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A BILL TO BE ENTITLED
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AN ACT
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relating to the foreclosure of certain liens on real property. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 202, Property Code, is amended by adding |
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Section 202.010 to read as follows: |
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Sec. 202.010. FORECLOSURE OF CERTAIN LIENS. A restrictive |
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covenant may not be adopted that places a lien on real property to |
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secure payment of a debt created by the covenant unless the covenant |
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exempts a homestead, as defined by Section 41.002, from foreclosure |
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of the lien. |
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SECTION 2. Section 202.010, Property Code, as added by this |
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Act, applies to a restrictive covenant adopted on or after the |
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effective date of this Act. A restrictive covenant adopted before |
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the effective date of this Act is governed by the law in effect |
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immediately before that date, and that law is continued in effect |
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for that purpose. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2007. |