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A BILL TO BE ENTITLED
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AN ACT
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relating to information provided to a purchaser of a manufactured |
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home regarding the ability to elect to treat the home as real |
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property or personal property. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1201.162, Occupations Code, is amended |
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by amending Subsection (a) and adding Subsection (d) to read as |
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follows: |
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(a) Before the completion of a credit application or more |
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than one day before entering into any agreement for a sale or |
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exchange that will not be financed, the retailer must provide to the |
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consumer a written disclosure in the form promulgated by the board. |
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The disclosure shall be in at least 12-point type and must: |
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(1) address: |
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(A) matters of concern relating to costs and |
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obligations that may be associated with home ownership; |
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(B) [,] matters to be considered in making |
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financing decisions; |
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(C) [,] related costs that may arise when |
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purchasing a manufactured home; |
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(D) a purchaser's ability to elect to treat a |
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manufactured home as real property or personal property; [,] and |
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(E) any [such] other matters as the board may |
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consider [deem] appropriate to promote informed purchase, |
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financing, and related decisions regarding the acquisition and |
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ownership of a manufactured home; and |
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(2) [. The form shall also] conspicuously disclose |
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the consumer's right of rescission. |
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(d) The disclosure required under Subsection (a)(1)(D) must |
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explain: |
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(1) the conditions required under Section |
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1201.2055(a) for an owner to elect to treat a manufactured home as |
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real property; |
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(2) the effects of electing to treat a home as real |
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property; |
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(3) that the election must be made on the application |
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for the issuance of a statement of ownership; and |
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(4) that the election may be made to convert the home |
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from personal property to real property or from real property to |
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personal property. |
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SECTION 2. Section 1201.162, Occupations Code, as amended |
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by this Act, applies only to a disclosure that is provided to a |
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consumer on or after the effective date of this Act. A disclosure |
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provided to a consumer before the effective date of this Act is |
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governed by the law as it existed immediately before the effective |
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date of this Act, and that law is continued in effect for that |
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purpose. |
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SECTION 3. This Act takes effect September 1, 2025. |