84R18287 GRM-D
By: Johnson H.B. No. 2590
Substitute the following for H.B. No. 2590:
By: Rinaldi C.S.H.B. No. 2590
A BILL TO BE ENTITLED
AN ACT
relating to providing a remedy for fraud committed in certain real
estate and stock transactions.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Chapter 27, Business & Commerce Code, is amended
by adding Section 27.015 to read as follows:
Sec. 27.015. DECEPTIVE TRADE PRACTICE; PUBLIC REMEDY. (a)
In this section, "consumer protection division" has the meaning
assigned by Section 17.45.
(b) A violation of Section 27.01 is a false, misleading, or
deceptive act or practice as defined by Section 17.46(b), and any
public remedy under Subchapter E, Chapter 17, is available for a
violation of that section.
(c) It is the duty of city attorneys to lend the consumer
protection division any reasonable assistance requested in the
commencement and prosecution of actions under this section.
(d) To the same extent and in the same manner a district or
county attorney may institute or prosecute an action under this
section, a city attorney may institute or prosecute an action under
this section.
(e) If a district, county, or city attorney brings an action
under this section, 75 percent of any penalty recovered shall be
deposited in the general fund of the county or municipality in which
the violation occurred.
SECTION 2. The changes in law made by this Act apply only to
a violation of Section 27.01, Business & Commerce Code, that occurs
on or after the effective date of this Act. A violation of Section
27.01, Business & Commerce Code, that occurs before the effective
date of this Act is governed by the law in effect on the date the
violation occurred, and the former law is continued in effect for
that purpose. For purposes of this section, a violation occurs
before the effective date of this Act if any element of the
violation occurs before that date.
SECTION 3. This Act takes effect September 1, 2015.