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A BILL TO BE ENTITLED
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AN ACT
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relating to a study of residential foreclosures in certain |
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counties. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 343, Finance Code, is |
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amended by adding Section 343.105 to read as follows: |
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Sec. 343.105. STUDY REGARDING RESIDENTIAL FORECLOSURES. |
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(a) In this section, "School of Public Affairs" means the Barbara |
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Jordan-Mickey Leland School of Public Affairs at Texas Southern |
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University. |
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(b) The School of Public Affairs shall conduct a study to |
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examine mortgage foreclosure rates in the Houston-Sugar |
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Land-Baytown Metropolitan Statistical Area, as defined by the U.S. |
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Office of Management and Budget, and shall establish an advisory |
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committee to direct the focus of the study. The advisory committee |
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shall be composed of: |
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(1) the director of the Texas Department of Housing |
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and Community Affairs or the director's representative; |
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(2) the savings and loan commissioner or the |
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commissioner's representative; |
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(3) four members appointed by the director of the |
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Texas Department of Housing and Community Affairs who represent |
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community and consumer interests including a representative of the |
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Houston Association of Realtors; |
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(4) four members appointed by the savings and loan |
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commissioner who represent the mortgage lending industry; and |
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(5) the dean of the School of Public Affairs. |
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(c) The dean of the School of Public Affairs serves as chair |
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of the advisory committee. |
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(d) The advisory committee established under Subsection (b) |
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shall address in the study the causes of foreclosures in the |
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metropolitan statistical area from the perspective of the borrower, |
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lender, mortgage originator, mortgage services provider, housing |
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developer, secondary market representative, industry oversight |
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agency, federal and state prosecutor, and consumer advocate. |
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(e) The advisory committee shall determine the methodology |
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to be used in conducting the study. The study must be based on |
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original research at the level of the individual borrower, |
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including personal interviews with borrowers. |
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(f) All findings of the advisory committee must be approved |
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by a majority of the members of the advisory committee. |
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(g) Except as provided by other law, private, confidential, |
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and privileged information obtained for the production of any |
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public reports is the property of the parties to the mortgage and is |
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not subject to the disclosure provisions of Chapter 552. |
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(h) The School of Public Affairs shall report to the |
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governor, the lieutenant governor, and the speaker of the house of |
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representatives on the study and its results not later than |
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September 1, 2008. |
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(i) This section expires February 1, 2009. |
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SECTION 2. 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. |