87R16445 NC-D
 
  By: Stephenson H.B. No. 1059
 
  Substitute the following for H.B. No. 1059:
 
  By:  Thompson of Harris C.S.H.B. No. 1059
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to a seller's disclosure of the location of certain real
  property in a floodplain.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter A, Chapter 5, Property Code, is
  amended by adding Section 5.020 to read as follows:
         Sec. 5.020.  SELLER'S DISCLOSURE OF LOCATION OF CERTAIN REAL
  PROPERTY IN FLOODPLAIN.  (a)  In this section:
               (1)  "100-year floodplain" means any area of land that:
                     (A)  is identified on the flood insurance rate map
  as a special flood hazard area, which is designated as Zone A, V,
  A99, AE, AO, AH, VE, or AR on the map;
                     (B)  has a one percent annual chance of flooding;
  and
                     (C)  may include a regulatory floodway, flood
  pool, or reservoir.
               (2)  "Flood insurance rate map" means the most recent
  flood hazard map published by the Federal Emergency Management
  Agency under the National Flood Insurance Act of 1968 (42 U.S.C.
  Section 4001 et seq.).
         (b)  A seller of a tract of real property that measures less
  than 15 acres and that does not have a residence located or being
  constructed on the property at the time of the sale shall provide to
  the purchaser of the property a written notice disclosing whether
  any part of the property is located in a 100-year floodplain.  If
  any part of the property is located in a 100-year floodplain, the
  notice must include a copy of a current flood insurance rate map
  that indicates the part of the property that is located in the
  floodplain. 
         (c)  The notice must be delivered by the seller on or before
  the effective date of an executory contract binding the purchaser
  to purchase the property.
         (d)  The purchaser is entitled to recover from the seller
  damages caused by flooding on any part of the purchased real
  property that is located in a 100-year floodplain if:
               (1)  the seller fails to provide the purchaser the
  notice required by this section; and
               (2)  the flooding occurs before the fifth anniversary
  of the date of the purchase.
         SECTION 2.  This Act takes effect September 1, 2021.