What is the GARC and how much?
January 1, 2014 - Title Agents are required to collect a Guaranty Assessment Recoupment Charge ("GARC")
fee for each owners and loan (mortgagee) policy issued and remit that quarterly to TTIGA. The amount of the fee is set
by the Texas Department of Insurance, Commissioner, and is $1.80 per policy for the entire year of 2014. The GARC
fee is only charged 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 2014 Ending
Remittance Due Dates
May 1, 2014
August 1, 2014
November 1, 2014
February 1, 2015
The GARC Remittance Form:
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 Reed know at 512-480-5120 and she will try to assist you.
GARC Remittance Form-PDF FILLABLE
Frequently Asked Questions (FAQs)--COMING SOON, but read below:
Since we haven't had many remittances, we're not sure of any particular questions, at least procedure-wise,
that are different from the Guaranty Fee FAQs.
The form is the same, the
due dates are the same, but the amount is different.
A COUPLE THINGS
DO COME TO MIND:
- The GARC checks can be cut from the same escrow account
as the GF; however, if you have any GF stragglers, you must remit the GARC with separate checks. The
GARC is deposited into a different account than the GFs were.
- This also means we will not accept
any wire transfers for either fees any longer.
This website is to provide general information only about the Texas Title Insurance Guaranty Association (“TTIGA”).
If, after you review these pages, you have any questions that are not answered, you should call, write, or
email us (refer to Contact Us page). For a definitive statement of the laws governing TTIGA, you must refer to the Texas
Title Insurance Guaranty Act (the “Act”), Chapter 2602 of the Texas Insurance Code, and the decisions interpreting
it. The information contained herein is subject to change in the event that the Texas Legislature enacts
amendments to the Act. If there is any inconsistency between this site and any applicable law, then such
law will control. We offer links to other websites but do not guaranty the accuracy or completeness of
the information on those websites.
Copyright 2008-2014 Texas Title Insurance Guaranty
P.O. Box 2212 * Austin * TX * 78768-2212