|
|
A BILL TO BE ENTITLED
|
|
AN ACT
|
|
relating to the transfer of an ad valorem tax lien |
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
SECTION 1. The heading to Chapter 351, Finance Code is |
|
amended to read as follows: |
|
CHAPTER 351. PROPERTY TAX LENDERS AND ASSOCIATED LIENS |
|
SECTION 2. Section 351.002, Finance Code, is amended to |
|
read as follows: |
|
Sec. 351.002. DEFINITIONS. In this chapter: |
|
(1)"Lienholder" means the holder of a lien created |
|
in favor of a property tax lender as provided by Section |
|
32.06(a-2), Tax Code, including a successor in interest. |
|
(2) "Property tax lender" means a person that |
|
engages in activity requiring a license under Section 351.051. The |
|
term does not include: |
|
(A) a person who is sponsored by a licensed |
|
property tax lender to assist with or perform the acts of a property |
|
tax lender; or |
|
(B) a person who performs only clerical functions |
|
such as delivering a loan application to a property tax lender, |
|
gathering or requesting information related to a property tax loan |
|
application on behalf of the prospective borrower or property tax |
|
lender, word processing, sending correspondence, or assembling |
|
files. |
|
(3) "Property tax loan" means an advance of money: |
|
(A) [in connection with a transfer of lien under
|
|
Section 32.06, Tax Code, or a contract under Section 32.065 32.06,
|
|
Tax Code;] |
|
(B) in connection with a contract between a |
|
lender and a property owner under which the lender [which the person
|
|
making the transfer] arranges for the payment, with the [a] |
|
property owner's written consent, of property taxes and related |
|
closing costs on behalf of the property owner in accordance with |
|
Section 32.06, Tax Code; and |
|
(B) [(C)] that is secured by a [special] lien |
|
against the property created in favor of the lender under Section |
|
32.06, Tax Code [transferred from a taxing unit to the property tax
|
|
lender and which may be further secured by the lien or security
|
|
interest created by a deed of trust, security deed, or other
|
|
security instrument]. |
|
SECTION 3. Sections 351.0021(a), (c), and (d), Finance |
|
Code, are amended to read as follows: |
|
(a) The contract between a property tax lender and a |
|
property owner may require the property owner to pay the following |
|
costs after closing: |
|
(1) a reasonable fee for filing the release of a [tax] |
|
lien authorized under Section 32.06(b), Tax Code; |
|
(2) a reasonable fee for a payoff statement authorized |
|
under Section 32.06(f-3), Tax Code; |
|
(3) a reasonable fee for providing information |
|
regarding the current balance owed by the property owner authorized |
|
under Section 32.06(g), Tax Code; |
|
(4) reasonable and necessary attorney's fees, |
|
recording fees, and court costs for actions that are legally |
|
required to respond to a suit filed under Chapter 33, Tax Code, or |
|
to perform a foreclosure, including fees required to be paid to an |
|
official and fees for an attorney ad litem; |
|
(5) to the extent permitted by the United States |
|
Bankruptcy Code, attorney's fees and court costs for services |
|
performed after the property owner files a voluntary bankruptcy |
|
petition; |
|
(6) a reasonable fee for title examination and |
|
preparation of an abstract of title by an attorney, a title company, |
|
or a property search company authorized to do business in this |
|
state; |
|
(7) a processing fee for insufficient funds, as |
|
authorized under Section 3.506, Business & Commerce Code; |
|
(8) a fee for collateral protection insurance, as |
|
authorized under Chapter 307; |
|
(9) a prepayment penalty, unless the loan [lien
|
|
transferred] is made in connection with on residential property |
|
owned and used by the property owner for personal, family, or |
|
household purposes; |
|
(10) recording expenses incurred in connection with a |
|
modification necessary to preserve a borrower's ability to avoid a |
|
foreclosure proceeding; and |
|
(11) fees for copies of transaction documents |
|
requested by the property owner. |
