By:  Bosse                                             H.B. No. 452
       73R196 LJD-D
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to the notice required for forfeiture and acceleration of
    1-3  indebtedness under an executory contract for conveyance of real
    1-4  property.
    1-5        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-6        SECTION 1.  Section 5.062, Property Code, is amended to read
    1-7  as follows:
    1-8        Sec. 5.062.  Notice.  (a)  Notice under Section 5.061 of this
    1-9  code must be in writing.  If the notice is mailed, it must be by
   1-10  registered or certified mail.  The notice must be conspicuous and
   1-11  printed in 10-point boldfaced type or uppercase typewritten
   1-12  letters, and must include the statement:
   1-13                                NOTICE
   1-14              YOU ARE LATE IN MAKING YOUR PAYMENT UNDER
   1-15              THE CONTRACT TO BUY YOUR HOME.  UNLESS YOU
   1-16              MAKE THE PAYMENT BY (date) THE SELLER HAS
   1-17              THE RIGHT TO TAKE POSSESSION OF YOUR HOME
   1-18              AND TO KEEP ALL PAYMENTS YOU HAVE MADE TO
   1-19              DATE.
   1-20        (b)  The notice must also specify:
   1-21              (1)  the delinquent amount, itemized into principal and
   1-22  interest;
   1-23              (2)  any additional charges claimed, such as late
   1-24  charges or attorney's fees; and
    2-1              (3)  the period to which the delinquency and additional
    2-2  charges relate.
    2-3        (c)  Notice by mail is given when it is mailed to the
    2-4  purchaser's residence or place of business.  Notice by other
    2-5  writing is given when it is delivered to the purchaser at the
    2-6  purchaser's residence or place of business.
    2-7        SECTION 2.  This Act takes effect September 1, 1993.
    2-8        SECTION 3.  The importance of this legislation and the
    2-9  crowded condition of the calendars in both houses create an
   2-10  emergency   and   an   imperative   public   necessity   that   the
   2-11  constitutional rule requiring bills to be read on three several
   2-12  days in each house be suspended, and this rule is hereby suspended.