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What is the GARC and how much is it?
 
All Policies Closed from January 1, 2018 through December 31, 2018 - Title Agents are required to collect a Guaranty Assessment Recoupment Charge ("GARC") fee for each owners and loan (mortgagee) policy issued throughout all of 2018, and then remit these funds quarterly to TTIGA.  The amount of the fee is set by the Commissioner of Insurance, and is $4.50 per policy for the entire year of 2018.  The GARC fee will only be in effect for one year, and the remittance process is very similar to the Guaranty Fee remittance.

The fees are due on the first day of the month following each calendar quarter.  Per the Title Manual rules, the remittance must be postmarked ON OR BEFORE the Due Date.  If the Due Date falls on a weekend or Holiday, the fees must still be postmarked BEFORE the Due Date.  The Due Dates are:
 


Calendar Quarter 2018 Ending                              Remittance Due Dates

           March 31                                                                  May 1, 2018

            June 30                                                                 August 1, 2018

        September 30                                                         November 1, 2018

        December 31                                                          February 1, 2019

 

The GARC Remittance Form:
 
The remittance form is designed by the Title Division of Texas Department of Insurance and promulgated by the Commissioner of Insurance.  Modification or copying of the form is not allowed.  If you have any problems with the form on this page, please let Velia Sanchez know at 512-480-5100 and she will try to assist you.

GARC Remittance Supplemental Form-PDF BLANK 

GARC Remittance Supplemental Form-PDF WITH QUARTER DATES

The GARC Form is just above this text line. 

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Frequently Asked Questions (FAQs): 
  1. Number One Most Frequently Asked Question:  Do we have to remit the fees collected for a transaction that closed on December 31, 2018 but for which we didn't receive the money until January 2019 or later?   

    Answer:  Yes the operative date is the date of closing - for our purposes, the date on which the transaction documents are signed rather than the date of funding.

  2. The GARC checks can be cut from the same escrow account as the guaranty fee; however, if you have any guaranty fee stragglers, you must remit the GARC with separate checks.  The GARC is deposited into a different account than the guaranty fees were.
  3. This also means we will not accept any wire transfers for either fees any longer.
  4. Procedure-wise, remittance to TTIGA is not much different from the Guaranty Fee remittances. The form is the same, the due dates are the same, but the amount is different.  Read the GF FAQs to give you an idea. 
  5. What is our Firm ID Number?  At the end of 2013, the Texas Department of Insurance switched from the "Agency ID" to using the number associated with Sircon, Sircon is the licensing service provider for Texas (See this announcement from TDI in 2009).  The Firm ID is a 5-digit number (soon to be 6 digits).  If you don't know what your Firm ID No. is, you can download the entire list from TDI's website https://apps.tdi.state.tx.us/sfsdatalookup/StartAction.do or lookup your account with Sircon.

IF YOU HAVE 2014 GARC MONEY TO SEND, PLEASE CALL US FOR ASSISTANCE. WE WILL PROVIDE YOU WITH THE PROPER FORM AND APPLICABLE INSTRUCTIONS. THANK YOU.