|
(c) A property tax lender or any successor in interest may |
|
not [charge]: |
|
(1) after closing, charge any fee, other than |
|
interest, [after closing] in connection with the loan [transfer of
|
|
a tax lien] unless the fee is expressly authorized under this |
|
section; or |
|
(2) charge any interest that is not expressly |
|
authorized under Section 32.06, Tax Code. |
|
(d) Except for charges authorized under Subsections (a)(1), |
|
(2), (3), (9), and (11), any amount charged by a lienholder |
|
[property tax lender] after closing must be for services performed |
|
by a person that is not an employee of the lienholder [property tax
|
|
lender]. |
|
SECTION 4. Section 351.003, Finance Code, is amended to |
|
read as follows: |
|
Sec. 351.003. SECONDARY MARKET TRANSACTIONS. (a) |
|
Except as provided by Subsection (b), this [This] chapter does not |
|
prohibit a lienholder [property tax lender] from receiving |
|
compensation from a party other than the property tax loan |
|
applicant for the sale, transfer, assignment, or release of rights |
|
on the closing of a property tax loan transaction. |
|
(b) A lienholder may not sell, transfer, assign a lien |
|
created in favor of a property tax lender under Section 32.06, Tax |
|
Code, to a person who is not licensed under Section 351.051, or |
|
exempt from licensure under Section 351.051(c). |
|
SECTION 5. Section 351.005, Finance Code, is amended to |
|
read as follows: |
|
Sec. 351.005. APPLICATION OF TAX CODE. This chapter does |
|
not affect the application of Section 32.06 [or 32.065], Tax Code. |
|
SECTION 6. Section 351.006(a), Finance Code, is amended to |
|
read as follows: |
|
(a) In addition to any other applicable enforcement |
|
provisions, Subchapters E, F, and G, Chapter 14, apply to a |
|
violation of this chapter or Section 32.06 [or 32.065], Tax Code, in |
|
connection with property tax loans. |
|
SECTION 7. Section 351.007, Finance Code, is amended to |
|
read as follows: |
|
Sec. 351.007. RULES. The finance commission may adopt |
|
rules to ensure compliance with this chapter and Section [Sections] |
|
32.06 [and 32.065], Tax Code. |
|
SECTION 8. Sections 351.008(a) and (c), Finance Code, are |
|
amended to read as follows: |
|
(a) The commissioner or the commissioner's representative |
|
shall, at the times the commissioner or the representative |
|
considers necessary: |
|
(1) examine each place of business of each property |
|
tax lender; and |
|
(2) investigate the lender's transactions, including |
|
loans, and records, including books, accounts, papers, and |
|
correspondence, to the extent the transactions and records pertain |
|
to the business regulated under this chapter and Section [Sections] |
|
32.06 [and 32.065], Tax Code. |
|
(c) During an examination, the commissioner or the |
|
commissioner's representative may administer oaths and examine any |
|
person under oath on any subject pertinent to a matter that the |
|
commissioner or the representative is authorized or required to |
|
consider, investigate, or secure information about under this |
|
chapter or Section 32.06 [or 32.065], Tax Code. |
|
SECTION 9. Section 351.009(a), Finance Code, is amended to |
|
read as follows: |
|
(a) To discover a violation of this chapter or Section 32.06 |
|
[or 32.065], Tax Code, or to obtain information required under this |
|
chapter or Section 32.06 [or 32.065], Tax Code, the commissioner or |
|
the commissioner's representative may investigate the records, |
|
including books, accounts, papers, and correspondence, of a person, |
|
including a property tax lender, who the commissioner or the |
|
representative has reasonable cause to believe is violating this |
|
chapter or Section 32.06 [or 32.065], Tax Code, regardless of |
|
whether the person claims to not be subject to this chapter or |
|
Section 32.06 [or 32.065], Tax Code. |
|
SECTION 10. Section 351.051, Finance Code, is amended by |
|
amending Subsections (a) and (c) to read as follows: |
|
(a) A person must hold a license issued under this chapter |
|
to: |
|
(1) engage in the business of making, transacting, or |
