Texas 2015 - 84th Regular

Texas House Bill HB2067 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	By: Oliveira (Senate Sponsor - Zaffirini) H.B. No. 2067
2		-	(In the Senate - Received from the House May 13, 2015;
3		-	May 14, 2015, read first time and referred to Committee on Business
4		-	and Commerce; May 22, 2015, reported favorably by the following
5		-	vote: Yeas 7, Nays 0; May 22, 2015, sent to printer.)
6		-	Click here to see the committee vote
	1	+	H.B. No. 2067
7	2
8	3
9		-	A BILL TO BE ENTITLED
10	4		AN ACT
11	5		relating to the rescission or waiver of an acceleration of the
12	6		maturity date of certain debt secured by a lien on real property.
13	7		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
14	8		SECTION 1. Subchapter B, Chapter 16, Civil Practice and
15	9		Remedies Code, is amended by adding Section 16.038 to read as
16	10		follows:
17	11		Sec. 16.038. RESCISSION OR WAIVER OF ACCELERATED MATURITY
18	12		DATE. (a) If the maturity date of a series of notes or obligations
19	13		or a note or obligation payable in installments is accelerated, and
20	14		the accelerated maturity date is rescinded or waived in accordance
21	15		with this section before the limitations period expires, the
22	16		acceleration is deemed rescinded and waived and the note,
23	17		obligation, or series of notes or obligations shall be governed by
24	18		Section 16.035 as if no acceleration had occurred.
25	19		(b) Rescission or waiver of acceleration is effective if
26	20		made by a written notice of a rescission or waiver served as
27	21		provided in Subsection (c) by the lienholder, the servicer of the
28	22		debt, or an attorney representing the lienholder on each debtor
29	23		who, according to the records of the lienholder or the servicer of
30	24		the debt, is obligated to pay the debt.
31	25		(c) Service of a notice under Subsection (b) must be by
32	26		first class or certified mail and is complete when the notice is
33	27		deposited in the United States mail, postage prepaid and addressed
34	28		to the debtor at the debtor's last known address. The affidavit of
35	29		a person knowledgeable of the facts to the effect that service was
36	30		completed is prima facie evidence of service.
37	31		(d) A notice served under this section does not affect a
38	32		lienholder's right to accelerate the maturity date of the debt in
39	33		the future nor does it waive past defaults.
40	34		(e) This section does not create an exclusive method for
41	35		waiver and rescission of acceleration or affect the accrual of a
42	36		cause of action and the running of the related limitations period
43	37		under Section 16.035(e) on any subsequent maturity date,
44	38		accelerated or otherwise, of the note or obligation or series of
45	39		notes or obligations.
46	40		SECTION 2. The change in law made by this Act applies with
47	41		respect to a maturity date accelerated before, on, or after the
48	42		effective date of this Act and any notice of a rescission or waiver
49	43		of an accelerated maturity date served before, on, or after the
50	44		effective date of this Act.
51	45		SECTION 3. This Act takes effect immediately if it receives
52	46		a vote of two-thirds of all the members elected to each house, as
53	47		provided by Section 39, Article III, Texas Constitution. If this
54	48		Act does not receive the vote necessary for immediate effect, this
55	49		Act takes effect September 1, 2015.
56		-	* * * * *
	50	+	______________________________ ______________________________
	51	+	President of the Senate Speaker of the House
	52	+	I certify that H.B. No. 2067 was passed by the House on May
	53	+	12, 2015, by the following vote: Yeas 145, Nays 0, 2 present, not
	54	+	voting.
	55	+	______________________________
	56	+	Chief Clerk of the House
	57	+	I certify that H.B. No. 2067 was passed by the Senate on May
	58	+	26, 2015, by the following vote: Yeas 31, Nays 0.
	59	+	______________________________
	60	+	Secretary of the Senate
	61	+	APPROVED: _____________________
	62	+	Date
	63	+	_____________________
	64	+	Governor