| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to providing a remedy for fraud committed in certain real |
|
|
estate and stock transactions. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Chapter 27, Business & Commerce Code, is amended |
|
|
by adding Section 27.015 to read as follows: |
|
|
Sec. 27.015. DECEPTIVE TRADE PRACTICE; PUBLIC REMEDY. (a) |
|
|
In this section, "consumer protection division" has the meaning |
|
|
assigned by Section 17.45. |
|
|
(b) A violation of Section 27.01 is a false, misleading, or |
|
|
deceptive act or practice as defined by Section 17.46(b), and any |
|
|
public remedy under Subchapter E, Chapter 17, is available for a |
|
|
violation of that section. |
|
|
(c) It is the duty of city attorneys to lend the consumer |
|
|
protection division any assistance requested in the commencement |
|
|
and prosecution of actions under this section. |
|
|
(d) To the same extent and in the same manner a district or |
|
|
county attorney may institute or prosecute an action under this |
|
|
section, a city attorney may institute or prosecute an action under |
|
|
this section. |
|
|
(e) If a district, county, or city attorney brings an action |
|
|
under this section, 75 percent of any penalty recovered shall be |
|
|
deposited in the general fund of the county or municipality in which |
|
|
the violation occurred. |
|
|
SECTION 2. The changes in law made by this Act apply only to |
|
|
a violation of Section 27.01, Business & Commerce Code, that occurs |
|
|
on or after the effective date of this Act. A violation of Section |
|
|
27.01, Business & Commerce Code, that occurs before the effective |
|
|
date of this Act is governed by the law in effect on the date the |
|
|
violation occurred, and the former law is continued in effect for |
|
|
that purpose. For purposes of this section, a violation occurs |
|
|
before the effective date of this Act if any element of the |
|
|
violation occurs before that date. |
|
|
SECTION 3. This Act takes effect September 1, 2015. |