|
negotiating property tax loans; or |
|
(2) contract for, charge, or receive, directly or |
|
indirectly, in connection with a property tax loan subject to this |
|
chapter, a charge, including interest, compensation, including |
|
compensation received for a transaction described by 351.003(a), |
|
consideration, or another expense, authorized under this chapter or |
|
Chapter 32, Tax Code. |
|
(c) Except as provided by Sections 351.003, this [This] |
|
chapter does not apply to: |
|
(1) any of the following entities or an employee of any |
|
of the following entities, if the employee is acting for the benefit |
|
of the employer: |
|
(A) a bank, savings bank, or savings and loan |
|
association, or a subsidiary or an affiliate of a bank, savings |
|
bank, or savings and loan association; or |
|
(B) a state or federal credit union, or a |
|
subsidiary, affiliate, or credit union service organization of a |
|
state or federal credit union; or |
|
(2) an individual whose only activity that would |
|
otherwise require licensure under Subsection (a) consists of [who]: |
|
(A)making [makes] a property tax loan from the |
|
individual's own funds to a spouse, former spouse, or persons in the |
|
lineal line of consanguinity of the individual lending the money; |
|
or |
|
(B)making [makes] five or fewer property tax loans |
|
in any consecutive 12-month period from the individual's own funds. |
|
SECTION 11. Section 351.054, Finance Code, is amended to |
|
read as follows: |
|
Sec. 351.054. NOTICE TO TAXING UNIT. (a) A property tax |
|
lender [transferee of a tax lien] must include with the sworn |
|
document executed by the borrower and delivered to [filed with] the |
|
collector of a taxing unit under Section 32.06(a-1), Tax Code, the |
|
information required by this section. |
|
(b) If the property tax lender [transferee] is licensed |
|
under this chapter, the lender [transferee] shall include with the |
|
filing the licensee's license number assigned by the commissioner. |
|
(c) If the property tax lender [transferee] is exempt from |
|
this chapter under Section 351.051(c)(1), the lender [transferee] |
|
shall include with the filing an affidavit stating the entity's |
|
type of organization that qualifies it for the exemption, any |
|
charter number assigned by the governmental authority that issued |
|
the entity's charter, and the address of the entity's main office. |
|
(d) If the property tax lender [transferee] is exempt from |
|
this chapter under Section 351.051(c)(2), the lender [transferee] |
|
shall include a certificate issued by the commissioner indicating |
|
the entity's exemption. The commissioner shall establish |
|
procedures for issuance of a certificate under this subsection, |
|
application requirements, and requirements regarding information |
|
that must be submitted with an application. |
|
SECTION 12. Section 351.156, Finance Code, is amended to |
|
read as follows: |
|
Sec. 351.156. LICENSE SUSPENSION OR REVOCATION. After |
|
notice and a hearing the commissioner may suspend or revoke a |
|
license if the commissioner finds that: |
|
(1) the license holder failed to pay the annual |
|
license fee, an examination fee, an investigation fee, or another |
|
charge imposed by the commissioner under this chapter; |
|
(2) the license holder, knowingly or without the |
|
exercise of due care, violated this chapter or Section 32.06 [or
|
|
32.065], Tax Code, or a rule adopted or an order issued under this |
|
chapter or Section 32.06 [or 32.065], Tax Code; |
|
(3) a fact or condition exists that, if it had existed |
|
or had been known to exist at the time of the original application |
|
for the license, clearly would have justified the commissioner's |
|
denial of the application; or |
|
(4) the license holder has failed to ensure that an |
|
individual acting as a residential mortgage loan originator, as |
|
defined by Section 180.002, in the making, transacting, or |
|
negotiating of a property tax loan for a principal dwelling is |
|
licensed under this chapter in accordance with Section 351.0515. |
|
