By: Menéndez S.B. No. 3019
A BILL TO BE ENTITLED
AN ACT
relating to authority process of a recorded lien.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 32.06, Tax Code, is amended as follows:
(a-4) The Finance Commission of Texas shall:
(1) prescribe the form and content of an appropriate
disclosure statement to be provided to a property owner before the
execution of a tax lien transfer;
(2) adopt rules relating to the reasonableness of
closing costs, fees, and other charges permitted under this
section;
(3) by rule prescribe the form and content of the sworn
document under Subsection (a-1) and the certified statement under
Subsection (b); and
(4) by rule prescribe the form and content of a request
a lender with an existing recorded lien on the property, consumer,
or third party authorized by the consumer must use to request a
payoff statement and the transferee's response to the request,
including the period within which the transferee must respond.
(a-5) At the time the transferee provides the disclosure
statement required by Subsection (a-4)(1), the transferee must also
describe the type and approximate cost range of each additional
charge or fee that the property owner may incur in connection with
the transfer.
(a-6) Notwithstanding Subsection (f-3), a lenderparty
described by Subsection (a-4)(4) may request a payoff statement
before the tax loan becomes delinquent. The Finance Commission of
Texas by rule shall require a transferee who receives a request for
a payoff statement to deliver the requested payoff statement on the
prescribed form within a period prescribed by finance commission
rule. The prescribed period must allow the transferee at least
seven business days after the date the request is received to
deliver the payoff statement. The consumer credit commissioner may
assess an administrative penalty under Subchapter F, Chapter 14,
Finance Code, against a transferee who wilfully fails to provide
the payoff statement as prescribed by finance commission rule.
SECTION 2. This Act takes effect January 1, 2025.