| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 84R8438 SMH-F | |
| 2 | 2 | By: Menéndez S.B. No. 1997 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the authority of a property owner to enter into a | |
| 8 | 8 | property tax loan if the property is already subject to a lien | |
| 9 | 9 | securing such a loan. | |
| 10 | 10 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 11 | 11 | SECTION 1. Section 32.06(a-8), Tax Code, is amended to read | |
| 12 | 12 | as follows: | |
| 13 | 13 | (a-8) A tax lien may not be transferred to the person who | |
| 14 | 14 | pays the taxes on behalf of the property owner under the | |
| 15 | 15 | authorization described by Subsection (a-1) if the real property: | |
| 16 | 16 | (1) has been financed, wholly or partly, with a grant | |
| 17 | 17 | or below market rate loan provided by a governmental program or | |
| 18 | 18 | nonprofit organization and is subject to the covenants of the grant | |
| 19 | 19 | or loan; [or] | |
| 20 | 20 | (2) is encumbered by a lien recorded under Subchapter | |
| 21 | 21 | A, Chapter 214, Local Government Code; or | |
| 22 | 22 | (3) is encumbered by a previously transferred tax | |
| 23 | 23 | lien. | |
| 24 | 24 | SECTION 2. The change in law made by this Act applies only | |
| 25 | 25 | to an ad valorem tax lien transferred on or after the effective date | |
| 26 | 26 | of this Act. An ad valorem tax lien transferred before the | |
| 27 | 27 | effective date of this Act is governed by the law in effect on the | |
| 28 | 28 | date the tax lien was transferred, and the former law is continued | |
| 29 | 29 | in effect for that purpose. | |
| 30 | 30 | SECTION 3. This Act takes effect September 1, 2015. |