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A BILL TO BE ENTITLED
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AN ACT
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relating to fees and costs imposed by mortgagees or mortgage |
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servicers for certain legal services performed by an attorney. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 51, Property Code, is amended by adding |
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Section 51.016 to read as follows: |
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Sec. 51.016. COLLECTION OF CERTAIN LEGAL FEES AND COSTS. A |
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mortgagee or a mortgage servicer, other than a bank, may not collect |
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from a debtor a fee or cost for legal services relating to the |
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foreclosure of a lien or other actions taken under this chapter to |
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enforce an obligation under a security instrument unless the |
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services are performed by a trustee, substitute trustee, or |
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attorney who: |
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(1) is a member in good standing of the State Bar of |
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Texas; |
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(2) maintains an office located in this state that is |
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accessible to the public during regular business hours; and |
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(3) has the ability to accept funds from a mortgagor to |
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reinstate or pay off a debt secured by a security instrument. |
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SECTION 2. Section 51.016, Property Code, as added by this |
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Act, applies only to a security instrument executed on or after the |
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effective date of this Act. A security instrument executed before |
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the effective date of this Act is governed by the law that applied |
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to the instrument immediately before that date, and the former law |
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is continued in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2015. |