Texas 2009 - 81st Regular

Texas House Bill HB2309 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	81R5933 AJA-F
2	2	By: Davis of Dallas H.B. No. 2309
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to reporting of certain information regarding foreclosure
8	8	sales of residential real property.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. Subchapter D, Chapter 2306, Government Code, is
11	11	amended by adding Section 2306.084 to read as follows:
12	12	Sec. 2306.084. MORTGAGE DEFAULT AND FORECLOSURE DATA
13	13	COLLECTION AND REPORT. (a) The board shall prescribe the form and
14	14	content of the forms to be filed with the county clerk under Section
15	15	51.0023, Property Code, and procedures for a county clerk to submit
16	16	the data collected under that section to the department.
17	17	(b) The form prescribed for submission by a mortgage
18	18	servicer under Section 51.0023(a), Property Code, must request
19	19	information about the property, the debtor, and other facts
20	20	surrounding the foreclosure, including:
21	21	(1) the type of lien being foreclosed, as listed in
22	22	Section 50, Article XVI, Texas Constitution;
23	23	(2) the initial interest rate of the loan;
24	24	(3) the origination and maturity dates of the loan;
25	25	(4) the initial amount of the debt;
26	26	(5) whether the loan allows negative amortization or
27	27	allows the payment of interest only;
28	28	(6) whether the interest rate could change and, if so,
29	29	the minimum and maximum rates, the index used, the amount of the
30	30	margin, how often the rate could adjust, how much the rate could
31	31	adjust, and the current interest rate being charged;
32	32	(7) whether the loan allows for a scheduled payment
33	33	that is more than twice as large as the average of earlier scheduled
34	34	monthly payments;
35	35	(8) whether the loan has a prepayment penalty or a
36	36	universal default provision in which it allows for a change in the
37	37	interest rate when there is a default by the debtor on any
38	38	obligation to the lender or any other lender or there is a decrease
39	39	in the debtor's credit score;
40	40	(9) the type of default;
41	41	(10) demographics of the debtor;
42	42	(11) whether the property was the debtor's residence;
43	43	(12) the zip code of the property subject to sale; and
44	44	(13) any other information the department finds
45	45	appropriate to request from the mortgage servicer.
46	46	(c) The form prescribed for submission by a purchaser of
47	47	residential real property under Section 51.0023(c), Property Code,
48	48	must request:
49	49	(1) information identifying the property purchased;
50	50	(2) the date of the foreclosure sale; and
51	51	(3) any other information the department finds
52	52	appropriate to request.
53	53	(d) The county clerk shall submit the data collected under
54	54	Section 51.0023, Property Code, to the department monthly. The
55	55	department shall make the data submitted available to the public on
56	56	the department's Internet website.
57	57	(e) Not later than January 1 of each year, the department
58	58	shall submit a report to the governor, lieutenant governor, speaker
59	59	of the house of representatives, and attorney general regarding the
60	60	data collected under this section. The department shall make the
61	61	report required under this subsection available to the public on
62	62	the department's Internet website.
63	63	SECTION 2. Chapter 51, Property Code, is amended by adding
64	64	Section 51.0023 to read as follows:
65	65	Sec. 51.0023. DATA COLLECTION. (a) A notice of sale filed
66	66	with the county clerk under Section 51.002(b) regarding residential
67	67	real property must include a completed and sworn form prescribed by
68	68	the board of the Texas Department of Housing and Community Affairs
69	69	under Section 2306.084(b), Government Code.
70	70	(b) If information requested by the form is unknown by the
71	71	mortgage servicer, the mortgage servicer must provide the
72	72	information that is known and file an affidavit with the county
73	73	clerk based on personal knowledge that the mortgage servicer made a
74	74	diligent inquiry and has been unable to locate the information
75	75	requested.
76	76	(c) A person who purchases residential real property at a
77	77	foreclosure sale must file with the county clerk of each county in
78	78	which the property is located, not later than the 10th day after the
79	79	date of the foreclosure sale:
80	80	(1) the deed to the property for recording; and
81	81	(2) a completed and sworn form prescribed by the board
82	82	of the Texas Department of Housing and Community Affairs under
83	83	Section 2306.084(c), Government Code.
84	84	(d) The county clerk may:
85	85	(1) accept data required to be submitted on a form
86	86	required to be filed under this section in an electronic form
87	87	instead of by filing if the submission is sworn and the date of
88	88	submission is recorded; or
89	89	(2) authorize the entry of data electronically in the
90	90	county clerk's offices.
91	91	SECTION 3. (a) Not later than November 1, 2009, the board
92	92	of the Texas Department of Housing and Community Affairs shall
93	93	prescribe the forms and procedures required by Section 2306.084,
94	94	Government Code, as added by this Act.
95	95	(b) Except as provided by this section, Section 51.0023,
96	96	Property Code, as added by this Act, applies only to a sale of
97	97	residential real property in which notice of sale under Section
98	98	51.002, Property Code, is provided on or after December 1, 2009. A
99	99	sale in which notice of sale is provided before December 1, 2009, is
100	100	subject to the law in effect immediately before the effective date
101	101	of this Act, and that law is continued in effect for that purpose.
102	102	SECTION 4. This Act takes effect September 1, 2009.