Bill Text: TX SB525 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to ad valorem tax lien transfers.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2015-04-14 - Left pending in committee [SB525 Detail]
Download: Texas-2015-SB525-Introduced.html
84R6031 SMH-F | ||
By: Birdwell | S.B. No. 525 |
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relating to ad valorem tax lien transfers. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Sections 32.06(a-1), (a-4), (b-1), and (f-1), | ||
Tax Code, are amended to read as follows: | ||
(a-1) A property owner may authorize another person to pay | ||
the taxes imposed by a taxing unit on the owner's real property by | ||
executing and filing with the collector for the taxing unit: | ||
(1) a sworn document stating: | ||
(A) the authorization for payment of the taxes; | ||
(B) the name and street address of the transferee | ||
authorized to pay the taxes of the property owner; | ||
(C) a description of the property by street | ||
address, if applicable, and legal description; [ |
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(D) that notice has been given to the property | ||
owner that if the property owner is disabled, the property owner may | ||
be eligible for a tax deferral under Section 33.06; | ||
(E) that the disclosure statement required by | ||
Subsection (a-4)(1) has been provided to the property owner; and | ||
(F) that the notice required by Subsection (b-1) | ||
has been mailed by certified mail to any mortgage servicer and to | ||
each holder of a recorded preexisting lien encumbering the | ||
property; and | ||
(2) the information required by Section 351.054, | ||
Finance Code. | ||
(a-4) The Finance Commission of Texas shall: | ||
(1) prescribe the form and content of an appropriate | ||
disclosure statement to be provided to a property owner not later | ||
than the 12th day before the execution of a tax lien transfer; | ||
(2) adopt rules relating to the reasonableness of | ||
closing costs, fees, and other charges permitted under this | ||
section; | ||
(3) by rule prescribe the form and content of the sworn | ||
document under Subsection (a-1) and the certified statement under | ||
Subsection (b); and | ||
(4) by rule prescribe the form and content of a request | ||
a lender with an existing recorded lien on the property must use to | ||
request a payoff statement and the transferee's response to the | ||
request, including the period within which the transferee must | ||
respond. | ||
(b-1) Not later than the 12th day before the date the | ||
property owner files the sworn document required by Subsection | ||
(a-1) with the collector for the taxing unit [ |
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servicer and to each holder of a recorded preexisting [ |
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encumbering the property a notice that the property owner has | ||
requested that the transferee pay the taxes on the property, that | ||
the tax lien will be transferred to the transferee, and that the | ||
transferred tax lien will be superior to the mortgage. The notice | ||
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recent payment invoice, statement, or payment coupon provided by | ||
the mortgage servicer to the property owner, or the address of the | ||
holder of a recorded preexisting [ |
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property records. | ||
(f-1) If an obligation secured by a preexisting first lien | ||
on the property is delinquent [ |
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the obligation has been referred to a collection specialist, the | ||
mortgage servicer or the holder of the first lien may send a notice | ||
of the delinquency to the transferee of a tax lien. The mortgage | ||
servicer or the first lienholder is entitled, within six months | ||
after the date on which that notice is sent, to obtain a release of | ||
the transferred tax lien by paying the transferee of the tax lien | ||
the amount owed under the contract between the property owner and | ||
the transferee. The Finance Commission of Texas by rule shall | ||
prescribe the form and content of the notice under this subsection. | ||
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. |