April 27, 2022

In This Issue:

  • TDI Quarterly Audit Results Published
  • Update: Texas Secretary of State Adds FAQ re: Expiration of RIN Authorization
  • Early Voting Underway for Special Election May 7; Ballot Includes Two Property Tax Propositions
  • Congress Returns From Recess

TDI Quarterly Audit Results Published

TLTA | April 25, 2022
The following is a summary of recent TDI audits, violations and enforcement actions from December 2021 through February 2022. Read TDI's complete summary of operations for the quarter, or review key statistics below.        
      
Compliance Audits: TDI's goal is to comprehensively audit agencies at least once every two years. This quarter, TDI conducted 62 audits.      
       
Commissioner Orders: This quarter, TDI signed NO Commissioner Orders. As of this report, 3 cases remain active and under investigation.      
       
Compliance Audit Results: Below are TDI's most common audit findings for the quarter that ended in November 2022. The numbers below represent how many agencies had an infraction, not the number of times the infraction occurred:
 
Number of Agencies
Category
Description
38
Abstract Plant
Section 2702.053 - Actual receipts and/or disbursements not in agreement with settlement statement or premium split not disclosed.
31
Procedural Rules
P-21: Schedule D of commitment not in file or premium split not disclosed on commitment. 
27
Title Bulletins
Title Bulletin No. 160 - All parties receiving portions of real estate commission not disclosed on settlement statement.
27
Minimum Escrow Accounting Procedures & Internal Controls
#16 - Every disbursement not supported by invoice or sufficient other evidence
24
Escrow Accounting
Outstanding checks not cleared timely


Review the Complete Quarterly Audit Report »
 

Update: Texas Secretary of State Adds FAQ re: Expiration of RIN Authorization

TLTA | April 27, 2022
As previously reported, the emergency use of Remote Ink-Signed Notarization (RIN) expired Sept. 1, 2021.
 
Following TLTA's initial request in April 2020, Gov. Abbott temporarily suspended traditional notary regulations to allow for temporary use of RIN under COVID-19 public health protocols. 
 
When the Governor's temporary emergency provision expired last year, the Texas Secretary of State (SOS) included a notice on their website that RIN could no longer be used. Subsequently, the notice was removed.
 
In response to interested parties seeking clear documentation that RIN is no longer allowed to be used in Texas, SOS recently added notice of RIN's cessation to their frequently asked questions re: notary regulations. 

Review the New FAQ on Emergency RIN Authorization That Expired Last Year »
 
 

Early Voting Underway for Special Election May 7; Ballot Includes Two Property Tax Propositions

TLTA | April 27, 2022
Early voting for the special election on May 7 is underway. In addition to any local elections that may be on your local ballot, all ballots statewide include two property-tax related amendments to our state's constitution.

The first ballot proposition would increase the homestead exemption on school taxes to $40,000 from $25,000.

The second proposition on the May 7 ballot would extend the school property tax rate cuts approved by the Texas Legislature in 2019 to elderly and disabled homeowners.

Both of these initiatives were approved by lawmakers during special sessions of the 87th Texas Legislature in 2021. To become law, they must now be approved by Texas voters during the special election May 7. 

Additional Background Info From Texas Tribune »
Where to Vote and Other Info From Texas Secretary of State »
 

Congress Returns From Recess

ALTA | April 26, 2022
This week is a busy one, as members of Congress return from the spring recess. Their task list includes considering additional funding to address the COVID-19 pandemic as well as more aid to Ukraine and continuing negotiations on a scaled-back social spending bill. 

ALTA will be keeping a close watch on various scheduled hearings. The Senate Banking Committee is holding a hearing today with Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra for the Bureau’s semi-annual report to Congress. The House Financial Services Committee is also hearing from the CFPB today, April 27.
 
Additionally, the House Financial Services Committee will hold a hearing about oversight of the Financial Crimes Enforcement Network (FinCEN) on Thursday, April 28.
 
Watch House Financial Services Hearing on FinCEN Thursday, April 28, 10 a.m. »
 
TLTA's Editor's Note: We continue to monitor congressional hearings in partnership with TLTA's Federal Counsel, Jim Hyland, and the talented team at ALTA. As always, should any of these hearings include significant or novel issues that may impact your business operations, we will share that news with you here in Dateline.
  

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