By: Oliveira (Senate Sponsor - Zaffirini) H.B. No. 2067
(In the Senate - Received from the House May 13, 2015;
May 14, 2015, read first time and referred to Committee on Business
and Commerce; May 22, 2015, reported favorably by the following
vote: Yeas 7, Nays 0; May 22, 2015, sent to printer.)
Click here to see the committee vote
A BILL TO BE ENTITLED
AN ACT
relating to the rescission or waiver of an acceleration of the
maturity date of certain debt secured by a lien on real property.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 16, Civil Practice and
Remedies Code, is amended by adding Section 16.038 to read as
follows:
Sec. 16.038. RESCISSION OR WAIVER OF ACCELERATED MATURITY
DATE. (a) If the maturity date of a series of notes or obligations
or a note or obligation payable in installments is accelerated, and
the accelerated maturity date is rescinded or waived in accordance
with this section before the limitations period expires, the
acceleration is deemed rescinded and waived and the note,
obligation, or series of notes or obligations shall be governed by
Section 16.035 as if no acceleration had occurred.
(b) Rescission or waiver of acceleration is effective if
made by a written notice of a rescission or waiver served as
provided in Subsection (c) by the lienholder, the servicer of the
debt, or an attorney representing the lienholder on each debtor
who, according to the records of the lienholder or the servicer of
the debt, is obligated to pay the debt.
(c) Service of a notice under Subsection (b) must be by
first class or certified mail and is complete when the notice is
deposited in the United States mail, postage prepaid and addressed
to the debtor at the debtor's last known address. The affidavit of
a person knowledgeable of the facts to the effect that service was
completed is prima facie evidence of service.
(d) A notice served under this section does not affect a
lienholder's right to accelerate the maturity date of the debt in
the future nor does it waive past defaults.
(e) This section does not create an exclusive method for
waiver and rescission of acceleration or affect the accrual of a
cause of action and the running of the related limitations period
under Section 16.035(e) on any subsequent maturity date,
accelerated or otherwise, of the note or obligation or series of
notes or obligations.
SECTION 2. The change in law made by this Act applies with
respect to a maturity date accelerated before, on, or after the
effective date of this Act and any notice of a rescission or waiver
of an accelerated maturity date served before, on, or after the
effective date of this Act.
SECTION 3. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2015.
* * * * *