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.