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A BILL TO BE ENTITLED
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AN ACT
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relating to certain sales or purported sales of homestead property |
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that are classified as loans. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 41.006(a) and (c), Property Code, are |
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amended to read as follows: |
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(a) Except as provided by Subsection (c), any sale or |
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purported sale in whole or in part of a homestead at a fixed |
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purchase price, inclusive of any noncash consideration or other |
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things of value, that is less than the appraised fair market value |
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of the property at the time of the sale or purported sale, and in |
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connection with which the buyer of the property executes a lease of |
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the property to the seller at lease payments that exceed the fair |
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rental value of the property, is considered to be a loan with all |
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payments made from the seller to the buyer in excess of the sales |
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price considered to be interest subject to Title 4, Finance Code. |
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(c) This section does not apply to: |
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(1) the sale of a family homestead to a parent, |
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stepparent, grandparent, child, stepchild, brother, half brother, |
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sister, half sister, or grandchild of an adult member of the family; |
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or |
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(2) a transaction described by Subsection (a) that |
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includes an option agreement. |
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SECTION 2. This Act takes effect September 1, 2023. |