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A BILL TO BE ENTITLED
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AN ACT
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relating to property insurance coverage for and the appraisal of |
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certain condominium properties. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 82.111, Property Code, is amended by |
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adding Subsections (b-1) and (b-2) to read as follows: |
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(b-1) The association shall annually deliver to the unit |
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owners in the manner determined appropriate by the board: |
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(1) a written summary of the material terms of the |
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property insurance coverage, if any, maintained under Subsection |
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(b) or (c) with respect to property described by Subsection (b), |
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including the amount of coverage; and |
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(2) a comparison of the property insurance coverage to |
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property coverage required by any applicable provisions of this |
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section. |
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(b-2) Every 36 months the association shall retain an |
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independent appraiser to appraise and prepare an appraisal report |
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regarding property the association may insure or is required to |
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insure under Subsection (b) or (c). As soon as practicable after |
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the association receives the appraisal report, the association |
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shall deliver the report to the unit owners in a manner determined |
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appropriate by the board. |
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SECTION 2. Not later than January 1, 2020, a condominium |
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association shall deliver to the unit owners the initial summary |
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and comparison required by Section 82.111(b-1), Property Code, as |
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added by this Act, and the initial appraisal report required by |
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Section 82.111(b-2), Property Code, as added by this Act. |
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SECTION 3. This Act takes effect September 1, 2019. |