Bill Text: TX HB2224 | 2011-2012 | 82nd Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

Bill Title: Relating to the collection of certain foreclosure data by the Texas Department of Housing and Community Affairs.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2011-05-10 - Committee report sent to Calendars [HB2224 Detail]

Download: Texas-2011-HB2224-Introduced.html

---

82R4926 AJA-F
By: Davis of Dallas H.B. No. 2224

A BILL TO BE ENTITLED
AN ACT
relating to reporting of certain information regarding foreclosure
sales of residential real property.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter D, Chapter 2306, Government Code, is
amended by adding Section 2306.084 to read as follows:
Sec. 2306.084. MORTGAGE DEFAULT AND FORECLOSURE DATA
COLLECTION AND REPORT. (a) The board shall prescribe:
(1) the form and content of the form required to be
filed with the department by a foreclosing mortgage servicer under
Section 51.0023, Property Code; and
(2) procedures for a person to submit the sworn form to
the department electronically.
(b) The form must request information about the property,
the debtor, and other facts surrounding the foreclosure, including:
(1) the type of lien being foreclosed and, if
applicable, a reference to the appropriate lien authorization in
Section 50, Article XVI, Texas Constitution;
(2) the initial interest rate of the loan;
(3) the origination and maturity dates of the loan;
(4) the initial amount of the debt;
(5) whether the loan allows negative amortization or
allows the payment of interest only;
(6) whether the interest rate could change and, if so,
the minimum and maximum rates, the index used, the amount of the
margin, how often the rate could adjust, how much the rate could
adjust, and the current interest rate being charged;
(7) whether the loan allows for a scheduled payment
that is more than twice as large as the average of earlier scheduled
monthly payments;
(8) whether the loan has a prepayment penalty or a
universal default provision in which it allows for a change in the
interest rate when there is a default by the debtor on any
obligation to the lender or any other lender or there is a decrease
in the debtor's credit score;
(9) the type of default;
(10) demographics of the debtor as prescribed by the
board;
(11) whether the property was the debtor's residence;
(12) the zip code of the property subject to sale; and
(13) any other information the department finds
appropriate to request from the mortgage servicer.
(c) Not later than January 1 of each year, the department
shall submit a report to the governor, lieutenant governor, speaker
of the house of representatives, and attorney general regarding the
data collected under Section 51.0023, Property Code.
(d) The department shall make the data submitted under
Section 51.0023, Property Code, and the report required by
Subsection (c) available to the public on the department's Internet
website.
SECTION 2. Chapter 51, Property Code, is amended by adding
Section 51.0023 to read as follows:
Sec. 51.0023. DATA COLLECTION. (a) A mortgage servicer who
files a notice of sale under Section 51.002(b) regarding
residential real property must submit to the Texas Department of
Housing and Community Affairs a completed and sworn form prescribed
by the governing board of the department under Section 2306.084,
Government Code. The form must be submitted electronically in the
manner prescribed by the board.
(b) If information requested by the form is unknown by the
mortgage servicer, the mortgage servicer must provide the
information that is known and submit an affidavit to the Texas
Department of Housing and Community Affairs based on personal
knowledge that the mortgage servicer made a diligent inquiry and
has been unable to locate the information requested.
SECTION 3. (a) Not later than November 1, 2011, the
governing board of the Texas Department of Housing and Community
Affairs shall prescribe the forms and procedures required by
Section 2306.084, Government Code, as added by this Act.
(b) Except as provided by this section, Section 51.0023,
Property Code, as added by this Act, applies only to a sale of
residential real property in which notice of sale under Section
51.002, Property Code, is provided on or after December 1, 2011.
SECTION 4. This Act takes effect September 1, 2011.