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A BILL TO BE ENTITLED
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AN ACT
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relating to the payment of property taxes through the use of |
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property tax loans or other means. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 351.0021, Finance Code, is amended by |
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adding Subsection (c-1) to read as follows: |
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(c-1) A property tax lender may not charge a property owner |
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discount points in connection with a property tax loan. |
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SECTION 2. Subchapter A, Chapter 351, Finance Code, is |
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amended by adding Section 351.0024 to read as follows: |
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Sec. 351.0024. INTEREST-ONLY PAYMENTS PROHIBITED FOR |
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CERTAIN LOANS. A property tax loan secured by the property owner's |
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residence homestead, as defined by Section 11.13(j), Tax Code, may |
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not have a scheduled or optional interest-only loan payment for any |
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month. |
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SECTION 3. Section 31.031(a), Tax Code, as amended by |
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Chapters 122 (H.B. 97), 643 (H.B. 709), and 935 (H.B. 1597), Acts of |
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the 83rd Legislature, Regular Session, 2013, is reenacted and |
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amended to read as follows: |
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(a) This section applies only to[:
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[(1)] an individual who is[:
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[(A) disabled or at least 65 years of age; and
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[(B)] qualified for an exemption under Section |
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11.13, [11.13(c); or
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[(2) an individual who is:
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[(A)
a disabled veteran or the unmarried
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surviving spouse of a disabled veteran; and
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[(B) qualified for an exemption under Section] |
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11.132, or 11.22. |
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SECTION 4. Section 32.06(a-2), Tax Code, is amended to read |
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as follows: |
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(a-2) Except as provided by Subsection (a-8), a tax lien may |
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be transferred to the person who pays the taxes on behalf of the |
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property owner under the authorization described by Subsection |
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(a-1) for: |
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(1) taxes that are delinquent at the time of payment; |
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or |
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(2) taxes that are due but not delinquent at the time |
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of payment [if
the property is not subject to a recorded mortgage
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lien]. |
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SECTION 5. Section 351.0021, Finance Code, as amended by |
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this Act, and Section 351.0024, Finance Code, as added by this Act, |
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apply only to a contract for a property tax loan entered into on or |
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after the effective date of this Act. A contract for a property tax |
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loan entered into before the effective date of this Act is governed |
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by the law in effect on the date the contract was entered into, and |
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the former law is continued in effect for that purpose. |
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SECTION 6. The changes in law made by this Act to Sections |
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31.031 and 32.06, Tax Code, apply only to the payment of ad valorem |
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taxes that become due on or after the effective date of this Act. |
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The payment of ad valorem taxes that become due before the effective |
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date of this Act is governed by the law as it existed immediately |
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before the effective date of this Act, and that law is continued in |
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effect for that purpose. |
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SECTION 7. This Act takes effect September 1, 2015. |