SECTION 13. The heading to Section 32.06, Tax Code, is |
|
amended to read as follows: |
|
Sec. 32.06. PROPERTY TAX LOANS; ATTACHMENT OF [TRANSFER OF
|
|
TAX] LIEN |
|
SECTION 14. Sections 32.06,(a),(a-1), (a-2), (a-3), (a-4), |
|
(b), (b-1), (c), (d), (d-1), (e), (e-1), (e-2), (f), (f-1), (f-3), |
|
(f-4), (g), (h), (i), (j), and (k-1), Tax Code, are amended to read |
|
as follows: |
|
(a) In this section, "mortgage servicer" : |
|
[(1) "Mortgage servicer"] has the meaning assigned by |
|
Section 51.0001, Property Code. |
|
[(2)
"Transferee" means a person authorized to pay the
|
|
taxes of another] |
|
(a-1) A [person] property owner may authorize another |
|
person to pay the taxes imposed by a taxing unit on the [person's] |
|
owner's real property by executing and delivering to [filing with] |
|
the collector for the taxing unit: |
|
(1) a sworn document stating: |
|
(A) the authorization for payment of the taxes; |
|
(B) the name and street address of the person |
|
[transferee] authorized to pay the taxes of the property owner; |
|
(C) a description of the property by street |
|
address, if applicable, and legal description; |
|
(D) that notice has been given to the property |
|
owner that if the property owner is age 65 or disabled, the property |
|
owner may be eligible for a tax deferral under Section 33.06; and |
|
(2) the information required by Section 351.054, |
|
Finance Code. |
|
(a-2) A [tax] lien on the property is created in favor of |
|
[may be transferred to] the person who pays the taxes on behalf of |
|
the property owner under the terms of a loan contract and execution |
|
and delivery of the authorization under Subsection (a-1) for: |
|
(1) taxes that are delinquent at the time of payment; |
|
or |
|
(2) taxes that are due but not delinquent at the time |
|
of payment if[:
|
|
[(A)] the property is not subject to a recorded |
|
mortgage lien[; or
|
|
[(B)
a tax lien transfer authorized by the
|
|
property owner has been executed and recorded for one or more prior
|
|
years on the same property and the property owner has executed an
|
|
authorization consenting to a transfer of the tax liens for both the
|
|
taxes on the property that are not delinquent and taxes on the
|
|
property that are delinquent in the manner provided by Subsection
|
|
(a-1)]. |
|
(a-3) [If the property owner has executed an authorization
|
|
under Subsection (a-2)(2)(B) consenting to a transfer of the tax
|
|
liens for both the taxes on the property that are not delinquent and
|
|
taxes on the property that are delinquent, the collector's
|
|
certification under Subsection (b) may be in one document.] |
|
[(a-4)] The Finance Commission of Texas shall: |
|
(1) prescribe the form and content of an appropriate |
|
disclosure statement to be provided to a property owner before the |
|
closing [execution] of a [tax lien transfer] property tax loan; |
|
(2) adopt rules relating to the reasonableness of |
|
closing costs, fees, and other charges permitted under this |
|
section; and |
|
(3) by rule prescribe the form and content of the sworn |
|
document under Subsection (a-1) and the certified statement under |
|
Subsection (b). |
|
(a-4) A contract between a person and a property owner that |
|
purports to authorize payment of taxes that are not delinquent or |
|
due at the time of the authorization, or that lacks the |
|
authorization described by Subsection (a-1), is void. |
|
(b) When a person [If a transferee] authorized to pay a |
|
property owner's taxes under [pursuant to] Subsection (a-1) pays |
|
the taxes and any penalties, [and] interest, and collection costs |
|
imposed, the collector shall issue a tax receipt to the person who |
|
pays the taxes [that transferee]. In addition, the collector or a |
|
person designated by the collector shall certify that the taxes and |
|
any penalties, [and] interest, and collection costs on the subject |
|
property [and collection costs] have been paid [by the transferee
|
|
on behalf of the property owner and that the taxing unit's tax lien
|
|
is transferred to that transferee]. The collector shall attach to |
|
