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AN ACT
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relating to the rescission or waiver of an acceleration of the |
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maturity date of certain debt secured by a lien on real property. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 16, Civil Practice and |
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Remedies Code, is amended by adding Section 16.038 to read as |
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follows: |
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Sec. 16.038. RESCISSION OR WAIVER OF ACCELERATED MATURITY |
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DATE. (a) If the maturity date of a series of notes or obligations |
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or a note or obligation payable in installments is accelerated, and |
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the accelerated maturity date is rescinded or waived in accordance |
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with this section before the limitations period expires, the |
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acceleration is deemed rescinded and waived and the note, |
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obligation, or series of notes or obligations shall be governed by |
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Section 16.035 as if no acceleration had occurred. |
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(b) Rescission or waiver of acceleration is effective if |
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made by a written notice of a rescission or waiver served as |
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provided in Subsection (c) by the lienholder, the servicer of the |
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debt, or an attorney representing the lienholder on each debtor |
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who, according to the records of the lienholder or the servicer of |
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the debt, is obligated to pay the debt. |
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(c) Service of a notice under Subsection (b) must be by |
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first class or certified mail and is complete when the notice is |
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deposited in the United States mail, postage prepaid and addressed |
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to the debtor at the debtor's last known address. The affidavit of |
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a person knowledgeable of the facts to the effect that service was |
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completed is prima facie evidence of service. |
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(d) A notice served under this section does not affect a |
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lienholder's right to accelerate the maturity date of the debt in |
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the future nor does it waive past defaults. |
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(e) This section does not create an exclusive method for |
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waiver and rescission of acceleration or affect the accrual of a |
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cause of action and the running of the related limitations period |
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under Section 16.035(e) on any subsequent maturity date, |
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accelerated or otherwise, of the note or obligation or series of |
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notes or obligations. |
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SECTION 2. The change in law made by this Act applies with |
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respect to a maturity date accelerated before, on, or after the |
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effective date of this Act and any notice of a rescission or waiver |
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of an accelerated maturity date served before, on, or after the |
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effective date of this Act. |
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SECTION 3. 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. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 2067 was passed by the House on May |
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12, 2015, by the following vote: Yeas 145, Nays 0, 2 present, not |
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voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 2067 was passed by the Senate on May |
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26, 2015, by the following vote: Yeas 31, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: _____________________ |
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Date |
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_____________________ |
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Governor |