By:  Haggerty                                         H.B. No. 1955
       73R5640 CAE-D
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to settlement of a note purchased from a federal agency.
    1-3        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-4        SECTION 1.  Title 16, Revised Statutes, is amended by adding
    1-5  Article 351 to read as follows:
    1-6        Art. 351.  PURCHASE OF CERTAIN NOTES FROM FEDERAL AGENCY
    1-7        Sec. 1.  DEFINITION.  In this article, "financial
    1-8  institution" means a state or national bank, state or federal
    1-9  savings and loan association, or state or federal credit union in
   1-10  this state.
   1-11        Sec. 2.  (a)  A purchaser of a note from a federal agency
   1-12  that has acquired the note with the assets of a failed financial
   1-13  institution shall offer to settle the indebtedness with the maker
   1-14  of the note for the same amount that the purchaser paid the federal
   1-15  agency for the note.
   1-16        (b)  An offer under Subsection (a) of this section must be
   1-17  made to the maker of the note not later than the 30th day after the
   1-18  date on which the person purchased the note from the federal
   1-19  agency.
   1-20        (c)  If the maker of the note has not accepted the offer
   1-21  under Subsection (a) of this section before the 61st day after the
   1-22  date the offer was made to the maker of the note, the purchaser in
   1-23  a lawful manner may collect any amount on the note up to the entire
   1-24  amount of the note.
    2-1        SECTION 2.  (a)  This Act applies to a note purchased from a
    2-2  federal agency before, on, or after the effective date of this Act,
    2-3  if the purchaser has not entered an agreement on settling the note
    2-4  with the maker of the note before the effective date of this Act.
    2-5        (b)  The purchaser of a note purchased before the effective
    2-6  date of this Act that has not entered an agreement on settling the
    2-7  note with the maker of the note before the effective date of this
    2-8  Act shall offer to settle the note with the maker as required by
    2-9  Section 2(a), Article 351, Revised Statutes, as added by this Act,
   2-10  not later than the 30th day after the effective date of this Act.
   2-11        SECTION 3.  The importance of this legislation and the
   2-12  crowded condition of the calendars in both houses create an
   2-13  emergency and an imperative public necessity that the
   2-14  constitutional rule requiring bills to be read on three several
   2-15  days in each house be suspended, and this rule is hereby suspended,
   2-16  and that this Act take effect and be in force from and after its
   2-17  passage, and it is so enacted.