IN HB1495 | 2019 | Regular Session
Status
Spectrum: Bipartisan Bill
Status: Enrolled on April 17 2019 - 75% progression, died in chamber
Action: 2019-04-24 - Rules Suspended. Conference Committee Report 1: rejected by the Senate; Roll Call 624: yeas 19, nays 30
Text: Latest bill text (Amended) [PDF]
Status: Enrolled on April 17 2019 - 75% progression, died in chamber
Action: 2019-04-24 - Rules Suspended. Conference Committee Report 1: rejected by the Senate; Roll Call 624: yeas 19, nays 30
Text: Latest bill text (Amended) [PDF]
Summary
Principal dwelling land contracts. Defines "principal dwelling land contract" (contract) as a land contract for the sale of real property: (1) designed for the occupancy of one to two families; and (2) that is or will be occupied by the buyer as the buyer's principal dwelling. Provides that the seller under a contract must provide the buyer with certain disclosures at least 10 days before the contract is executed. Sets forth disclosures that must be included in a contract. Requires all preexisting liens on the property to be satisfied by the seller by the end of the contract term. Provides that a contract must permit a buyer to pay the balance owed and receive the deed at any time. Prohibits prepayment penalties or additional charges for an early payoff. Provides a three-day cancellation period for both the buyer and seller. Allows the seller and the buyer to transfer their respective interests in the contract to other parties, subject to certain conditions. Requires the seller to provide the buyer with an annual statement of account. Sets forth certain rights and responsibilities of the parties upon default by either the buyer or the seller. Sets forth acts and omissions constituting violations and establishes remedies for these violations. Provides that a violation of these provisions constitutes an incurable deceptive act that is actionable by the attorney general under the deceptive consumer sales act. Authorizes the attorney general, in consultation with the department of financial institutions, to adopt rules to implement these provisions. Provides that a buyer who has completed the buyer's obligations under the contract is entitled to the homestead deduction regardless of whether the seller has conveyed title. Requires that a title search be conducted, and that a statement regarding title insurance be provided by the seller to the buyer. Requires that the executed principal dwelling land contract or a memorandum of land contract be notarized. Provides that, if the buyer defaults, then the seller and buyer may execute a notarized release of land contract quitclaim deed, and both shall be recorded by the seller within 30 days of execution.
Title
Principal dwelling land contracts. Defines "principal dwelling land contract" (contract) as a land contract for the sale of real property: (1) designed for the occupancy of one to two families; and (2) that is or will be occupied by the buyer as the buyer's principal dwelling. Provides that the seller under a contract must provide the buyer with certain disclosures at least 10 days before the contract is executed. Sets forth disclosures that must be included in a contract. Requires all preexisting liens on the property to be satisfied by the seller by the end of the contract term. Provides that a contract must permit a buyer to pay the balance owed and receive the deed at any time. Prohibits prepayment penalties or additional charges for an early payoff. Provides a three-day cancellation period for both the buyer and seller. Allows the seller and the buyer to transfer their respective interests in the contract to other parties, subject to certain conditions. Requires the seller to provide the buyer with an annual statement of account. Sets forth certain rights and responsibilities of the parties upon default by either the buyer or the seller. Sets forth acts and omissions constituting violations and establishes remedies for these violations. Provides that a violation of these provisions constitutes an incurable deceptive act that is actionable by the attorney general under the deceptive consumer sales act. Authorizes the attorney general, in consultation with the department of financial institutions, to adopt rules to implement these provisions. Provides that a buyer who has completed the buyer's obligations under the contract is entitled to the homestead deduction regardless of whether the seller has conveyed title. Requires that a title search be conducted, and that a statement regarding title insurance be provided by the seller to the buyer. Requires that the executed principal dwelling land contract or a memorandum of land contract be notarized. Provides that, if the buyer defaults, then the seller and buyer may execute a notarized release of land contract quitclaim deed, and both shall be recorded by the seller within 30 days of execution.
Sponsors
Rep. Vanessa Summers [D] | Rep. Edward Clere [R] | Rep. Rita Fleming [D] | Rep. Charles Burton [R] |
Sen. Mike Bohacek [R] | Sen. J.D. Ford [D] | Sen. Jean Breaux [D] |
Roll Calls
2019-04-24 - Senate - Senate - Rules Suspended. Conference Committee Report 1 (Y: 19 N: 30 NV: 0 Abs: 1) [FAIL]
2019-04-24 - House - House - Rules Suspended. Conference Committee Report 1 (Y: 60 N: 30 NV: 1 Abs: 9) [PASS]
2019-04-16 - Senate - Senate - Third reading (Y: 26 N: 22 NV: 1 Abs: 1) [PASS]
2019-04-03 - Senate - Senate - Committee Vote (Y: 6 N: 4 NV: 0 Abs: 0) [PASS]
2019-02-25 - House - Third reading (Y: 82 N: 14 NV: 1 Abs: 3) [PASS]
2019-02-19 - House - House - Committee Vote (Y: 8 N: 0 NV: 0 Abs: 5) [PASS]
2019-04-24 - House - House - Rules Suspended. Conference Committee Report 1 (Y: 60 N: 30 NV: 1 Abs: 9) [PASS]
2019-04-16 - Senate - Senate - Third reading (Y: 26 N: 22 NV: 1 Abs: 1) [PASS]
2019-04-03 - Senate - Senate - Committee Vote (Y: 6 N: 4 NV: 0 Abs: 0) [PASS]
2019-02-25 - House - Third reading (Y: 82 N: 14 NV: 1 Abs: 3) [PASS]
2019-02-19 - House - House - Committee Vote (Y: 8 N: 0 NV: 0 Abs: 5) [PASS]
History
Date | Chamber | Action |
---|---|---|
2019-04-24 | Senate | Rules Suspended. Conference Committee Report 1: rejected by the Senate; Roll Call 624: yeas 19, nays 30 |
2019-04-24 | House | Rules Suspended. Conference Committee Report 1: adopted by the House; Roll Call 621: yeas 60, nays 30 |
2019-04-24 | Senate | CCR # 1 filed in the Senate |
2019-04-24 | House | CCR # 1 filed in the House |
2019-04-22 | Senate | Senate advisors appointed: Rogers and Breaux |
2019-04-22 | Senate | Senate conferees appointed: Bohacek and Lanane |
2019-04-18 | House | House advisors appointed: Burton, Stutzman, Fleming and Hamilton |
2019-04-18 | House | House conferees appointed: Clere and Summers |
2019-04-17 | House | House dissented from Senate amendments |
2019-04-17 | House | Motion to dissent filed |
2019-04-17 | Senate | Returned to the House with amendments |
2019-04-16 | Senate | Third reading: passed; Roll Call 494: yeas 26, nays 22 |
2019-04-09 | Senate | Second reading: ordered engrossed |
2019-04-04 | Senate | Committee report: amend do pass, adopted |
2019-03-07 | Senate | First reading: referred to Committee on Judiciary |
2019-02-26 | House | Referred to the Senate |
2019-02-25 | House | Representative Burton added as coauthor |
2019-02-25 | House | Senate sponsors: Senators Bohacek, Ford J.D. and Breaux |
2019-02-25 | House | Third reading: passed; Roll Call 291: yeas 82, nays 14 |
2019-02-21 | House | Second reading: ordered engrossed |
2019-02-19 | House | Committee report: amend do pass, adopted |
2019-01-24 | House | First reading: referred to Committee on Financial Institutions |
2019-01-24 | House | Coauthored by Representatives Clere and Fleming |
2019-01-24 | House | Authored by Representative Summers |