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Senate Bill 2212 |
Senate Author: Hancock |
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Effective: 9-1-17 |
House Sponsor: Kuempel |
Senate Bill 2212 amends the Real Estate License Act, Occupations Code, to provide for the acquisition and sale of an equitable interest in real property by a person who does not hold a license under the act; to place certain restrictions on the authority of the Texas Real Estate Commission to adopt rules to prohibit false, misleading, or deceptive practices; and to revise the grounds for suspension or revocation of a license issued under the act.
Senate Bill 2212 amends the Property Code to require a person selling an option or assigning an interest in a contract to purchase real property to disclose to any potential buyer that the person is selling only an option or assigning an interest in a contract and that the person does not have legal title to the real property.