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A BILL TO BE ENTITLED
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AN ACT
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relating to the filing in county deed records of an instrument |
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transferring a residential mortgage note; providing a civil |
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penalty. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 12, Property Code, is amended by adding |
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Section 12.010 to read as follows: |
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Sec. 12.010. RESIDENTIAL MORTGAGE NOTE TRANSFERS; CIVIL |
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PENALTY. (a) In this section: |
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(1) "Mortgagee" means: |
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(A) the grantee of a security interest in |
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residential real property under a mortgage or deed of trust; or |
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(B) if the residential mortgage note secured by |
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the mortgage or deed of trust has been transferred to another |
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person, the last person to whom the note has been transferred. |
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(2) "Residential mortgage note" means a promissory |
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note secured by residential real property under a mortgage or deed |
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of trust. |
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(b) If a mortgagee transfers a residential mortgage note to |
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another person, the transferring mortgagee shall file the |
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instrument that transfers the note in the deed records of each |
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county in which the residential property securing the note is |
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located not later than the 30th day after the date the note is |
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transferred. |
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(c) A mortgagee who violates Subsection (b) is liable to the |
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county for a civil penalty of not more than $1,000 for each |
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violation. Each day a violation continues is considered a separate |
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violation for purposes of assessing the civil penalty. A county may |
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bring suit in a district court to recover a civil penalty authorized |
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by this subsection. |
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SECTION 2. Section 12.010, Property Code, as added by this |
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Act, applies only to a transfer of a residential mortgage note on or |
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after the effective date of this Act. |
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SECTION 3. This Act takes effect September 1, 2013. |