Bill Text: TX HB993 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to the provision of accounting statements by mortgage servicers for certain loans secured by a lien on residential real property.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2017-03-21 - Left pending in committee [HB993 Detail]
Download: Texas-2017-HB993-Introduced.html
| 85R4161 GRM-F | ||
| By: Walle | H.B. No. 993 | |
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| relating to the provision of accounting statements by mortgage | ||
| servicers for certain loans secured by a lien on residential real | ||
| property. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Title 5, Finance Code, is amended by adding | ||
| Chapter 397 to read as follows: | ||
| CHAPTER 397. ACCOUNTING STATEMENTS FOR CERTAIN HOME LOANS REQUIRED | ||
| Sec. 397.001. DEFINITION. In this chapter, "mortgage | ||
| servicer" has the meaning assigned by Section 51.0001, Property | ||
| Code. | ||
| Sec. 397.002. APPLICABILITY OF CHAPTER. This chapter | ||
| applies only to a loan secured by a first or subordinate lien on | ||
| residential real property that is not: | ||
| (1) a federally related mortgage loan, as defined by | ||
| 12 U.S.C. Section 2602; | ||
| (2) a loan that is made by a credit union regulated by | ||
| the Credit Union Department; or | ||
| (3) a loan that is primarily for business, commercial, | ||
| or agricultural purposes, or for temporary financing, such as a | ||
| construction loan, as referred to under 12 U.S.C. Section 2602. | ||
| Sec. 397.003. ANNUAL ACCOUNTING STATEMENT. A mortgage | ||
| servicer shall provide to the borrower an annual statement in | ||
| January of each year for the term of the loan. The statement must | ||
| clearly and conspicuously state the following information: | ||
| (1) the amount of each payment that was received by the | ||
| mortgage servicer as payment toward the loan during the preceding | ||
| calendar year; | ||
| (2) how each payment described by Subdivision (1) was | ||
| applied to the borrower's account, including information showing | ||
| the amount of each payment that was applied to: | ||
| (A) the borrower's principal obligation under | ||
| the loan; | ||
| (B) the interest charged on the loan; | ||
| (C) any escrow account associated with the loan; | ||
| and | ||
| (D) any fee or other charge assessed against the | ||
| borrower during the preceding calendar year; and | ||
| (3) the outstanding balance of the borrower's | ||
| principal obligation under the loan. | ||
| Sec. 397.004. ACTION BY BORROWER. In addition to any other | ||
| legal and equitable remedy available, a borrower injured by a | ||
| violation of this chapter may bring an action: | ||
| (1) to obtain an order requiring compliance with this | ||
| chapter; and | ||
| (2) to recover: | ||
| (A) actual damages, including reasonable | ||
| attorney's fees; and | ||
| (B) $100 for each violation of this chapter. | ||
| SECTION 2. This Act takes effect September 1, 2017. | ||
