Bill Text: TX SB613 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Relating to certain sales or purported sales of homestead property that are classified as loans.
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2023-04-04 - Left pending in committee [SB613 Detail]
Download: Texas-2023-SB613-Introduced.html
| 88R6514 SHH-F | ||
| By: Springer | S.B. No. 613 | |
|
|
||
|
|
||
| relating to certain sales or purported sales of homestead property | ||
| that are classified as loans. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Sections 41.006(a) and (c), Property Code, are | ||
| amended to read as follows: | ||
| (a) Except as provided by Subsection (c), any sale or | ||
| purported sale in whole or in part of a homestead at a fixed | ||
| purchase price, inclusive of any noncash consideration or other | ||
| things of value, that is less than the appraised fair market value | ||
| of the property at the time of the sale or purported sale, and in | ||
| connection with which the buyer of the property executes a lease of | ||
| the property to the seller at lease payments that exceed the fair | ||
| rental value of the property, is considered to be a loan with all | ||
| payments made from the seller to the buyer in excess of the sales | ||
| price considered to be interest subject to Title 4, Finance Code. | ||
| (c) This section does not apply to: | ||
| (1) the sale of a family homestead to a parent, | ||
| stepparent, grandparent, child, stepchild, brother, half brother, | ||
| sister, half sister, or grandchild of an adult member of the family; | ||
| or | ||
| (2) a transaction described by Subsection (a) that | ||
| includes an option agreement. | ||
| SECTION 2. This Act takes effect September 1, 2023. | ||
