SRC-VRA S.B. 1527 78(R)   BILL ANALYSIS


Senate Research Center   S.B. 1527
78R6510 KCR-DBy: Brimer
Jurisprudence
3/26/2003
As Filed


DIGEST AND PURPOSE 

Prior to 2001, a seller under a contract for deed could recover his
property when a default occurred within 15 days if the equity was 10
percent or less, or longer if the equity was more.  In 2001, this changed
to 60 days regardless of the amount of equity.  As proposed, S.B. 1527 to
30 days the period in which to cure a default. 

RULEMAKING AUTHORITY

This bill does not expressly grant any additional rulemaking authority to
a state officer, institution, or agency. 

SECTION BY SECTION ANALYSIS

SECTION 1.  Amends Section 5.065, Property Code, to decrease the time
period for a purchaser to cure a default under an executory contract for
conveyance from the 60th, to the 30th, day after the date notice is given.

SECTION 2.(a)  Effective date:  September 1, 2003.
  (b)  Makes application of this Act prospective.