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78S30445 QS-D
By: Farabee H.B. No. 65
A BILL TO BE ENTITLED
AN ACT
relating to liquidated damages for failure to timely provide an
annual accounting statement required in connection with certain
conveyances of real property.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 5.077, Property Code, is amended by
amending Subsection (c) and adding Subsection (d) to read as
follows:
(c) A seller who fails to comply with Subsection (a) is
liable to the purchaser for:
(1) liquidated damages in the amount of $10 [$250] a
day for each day after January 31 that the seller fails to provide
the purchaser with the statement; and
(2) reasonable attorney's fees.
(d) A purchaser may credit the amount of liquidated damages
owed by the seller under Subsection (c) toward the remaining amount
owed by the purchaser under the contract.
SECTION 2. The change in law made by this Act applies only
to liquidated damages owed in connection with an annual accounting
statement required to be provided on or after the effective date of
this Act. Liquidated damages owed in connection with an annual
accounting statement required to be provided before the effective
date of this Act are governed by the law in effect before the
effective date of this Act, and the former law is continued in
effect for that purpose.
SECTION 3. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect on the 91st day after the last day of the
legislative session.