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Amend CSSB 521 as follows:
Add a new SECTION 18 to the bill and renumber subsequent SECTIONS accordingly, to read as follows:
SECTION 18. Amend Sections 347.355 and 347.356, Finance Code, to read as follows:
Sec. 347.355. REPOSSESSION ON DEFAULT. (a) If a consumer is in default, the creditor who possesses the first recorded perfected security interest may not repossess, remove or enter the manufactured home except through judicial process.
(b) [If the manufactured home is affixed to real property,] The creditor, after giving all appropriate notices pursuant to Section 347.356, the contract and other law, may [remove the manufactured home from the real property in accordance with the applicable provisions of the Business & Commerce Code as if it were personal property] file an action to foreclose on its security interest and repossess the manufactured home.
Sec. 347.356. REQUIREMENTS FOR ACTION TO REPOSSESS, FORECLOSE, OR ACCELERATE PAYMENT OF ENTIRE DEBT. (a) Before filing an action to repossess a manufactured home, foreclose a lien on a manufactured home, or accelerate payment of the entire unpaid balance of a credit transaction, the creditor must [comply with the regulations of the Office of Thrift Supervision relating to the disclosure required for repossession, foreclosure, or acceleration except in extreme circumstances, including abandonment or voluntary surrender of the manufactured home] send the consumer, and any guarantors, a notice of default by certified mail with return receipt requested giving the consumer 30 days in which to cure any default alleged by the creditor in the form set forth in paragraph (d) of this Section.
(b) In the case of a default on payments or other charges owed, the notice must include the amounts owed which are in default and no others.
(c) If the negotiations that related to the execution of the contract, sale, lien, or security interest were conducted primarily in a language other than English, the creditor shall provide a copy of the notice required by this Section in that language.
(d) Notice Form.
To: [Name of Consumer]
Date:
NOTICE OF DEFAULT and RIGHT TO CURE DEFAULT
[Name, address, and telephone number of the creditor]
Account Number [if any]
Brief identification of the credit transaction
You are now in default on this credit transaction. You have a right to correct this default within 30 days from the postmarked date of this notice.
If you correct the default, you may continue with the contract as though you did not default. Your default consists of:
[Describe default alleged]
Cure of default: Within 30 days from the postmarked date of this notice, you may cure your default by:
[Describe the acts necessary for cure, including, if applicable, the amount of payment required, and an itemized list of amounts due and any deferral charges.]
Creditor's Rights: If you do not correct your default in the time allowed, we may exercise our rights against you under the law by: [Describe the action].
Note: We cannot repossess the manufactured home without authorization from a court. If we institute proceedings to take such an action, you will be given notice of such proceedings.
If you have any questions, write [the creditor] at the above address or call [creditor's designated employee] at [direct telephone number] between the hours of and [state days of the week].
If this default was caused by your failure to make a payment or payments, and you want to pay by mail, please send a check or money order; do not send cash.
(e) It is a false, misleading, or deceptive act or practice within the meaning of Section 17.46, Business & Commerce Code, if a creditor or debt collector threatens, represents, or states to a consumer that it may repossess a manufactured home unless the creditor or debt collector also states that repossession requires judicial approval by a court of the State of Texas in accordance this subchapter.