Bill Text: TX HB2567 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to the filing in county deed records of an instrument transferring a residential mortgage note; providing a civil penalty.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2013-03-20 - Referred to Investments & Financial Services [HB2567 Detail]
Download: Texas-2013-HB2567-Introduced.html
| 83R9502 NC-D | ||
| By: Carter | H.B. No. 2567 | |
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| relating to the filing in county deed records of an instrument | ||
| transferring a residential mortgage note; providing a civil | ||
| penalty. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Chapter 12, Property Code, is amended by adding | ||
| Section 12.010 to read as follows: | ||
| Sec. 12.010. RESIDENTIAL MORTGAGE NOTE TRANSFERS; CIVIL | ||
| PENALTY. (a) In this section: | ||
| (1) "Mortgagee" means: | ||
| (A) the grantee of a security interest in | ||
| residential real property under a mortgage or deed of trust; or | ||
| (B) if the residential mortgage note secured by | ||
| the mortgage or deed of trust has been transferred to another | ||
| person, the last person to whom the note has been transferred. | ||
| (2) "Residential mortgage note" means a promissory | ||
| note secured by residential real property under a mortgage or deed | ||
| of trust. | ||
| (b) If a mortgagee transfers a residential mortgage note to | ||
| another person, the transferring mortgagee shall file the | ||
| instrument that transfers the note in the deed records of each | ||
| county in which the residential property securing the note is | ||
| located not later than the 30th day after the date the note is | ||
| transferred. | ||
| (c) A mortgagee who violates Subsection (b) is liable to the | ||
| county for a civil penalty of not more than $1,000 for each | ||
| violation. Each day a violation continues is considered a separate | ||
| violation for purposes of assessing the civil penalty. A county may | ||
| bring suit in a district court to recover a civil penalty authorized | ||
| by this subsection. | ||
| SECTION 2. Section 12.010, Property Code, as added by this | ||
| Act, applies only to a transfer of a residential mortgage note on or | ||
| after the effective date of this Act. | ||
| SECTION 3. This Act takes effect September 1, 2013. | ||