the certified statement the collector's seal of office or sign the |
|
statement before a notary public and deliver the certified |
|
statement and the [a] tax receipt [and the statement attesting to
|
|
the transfer of the tax lien] to the [transferee] person within 30 |
|
days. The tax receipt and statement may be combined into one |
|
document. [The collector shall identify in a discrete field in the
|
|
applicable property owner's account the date of the transfer of a
|
|
tax lien transferred under this section.] When a [tax] lien |
|
created in favor of a lender under Subsection (a-2) is released, the |
|
holder of the lien [transferee] shall file a release with the county |
|
clerk of each county in which the property encumbered by the lien is |
|
located for recordation by the clerk [and send a copy to the
|
|
collector]. The holder of the lien [transferee] may charge the |
|
property owner a reasonable fee for filing the release. |
|
(b-1) Not later than the 10th business day after the date |
|
the certified statement is received [by the transferee], the |
|
property tax lender [transferee] shall send by certified mail a |
|
copy of the sworn document described by Subsection (a-1) to any |
|
mortgage servicer and to each holder of a recorded first lien |
|
encumbering the property. The copy must be sent, as applicable, to |
|
the address shown on the most recent payment invoice, statement, or |
|
payment coupon provided by the mortgage servicer to the property |
|
owner, or the address of the holder of a recorded first lien as |
|
shown in the real property records. |
|
(c) A holder of a lien created in favor of a property tax |
|
lender under Subsection (a-2) [Except as otherwise provided by this
|
|
section, the transferee of a tax lien and any successor in interest] |
|
is entitled to foreclose the lien[:
|
|
[(1)] in the manner provided by law for judicial |
|
foreclosure of [tax] liens[; or
|
|
[(2)
in the manner specified in Section 51.002,
|
|
Property Code, and Section 32.065, after the transferee or a
|
|
successor in interest obtains a court order for foreclosure under
|
|
Rule 736, Texas Rules of Civil Procedure, except as provided by
|
|
Subsection (c-1) of this section, if the property owner and the
|
|
transferee enter into a contract that is secured by a lien on the
|
|
property]. |
|
(d) A holder of the lien arising under Subsection (a-2) |
|
[transferee] shall record the [a tax] lien [transferred as provided
|
|
by this section] with the certified statement [attesting to the
|
|
transfer of the tax lien] as described by Subsection (b) in the deed |
|
records of each county in which the property encumbered by the lien |
|
is located. The lien is subordinate to any prior recorded |
|
encumbrance. |
|
(d-1) A right of rescission described by 12 C.F.R. Section |
|
226.23 applies to a loan for the payment of a property owner's taxes |
|
described by Subsection (a-2) that is made in connection with |
|
[transfer under this section of a tax lien on] residential property |
|
owned and used by the property owner for personal, family, or |
|
household purposes. |
|
(e) A person [transferee] holding a [tax] lien arising under |
|
Subsection (a-2) [transferred as provided by this section] may not |
|
charge a greater rate of interest than 18 percent a year on the |
|
funds advanced. Funds advanced are limited to the taxes, |
|
penalties, interest, and collection costs paid as shown on the tax |
|
receipt, expenses paid to record the lien, plus reasonable closing |
|
costs. |
|
(e-1) A person [transferee of a tax lien] may not charge a |
|
fee for any expenses arising after the closing of the property tax |
|
loan, including collection costs, except for: |
|
(1) interest expressly authorized under this section; |
|
(2) the fees for filing the release of the [tax] lien |
|
under Subsection (b); |
|
(3) the fee for providing a payoff statement under |
|
Subsection (f-3); |
|
(4) the fee for providing information regarding the |
|
current balance owed by the property owner under Subsection (g); |
|
and |
|
(5) the fees expressly authorized under Section |
|
