Texas Publishes Rules on Personal Property Title Insurance
|November 29, 2007|
The Texas Department of Insurance (TDI) has proposed amendments regarding the adoption of forms, endorsements and rules for the writing of personal property title insurance. This is the result from the passage of SB 1153 enacted by the 80th Legislature, which authorizes the writing of title insurance when personal property is used as collateral on a loan. It will ensure attachment, perfection or priority of a security interest in the property sufficient to protect a security interest in the property. A hearing was held at TDI on October 18 to consider the proposed amendments. To view a copy of the amendments, click here.. Written comments on the proposal must be submitted no later than 5:00 p.m. on December 17 to, Gene C. Jarmon, General Counsel and Chief Clerk, Mail Code 113-2A, Texas Department of Insurance, P.O. Box 149104, Austin, TX, 78714. An additional copy of comments must be submitted simultaneously to Robert Carter, Deputy Commissioner, Title Division, Mail Code 106-2T, Texas Department of Insurance, P.O. Box 149104, Austin, TX 78714. The State Office of Administrative Hearings (SOAH) will hold a hearing on December 12 to set the rates for this product. Once an order is finalized and adopted, TLTA will publish the rules, forms and endorsements as part of the Basic Manual. We expect the update to be voluminous so we are working with TDI on how to best include the new information in the current manual. We will send out a pre-order in the near future.