BILL ANALYSIS |
C.S.H.B. 831 |
By: Giddings |
Investments & Financial Services |
Committee Report (Substituted) |
BACKGROUND AND PURPOSE
There is concern that current law does not outline a procedure for a surviving spouse who was not named to, or a party to, a home mortgage loan of the deceased spouse to obtain information regarding the loan from the mortgage loan servicer. Interested parties assert that some mortgage companies are requiring a form of judicial action for the surviving spouse to obtain basic information regarding a home mortgage loan held in the name of the deceased spouse, which can prove costly and time-consuming for the surviving spouse. C.S.H.B. 831 seeks to remedy this issue with respect to a surviving spouse who is not listed on home mortgage documentation.
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CRIMINAL JUSTICE IMPACT
It is the committee's opinion that this bill does not expressly create a criminal offense, increase the punishment for an existing criminal offense or category of offenses, or change the eligibility of a person for community supervision, parole, or mandatory supervision.
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RULEMAKING AUTHORITY
It is the committee's opinion that this bill does not expressly grant any additional rulemaking authority to a state officer, department, agency, or institution.
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ANALYSIS
C.S.H.B. 831 amends the Finance Code to require a mortgage servicer of a home loan, not later than the 30th day after the mortgage servicer receives a request for information from the surviving spouse of a mortgagor of the home loan that includes a required disclosure notice and is accompanied by required proof of the surviving spouse's status, to provide the surviving spouse with information that the mortgagor would have received in a standard monthly statement, including the current balance information, whether the loan is current and any amounts that are delinquent, any loan number, and the amount of any escrow deposit for taxes and insurance purposes. The bill sets out the information required to be submitted as proof of the surviving spouse's status and grants a mortgage servicer that provides the required information to the surviving spouse immunity from liability to the estate of the mortgagor or any heir or beneficiary of the mortgagor.
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EFFECTIVE DATE
September 1, 2015.
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COMPARISON OF ORIGINAL AND SUBSTITUTE
While C.S.H.B. 831 may differ from the original in minor or nonsubstantive ways, the following comparison is organized and formatted in a manner that indicates the substantial differences between the introduced and committee substitute versions of the bill.
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