SRC-AXB S.B. 545 76(R) BILL ANALYSIS Senate Research Center S.B. 545 76R5117 PAM-DBy: Nixon State Affairs 3/25/1999 As Filed DIGEST In rural areas, details of real estate transactions are often known only by the loan provider, the title company, or the attorney, because they consider client information to be confidential. Large metropolitan areas commonly provide real estate data through multiple listing services, and this information is valuable to appraisers in the estimation of properties' fair market values. S.B. 545 allows the disclosure of certain real property sale information within certain population limits, without violating confidentiality rules. PURPOSE As proposed, S.B. 545 creates provisions for the disclosure of terms of certain real property sales. RULEMAKING AUTHORITY This bill does not grant any additional rulemaking authority to a state officer, institution, or agency. SECTION BY SECTION ANALYSIS SECTION 1. Amends Chapter 5A, Property Code, by adding Section 5.012, as follows: Sec. 5.012. DISCLOSURE OF TERMS OF CERTAIN REAL PROPERTY SALES. Provides that this section is only applicable to real property located in a municipality smaller than 20,000 people, or the unincorporated area of a county consisting of less than 10,000 people. Authorizes a person to release certain information without violating any ethics rules imposed upon that person. SECTION 2. Effective date: September 1, 1999. SECTION 3. Emergency clause.