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A BILL TO BE ENTITLED
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AN ACT
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relating to certain sellers of homes offering a benefit contingent |
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on the use of a specific mortgage lender. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter D, Chapter 35, Business & Commerce |
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Code, is amended by adding Section 35.65 to read as follows: |
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Sec. 35.65. SELLER PROHIBITED FROM MAKING BENEFIT |
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CONTINGENT ON USE OF MORTGAGE LENDER. (a) A person who builds and |
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sells a single-family residence may not offer or provide a benefit |
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to a potential purchaser of the residence as consideration for the |
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purchaser's agreement to use a mortgage lender specified by the |
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person for a loan to purchase the residence. |
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(b) A person who violates Subsection (a) is liable to the |
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purchaser for: |
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(1) any damages arising from the violation; and |
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(2) reasonable attorney's fees and costs. |
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(c) A purchaser may not waive the right to sue under |
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Subsection (b). |
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SECTION 2. This Act applies only to the sale of a |
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single-family residence closed on or after the effective date of |
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this Act. |
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SECTION 3. This Act takes effect September 1, 2007. |