Relating to the transfer of an ad valorem tax lien; providing an administrative penalty.
Impact
The implementation of SB247 will have a substantial impact on the management of tax liens and property tax loans in Texas. By defining the relationship between property tax lenders and owners more clearly, the bill seeks to mitigate potential abuses in the foreclosure process and enhance transparency. It specifically prohibits lenders from charging unauthorized fees after the closing of loan transactions, and requires them to provide a notice about potentially cheaper alternatives offered by tax offices. The provisions intended to protect vulnerable populations, such as the elderly who may face challenges in understanding the loan process, also add to the bill's broader socio-economic implications.
Summary
SB247 focuses on the regulations regarding the transfer of ad valorem tax liens, which is crucial for property tax lenders and homeowners alike. The bill proposes amendments to the Texas Finance Code and Tax Code, aiming to clarify the processes associated with tax lien transfers and the roles of various stakeholders, including transferees. A significant aspect of the bill is the provision that allows property owners to authorize another individual to pay their property taxes, thereby facilitating the transfer of tax liens under certain conditions. This change is designed to streamline procedures and enhance participation in tax lien transactions for both lenders and property owners.
Contention
Notably, some points of contention have emerged regarding how SB247 balances the interests of tax lenders with the rights of property owners. Critics argue that while the bill aims to regulate the industry better, it may inadvertently limit options for homeowners, particularly in high-pressure situations where tax payments are overdue. Additionally, the bill is scrutinized for potential loopholes that might allow predatory lending practices to persist under new frameworks. Stakeholders, particularly consumer advocacy groups, are urging for provisions that would further safeguard ownership rights and ensure fair lending practices across the board.
Relating to the prohibition of certain discrimination based on sexual orientation or gender identity or expression; providing an administrative penalty.
Relating to the regulation and voluntary licensing of reroofing contractors by the Texas Department of Licensing and Regulation; providing administrative and civil penalties; authorizing fees.