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A BILL TO BE ENTITLED
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AN ACT
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relating to a study by the consumer credit commissioner regarding |
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payment by mortgage lenders of property tax loans. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. (a) The consumer credit commissioner shall |
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conduct a study of the frequency with which mortgage lenders pay off |
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property tax loans and the reasons for doing so, including because |
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the property owner has defaulted on the mortgage loan and the |
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mortgage lender is attempting to protect its collateral. |
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(b) The consumer credit commissioner shall provide to the |
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legislature an interim report of the results of the study not later |
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than December 1, 2015, and a final report of the study results not |
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later than December 1, 2016. |
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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, 2015. |