Bill Text: TX SB1997 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to the authority of a property owner to enter into a property tax loan if the property is already subject to a lien securing such a loan.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2015-03-25 - Referred to Business & Commerce [SB1997 Detail]
Download: Texas-2015-SB1997-Introduced.html
| 84R8438 SMH-F | ||
| By: Menéndez | S.B. No. 1997 | |
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| relating to the authority of a property owner to enter into a | ||
| property tax loan if the property is already subject to a lien | ||
| securing such a loan. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 32.06(a-8), Tax Code, is amended to read | ||
| as follows: | ||
| (a-8) A tax lien may not be transferred to the person who | ||
| pays the taxes on behalf of the property owner under the | ||
| authorization described by Subsection (a-1) if the real property: | ||
| (1) has been financed, wholly or partly, with a grant | ||
| or below market rate loan provided by a governmental program or | ||
| nonprofit organization and is subject to the covenants of the grant | ||
| or loan; [ |
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| (2) is encumbered by a lien recorded under Subchapter | ||
| A, Chapter 214, Local Government Code; or | ||
| (3) is encumbered by a previously transferred tax | ||
| lien. | ||
| SECTION 2. The change in law made by this Act applies only | ||
| to an ad valorem tax lien transferred on or after the effective date | ||
| of this Act. An ad valorem tax lien transferred before the | ||
| effective date of this Act is governed by the law in effect on the | ||
| date the tax lien was transferred, and the former law is continued | ||
| in effect for that purpose. | ||
| SECTION 3. This Act takes effect September 1, 2015. | ||
