Texas 2009 - 81st Regular

Texas House Bill HB2694 Compare Versions

The same version is selected twice. Please select two different versions to compare.

Version 1 (Old)

Version 2 (New)

Old	New	Differences
1	1	81R27700 ATP-F
2	2	By: Rodriguez, Keffer H.B. No. 2694
3	3	Substitute the following for H.B. No. 2694:
4	4	By: Hernandez C.S.H.B. No. 2694
5	5
6	6
7	7	A BILL TO BE ENTITLED
8	8	AN ACT
9	9	relating to the duties of a residential mortgage servicer to a
10	10	borrower.
11	11	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
12	12	SECTION 1. Title 5, Finance Code, is amended by adding
13	13	Chapter 397 to read as follows:
14	14	CHAPTER 397. RESIDENTIAL MORTGAGE SERVICERS
15	15	SUBCHAPTER A. GENERAL PROVISIONS
16	16	Sec. 397.001. DEFINITION. In this chapter, "mortgage
17	17	servicer" has the meaning assigned by Section 51.0001, Property
18	18	Code.
19	19	Sec. 397.002. APPLICABILITY. This chapter applies only to
20	20	a loan secured by a first lien on residential real property that is
21	21	not a federally related mortgage loan, as defined by 12 U.S.C.
22	22	Section 2602.
23	23	[Sections 397.003-397.050 reserved for expansion]
24	24	SUBCHAPTER B. DEBTOR REQUESTS FOR INFORMATION
25	25	Sec. 397.051. RECORDKEEPING. A mortgage servicer shall
26	26	maintain written or electronic records of each written request for
27	27	information regarding a dispute or error involving the debtor's
28	28	account until the loan is paid in full, otherwise satisfied, or
29	29	sold.
30	30	Sec. 397.052. PROVISION OF GENERAL INFORMATION ON REQUEST.
31	31	(a) A mortgage servicer shall provide the following to a debtor in
32	32	response to a debtor's written request:
33	33	(1) a copy of the original note or, if the original
34	34	note is unavailable, an affidavit of lost note; and
35	35	(2) a statement that:
36	36	(A) identifies and itemizes all fees and charges
37	37	assessed under the loan transaction and provides a full payment
38	38	history identifying in a clear and conspicuous manner all of the
39	39	debits, credits, application of and disbursement of all payments
40	40	received from or for the benefit of the debtor, and other activity
41	41	on the loan, including any escrow or suspense account activity; and
42	42	(B) covers the two years preceding the receipt of
43	43	the request or the period for which the servicer has serviced the
44	44	loan, whichever is shorter.
45	45	(b) If the mortgage servicer claims that delinquent or
46	46	outstanding sums were owed on the loan before the two-year period
47	47	preceding the receipt of the request under Subsection (a) or before
48	48	the servicer began servicing the loan, whichever is shorter, the
49	49	servicer shall provide an account history beginning with the
50	50	earliest month for which the servicer claims outstanding sums were
51	51	owed on the loan and ending on the date of the request for
52	52	information. For purposes of this subsection, the date of the
53	53	request for information is presumed to be not later than the 30th
54	54	day before the date the servicer receives the request.
55	55	(c) A mortgage servicer must provide a statement under
56	56	Subsection (a) on or before the 25th business day after the date the
57	57	servicer receives a written request from the debtor that:
58	58	(1) includes or otherwise enables the servicer to
59	59	identify the name and account of the debtor; and
60	60	(2) includes a statement that the account is or may be
61	61	in error or otherwise provides sufficient detail to the servicer
62	62	regarding information sought by the debtor.
63	63	Sec. 397.053. PROVISION OF INFORMATION REGARDING DISPUTE OR
64	64	ERROR. (a) A mortgage servicer shall provide a written statement
65	65	to a debtor in response to a debtor's written request for
66	66	information regarding a dispute or error involving the debtor's
67	67	account that includes the following information, if requested:
68	68	(1) whether the account is current and an explanation
69	69	of any default and the date the account went into default;
70	70	(2) the current balance due on the loan, including the
71	71	principal due, the amount of any funds held in a suspense account,
72	72	the amount of any escrow balance known to the servicer, and whether
73	73	there are any escrow deficiencies or shortages known to the
74	74	servicer;
75	75	(3) the identity, address, and other relevant
76	76	information about the current holder, owner, or assignee of the
77	77	loan; and
78	78	(4) the telephone number and mailing address of a
79	79	servicer representative with the information and authority to
80	80	answer questions and resolve disputes.
81	81	(b) A mortgage servicer must provide a statement under
82	82	Subsection (a) on or before the 10th day after the date the servicer
83	83	receives a written request from the debtor that:
84	84	(1) includes or otherwise enables the servicer to
85	85	identify the name and account of the debtor; and
86	86	(2) includes a statement that the account is or may be
87	87	in error or otherwise provides sufficient detail to the servicer
88	88	regarding information sought by the debtor.
89	89	[Sections 397.054-397.100 reserved for expansion]
90	90	SUBCHAPTER C. REMEDIES
91	91	Sec. 397.101. ENFORCEMENT GENERALLY. The Department of
92	92	Savings and Mortgage Lending, the attorney general, or any party to
93	93	a loan to which this chapter applies may enforce this chapter.
94	94	Sec. 397.102. ACTION BY DEBTOR. In addition to any other
95	95	legal and equitable remedy available, a debtor injured by a
96	96	violation of this chapter may bring an action for recovery of actual
97	97	damages, including reasonable attorney's fees.
98	98	SECTION 2. This Act takes effect September 1, 2009.