351.0021, Finance Code. |
|
(e-2) A property tax loan [The] contract between a property |
|
tax lender and a [the] property owner [and the transferee] may |
|
provide for interest for default, in addition to the interest |
|
permitted under Subsection (e), if any part of the installment |
|
remains unpaid after the 10th day after the date the installment is |
|
due, including Sundays and holidays. If the lien [transferred] is |
|
on residential property owned and used by the property owner for |
|
personal, family, or household purposes, the interest may not |
|
exceed five cents for each $1 of a scheduled installment. |
|
(f) The holder of a loan secured by a [transferred tax] lien |
|
created under Subsection (a-2) that is delinquent for 90 |
|
consecutive days must send a notice of the delinquency by certified |
|
mail on or before the 120th day of delinquency or, if the 120th day |
|
is not a business day, on the next business day after the 120th day |
|
of delinquency, to any holder of a recorded preexisting lien on the |
|
property. The holder or mortgage servicer of a recorded |
|
preexisting lien on property encumbered by a [tax] lien created |
|
under Subsection (a-2) [transferred as provided by Subsection (b)] |
|
is entitled, within six months after the date on which the notice is |
|
sent, to obtain a release of the [transferred tax] lien by paying |
|
[the transferee of the tax lien] the balance [amount] owed by the |
|
property owner under the property tax loan contract [between the
|
|
property owner and the transferee]. |
|
(f-1) If an obligation secured by a preexisting first lien |
|
on the property is delinquent for at least 90 consecutive days and |
|
the obligation has been referred to a collection specialist, the |
|
mortgage servicer or the holder of the first lien may send a notice |
|
of the delinquency to the holder of a loan secured by a lien created |
|
under Subsection (a-2) [transferee of a tax lien]. The mortgage |
|
servicer or the first lienholder is entitled, within six months |
|
after the date on which that notice is sent, to obtain a release of |
|
the [transferred tax] lien by paying the holder of the lien the |
|
balance [transferee of the tax lien the amount] owed by the property |
|
owner under the property tax loan contract [between the property
|
|
owner and the transferee]. The Finance Commission of Texas by rule |
|
shall prescribe the form and content of the notice under this |
|
subsection. |
|
(f-3) Notwithstanding any contractual agreement with the |
|
property owner, the holder of a loan secured by a lien created under |
|
Subsection (a-2) [transferee of a tax lien] must provide the payoff |
|
information required by this section to the greatest extent |
|
permitted by 15 U.S.C. Section 6802 and 12 C.F.R. Part 216. The |
|
payoff statement must meet the requirements of a payoff statement |
|
defined by Section 12.017, Property Code. The holder [A
|
|
transferee] may charge a reasonable fee for a payoff statement that |
|
is requested after an initial payoff statement is |
|
provided. However, the holder [a transferee] is not required to |
|
release payoff information pursuant to a notice under Subsection |
|
(f-1) unless the notice contains the information prescribed by the |
|
Finance Commission of Texas. |
|
(f-4) Failure to comply with Subsection (b-1), (f), or (f-1) |
|
does not invalidate a [tax] lien arising under Subsection (a-2) |
|
[this chapter, a contract lien, or a deed of trust]. |
|
(g) At any time after the end of the six-month period |
|
specified by Subsection (f) and before a notice of foreclosure of |
|
the [transferred tax] lien is sent, [the transferee of the tax lien
|
|
or] the holder of the [tax] lien may require the property owner to |
|
provide written authorization and pay a reasonable fee before |
|
providing information regarding the current balance owed by the |
|
property owner to the [transferee or the] holder of the [tax] lien. |
|
(h) A mortgage servicer who pays a property tax loan secured |
|
by a lien created under Subsection (a-2) [a transferred tax lien] |
|
