88R6514 SHH-F
By: Springer S.B. No. 613
A BILL TO BE ENTITLED
AN ACT
relating to certain sales or purported sales of homestead property
that are classified as loans.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Sections 41.006(a) and (c), Property Code, are
amended to read as follows:
(a) Except as provided by Subsection (c), any sale or
purported sale in whole or in part of a homestead at a fixed
purchase price, inclusive of any noncash consideration or other
things of value, that is less than the appraised fair market value
of the property at the time of the sale or purported sale, and in
connection with which the buyer of the property executes a lease of
the property to the seller at lease payments that exceed the fair
rental value of the property, is considered to be a loan with all
payments made from the seller to the buyer in excess of the sales
price considered to be interest subject to Title 4, Finance Code.
(c) This section does not apply to:
(1) the sale of a family homestead to a parent,
stepparent, grandparent, child, stepchild, brother, half brother,
sister, half sister, or grandchild of an adult member of the family;
or
(2) a transaction described by Subsection (a) that
includes an option agreement.
SECTION 2. This Act takes effect September 1, 2023.