HBA- ATS S.B. 545 76(R) BILL ANALYSIS Office of House Bill AnalysisS.B. 545 By: Nixon Business & Industry 5/19/1999 Engrossed BACKGROUND AND PURPOSE In rural areas, details of real estate transactions are often known only by the loan provider, the title company, or the attorney involved in the transaction. These parties are hesitant to release such information because of their obligations for confidentiality. Yet, similar real estate data is commonly provided in large metropolitan areas through multiple listing services. This information is useful to a real estate appraiser when appraising a property's fair market value. S.B. 545 authorizes a person to release information about the sale of real property, located in a municipality consisting of less than 20,000 people or in the unincorporated area of a county consisting of less than 100,000 people, to a licensed or certified real estate appraiser without violating any ethics rules imposed upon the person because of the person's profession. However, this bill does not authorize the release of such information to the general public RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this bill does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. SECTION BY SECTION ANALYSIS SECTION 1. Amends Subchapter A, Chapter 5, Property Code, by adding Section 5.012, as follows: Sec. 5.012. DISCLOSURE OF TERMS OF CERTAIN REAL PROPERTY SALES. Provides that this section applies only to real property (property) located in a municipality with a population of less than 20,000 people or the unincorporated area of a county if that area has a population of less than 100,000 people. Authorizes a person to release information about the sale of property to a licensed or certified real estate appraiser without violating any ethics rules imposed upon the person because of the person's profession. Provides that this section does not authorize the release of the sales information to the general public. SECTION 2. Effective date: September 1, 1999. SECTION 3. Emergency clause.