 2703.151. This data call requests income, expense, and policy data from calendar year 2020.
Reporting period: Jan. 1, 2020 - Dec. 31, 2020
Report file and affidavit must be submitted by Feb. 28, 2022.
Instructions, Forms and More From TDI »
ICYMI: Recent FinCEN News of Interest to Title Insurance Industry
TLTA | Jan. 3, 2022
FinCEN News Issues Notice of Proposed Rulemaking for Corporate Transparency Act Regarding Beneficial Ownership Reporting
National Law Review | Dec. 11, 2021
FinCEN has issued a notice of proposed rulemaking (NPRM) regarding how the agency is planning to implement the Corporate Transparency Act (CTA). The NPRM came out on December 8, 2021, accompanied by an explanatory factsheet. Congress passed the CTA on January 1, 2021 in order to require U.S. companies to disclose beneficial ownership information.
Reporting Requirements: Reporting companies will have to file a Beneficial Ownership Information (BOI) Report. FinCEN has not yet said how to do this, but will likely issue a form and instructions that reporting companies will then file with FinCEN. Reporting companies must report each beneficial owner’s (1) name, (2) birthdate, (3) address, and (4) a unique identifying number from an acceptable identification document (and the image of such document).
Read More »
Review the NPRM »
Review the Factsheet »
FinCEN Requests Comments on Potential Rulemaking Related to New Real Estate Sector Reporting Requirements for Cash Transactions
U.S. Department of Justice | Dec. 8, 2021
The Financial Crimes Enforcement Network (FinCEN) announced an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a potential rule to address the vulnerability of the U.S. real estate market to money laundering and other illicit activity.
FinCEN encourages the public to submit written comments in response to the ANPRM. Diverse viewpoints and substantive suggestions will help FinCEN develop a proposed regulation that appropriately balances the need to address the vulnerabilities of the real estate market with any potential costs such measures may impose.
Comments will be accepted for 60 days following publication in the Federal Register.
Read FinCEN Press Release »
TLTA Editor's Note: TLTA is reviewing this proposal and will determine whether to make formal comments. Many TLTA members are aware of the current FinCEN Geographically Targeted Orders (GTOs) effecting 12 metropolitan areas in the US, including some in Texas. These orders require title insurance companies in these areas to file reports on all-cash purchases of residential real properties through LLC or entities if the transaction exceeds $300,000. FinCEN is contemplating rulemaking that would expand these reporting requirements to any all-cash deal— including those by real persons in addition to those purchased by entities for commercial as well as residential —with no geographical limitations.
Additionally, FinCEN is contemplating adding additional duties for title agents handling escrow monies that banks currently are required to perform: According to FinCEN, “[t]his ANPRM seeks public comment on whether FinCEN should impose a similar [to the current GTO’s for title insurance companies], ongoing, and expanded reporting requirements through regulations...including, for example, potentially promulgating Bank Secrecy Act record keeping and reporting requirements for 'persons involved in real estate settlements and closings.'"
No Sign of Reprieve From Ransomware Frenzy for Companies in 2022
Bloomberg Law | Dec. 27, 2021
Supply chain attacks and software exploitations are set to continue next year, and remote or hybrid work may complicate cyber-preparedness, attorneys and cybersecurity professionals say.
Read More »
In addition to live webinars held throughout the year, you have access to our library of more than 80 On-Demand webinars and videos covering the title industry topics you need to earn continuing education credits and stay ahead of the curve on the latest industry trends!
- 1099-S Reporting (Level: Intermediate, Jan. 6,2022, 1 hr Escrow)
- Home Equity Loans and Reverse Mortgages in Texas (Level: Intermediate, Jan. 11, 2022, 1 hr Escrow)
- Mechanic's Liens in Texas: Escrow and Title Issues (Level: Intermediate Jan. 13, 2022, 1 hr Escrow)
- Tricky Tax Situations (Level: Intermediate, Jan. 18, 2022, 1 hr Escrow)
- Residential Endorsements (Level: Beginner, Jan. 26, 2022, 1 hr Escrow)