Amend HB 2577 by adding the following appropriately numbered sections to the bill and renumbering subsequent sections of the bill appropriately: SECTION __. Subchapter A, Chapter 5, Property Code, is amended by adding Section 5.010 to read as follows: Sec. 5.010. NOTICE OF HOMESTEAD FORECLOSURE INFORMATION. (a) A seller of residential real property comprising not more than one dwelling unit located in this state shall give to the purchaser of the property before the transfer of the property a written notice as prescribed by this section. (b) The notice must be conspicuous and printed in 14-point bold-faced type and read substantially similar to the following: NOTICE OF HOMESTEAD FORECLOSURE INFORMATION CONCERNING THE PROPERTY AT (street address and city) WARNING: UNDER TEXAS LAW, YOU MAY LOSE THIS PROPERTY THROUGH FORECLOSURE, EVEN IF IT IS DESIGNATED AS HOMESTEAD PROPERTY, IF YOU FAIL TO TIMELY PAY ANY OF THE FOLLOWING OBLIGATIONS: (1) a purchase money obligation secured by a lien on this property; (2) a home improvement contract obligation secured by a lien on this property; (3) a property owners' association assessment and certain related costs secured by a lien on this property, including a lien provided for in restrictive covenants applicable to this property; (4) ad valorem property taxes assessed against this property; (5) federal income taxes owed by you; or (6) a lien on this property that preexists your purchase of this property and that was not paid at the time you purchased this property. Depending on state law or the terms of the agreement relating to the financial obligation, a financial obligation listed above may be foreclosed by judicial foreclosure, which would require the filing of a lawsuit against you, or by nonjudicial foreclosure, which would require notifying you but would not require the filing of a lawsuit against you. In certain circumstances, attorney's fees and other costs associated with the foreclosure may be added to the original obligation, which would increase the amount of the debt owed. If you cease using this home as your primary residence or otherwise lose your homestead exemption, the failure to timely pay financial obligations other than those listed above may result in the foreclosure of this property. I UNDERSTAND THAT I CAN LOSE THIS PROPERTY THROUGH FORECLOSURE FOR THE REASONS STATED ABOVE. Date:__________ ________________________________________ Signature of Purchaser Print Name:_________________________ Property Address:_____________________ (c) The seller's failure to provide the notice required by this section is a false, misleading, or deceptive act or practice within the meaning of Section 17.46, Business & Commerce Code, and is actionable in a public or private suit brought under Subchapter E, Chapter 17, Business & Commerce Code. SECTION __. The change in law made by Section 5.010, Property Code, as added by this Act, applies only to a real property transaction described by Section 5.010, Property Code, as added by this Act, in which the transfer of the property occurs on or after the effective date of this Act.