becomes subrogated to all rights in the lien. |
|
(i) A judicial [Except as provided by Section 33.445, a] |
|
foreclosure of a [tax] lien created under subsection (a-2) |
|
[transferred as provided by this section] may not be instituted |
|
within one year from the date on which the lien is recorded in all |
|
counties in which the property is located, unless the contract |
|
between the owner of the property and the transferee provides |
|
otherwise. |
|
(j) After one year from the date on which a [tax] lien |
|
created under Subsection (a-2) [transferred as provided by this
|
|
section] is recorded in all counties in which the property is |
|
located, the holder [transferee] of the lien may foreclose the lien |
|
in the manner provided by Subsection (c) unless the [a] contract |
|
between the holder of the lien and the owner of the property |
|
encumbered by the lien provides otherwise. The proceeds of a sale |
|
following a judicial foreclosure as provided by this subsection |
|
shall be applied first to the payment of court costs, then to |
|
payment of the judgment, including accrued interest, and then to |
|
the payment of any attorney's fees fixed in the judgment. Any |
|
remaining proceeds shall be paid to other holders of liens on the |
|
property in the order of their priority and then to the person whose |
|
property was sold at the [tax] foreclosure sale. |
|
(k-1) The right of redemption provided by Subsection (k) may |
|
be exercised on or before the second anniversary of the date on |
|
which the purchaser's deed is filed of record if the property sold |
|
was the residence homestead of the owner, was land designated for |
|
agricultural use, or was a mineral interest. For any other |
|
property, the right of redemption must be exercised not later than |
|
the 180th day after the date on which the purchaser's deed is filed |
|
of record. If a person redeems the property as provided by |
|
Subsection (k) and this subsection, the purchaser at the |
|
foreclosure [tax] sale or the purchaser's successor shall deliver a |
|
deed without warranty to the property to the person redeeming the |
|
property. If the person who owned the property at the time of |
|
foreclosure redeems the property, all liens existing on the |
|
property at the time of the foreclosure [tax] sale remain in effect |
|
to the extent not paid from the sale proceeds. |
|
SECTION 15. The following provisions are repealed: |
|
Sections 32.06(c-1), 32.065, 33.445, 34.02(e), and Section |
|
34.021, Tax Code. |
|
SECTION 16. The changes in law made by this Act to Section |
|
32.06, Tax Code, do not apply to the transfer of an ad valorem tax |
|
lien that occurs before the effective date of this Act. An ad |
|
valorem tax lien transferred under 32.06, Tax Code, before the |
|
effective date of this Act is governed by the law in effect |
|
immediately before the effective date of this Act, and that law is |
|
continued in effect for that purpose. |
|
SECTION 17. The repeal of Section 32.065, Tax Code, by this |
|
Act, does not affect a contract entered into under that section |
|
before the effective date of this Act, and that section is continued |
|
in effect for that purpose. |
|
SECTION 18. The repeal of Section 33.445, Tax Code, by this |
|
Act, does not affect the joinder of a transferee in a foreclosure |
|
suit resulting from a tax lien transfer before the effective date of |
|
this Act, and that section is continued in effect for that purpose. |
|
SECTION 19. The repeal of Section 34.021, Tax Code, by this |
|
Act, does not affect the distribution of excess proceeds for a |
|
foreclosure of a tax lien under Rule 736 of the Texas Rules of Civil |
|
Procedure before the effective date of this Act, and that section is |
|
continued in effect for that purpose. |
|
SECTION 20. This Act takes effect immediately if it receives |
|
a vote of two-thirds of all the members elected to each house, as |
|
provided by Section 39, Article III, Texas Constitution. If this |
|
Act does not receive the vote necessary for immediate effect, this |
|
Act takes effect on September 1, 2013. |