79R2102 AJA-D
By: Miller H.B. No. 497
A BILL TO BE ENTITLED
AN ACT
relating to liquidated damages for violating certain requirements
relating to executory contracts for the conveyance of certain 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 $250 [a day]
for each annual statement [day after January 31 that] the seller
fails to provide to the purchaser within the time required by
Subsection (a) [with the statement]; and
(2) reasonable attorney's fees.
(d) After January 31 of a year in which a statement is
required under Subsection (a), the purchaser may request in writing
that the seller provide the statement required under that
subsection. The purchaser's request must specify the information
that must be included in the statement under Subsection (b) and the
penalties imposed under Subsection (c) and this subsection. If the
seller does not provide the statement to the purchaser on or before
the 10th day after the date the seller receives the request, in
addition to the liability imposed by Subsection (c), the seller is
liable to the purchaser for liquidated damages in the amount of $250
a day for each day after the 10th day after the date the seller
receives the request that the seller does not provide the
statement.
SECTION 2. The change in law made by this Act applies only
to the act of a seller who fails to timely provide an annual
statement as required by Section 5.077(a), Property Code, on or
after the effective date of this Act. The act of a seller who fails
to timely provide an annual statement as required by Section
5.077(a), Property Code, before the effective date of this Act is
covered by the law in effect when the act was committed, and the
former law is continued in effect for that purpose.
SECTION 3. This Act takes effect September 1, 2005.