CFPB Proposes TRID Implementation Delay
The Consumer Financial Protection Bureau has delayed the RESPA/TILA Integration of TRID until October 3 due to issues with the Administrative Procedures Act and also to push implementation further into the fall after school starts. HAR has been monitoring the actions being made at the federal level and educating its members to ensure an effective implementation of the TRID regulation. For more information visit http://www.consumerfinance.gov/regulatory-implementation/tila-respa/ .
House of Representatives Introduces the Remote Transactions Parity Act of 2015
Rep. Jason Chaffetz (UT-03) introduced H.R. 2775, the Remote Transactions Parity Act of 2015 (RTPA), which would provide a level playing field between traditional “brick-and-mortar” retailers and remote sellers with respect to the collection of state sales tax. It does this by giving states the authority to certify software which remote sellers can integrate into their online stores, which handles determining what sales tax to charge for buyers and collecting/remitting it. States required to provide this software to remote sellers at no cost. RTPA also gradually phases in which sellers must collect and remit sales taxes based on their gross annual receipts. This phase-in should help alleviate administrative confusion and give smaller sellers time to prepare for the change. H.R. 2775 was referred to the House Judiciary Committee’s Subcommittee on Regulatory Reform, Commercial and Antitrust Law on July 1.
Regulation A+ Takes Effect
Regulation A+ took effect in June 2015 and is part of the rulemaking that encompasses the Jumpstart Our Business Startups (JOBS) Act of 2012. This regulation is designed to increase capital-raising opportunities for small businesses. Regulation A + makes it easier for small businesses to raise capital by removing many of the regulatory compliance hurdles that had been in place previously. The new rules will allow to companies to raise up to $50 million under Regulation A, which is a less-complicated route in terms of compliance and administration, as the previous limit was $5 million. To read the final rule visit http://www.sec.gov/rules/final/2015/33-9741.pdf .
Department of Labor Proposes New Overtime Rules
The DOL is proposing to change rules governing required overtime payment for salaried employees. This proposal, posted to the Federal Register on July 6, would raise the income threshold for required overtime payments from the current $23,660 to $50,330 by 2016. If adopted in its proposed form, salaried workers making less than the threshold level would be required to be paid time and a half for hours beyond 40 in a week. NAR is examining the new proposed rules and evaluating the impact on state and local associations as well as real estate firms and brokerages. The deadline to provide public comment is September 4.
To view the proposed rule and provide comment, please visit http://www.regulations.gov/#!documentDetail;D=WHD-2015-0001-0001
City of Houston’s First General Plan Proposal is Released
The City of Houston released a draft version of “Plan Houston,” the city’s first general plan in June, and includes 12 public policy directives that identify the city’s priorities for achieving a community vision. The plan is based on existing visions, goals, and strategies already created by the City and organizations representing all aspects of the community, including the real estate and development community. HAR participated in a Real Estate Roundtable last month with other development community organizations to discuss priority issues which are addressed in Plan Houston and help define successful outcomes for the City and develop strategies to enhance neighborhoods and support growth and development.
For more information visit www.PlanHouston.org.