SB2764 - Relating to information provided to a purchaser of a manufactured home regarding the ability to elect to treat the home as real property or personal property.

  89R28241 JAM-D     By: Cook, et al. S.B. No. 2764     (Bell of Kaufman)     Substitute the following for S.B. No. 2764:  No.       A BILL TO BE ENTITLED   AN ACT   relating to information provided to a purchaser of a manufactured   home regarding the ability to elect to treat the home as real   property or personal property.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 1201.162, Occupations Code, is amended   by amending Subsection (a) and adding Subsection (d) to read as   follows:          (a)  Before the completion of a credit application or more   than one day before entering into any agreement for a sale or   exchange that will not be financed, the retailer must provide to the   consumer a written disclosure in the form promulgated by the board.     The disclosure shall be in at least 12-point type and must :                 (1)   address :                       (A)   matters of concern relating to costs and   obligations that may be associated with home ownership ;                       (B)   [ , ] matters to be considered in making   financing decisions ;                       (C)   [ , ] related costs that may arise when   purchasing a manufactured home ;                         (D)     a purchaser's ability to elect to treat a   manufactured home as real property or personal property; [ , ] and                       (E)  any [ such ] other matters as the board may   consider [ deem ] appropriate to promote informed purchase,   financing, and related decisions regarding the acquisition and   ownership of a manufactured home ; and                 (2)   [ .  The form shall also ] conspicuously disclose   the consumer's right of rescission.           (d)     The disclosure required under Subsection (a)(1)(D) must   explain:                 (1)     the conditions required under Section   1201.2055(a) for an owner to elect to treat a manufactured home as   real property;                 (2)     the effects of electing to treat a home as real   property;                 (3)     that the election must be made on the application   for the issuance of a statement of ownership; and                 (4)     that the election may be made to convert the home   from personal property to real property or from real property to   personal property.          SECTION 2.  Section 1201.162, Occupations Code, as amended   by this Act, applies only to a disclosure that is provided to a   consumer on or after the effective date of this Act. A disclosure   provided to a consumer before the effective date of this Act is   governed by the law as it existed immediately before the effective   date of this Act, and that law is continued in effect for that   purpose.          SECTION 3.  This Act takes effect September 1, 2025.