SB3019 - Relating to authority process of a recorded lien.

      By: Menéndez S.B. No. 3019               A BILL TO BE ENTITLED   AN ACT   relating to authority process of a recorded lien.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 32.06, Tax Code, is amended as follows:          (a-4)  The Finance Commission of Texas shall:                (1)  prescribe the form and content of an appropriate   disclosure statement to be provided to a property owner before the   execution of a tax lien transfer;                (2)  adopt rules relating to the reasonableness of   closing costs, fees, and other charges permitted under this   section;                (3)  by rule prescribe the form and content of the sworn   document under Subsection (a-1) and the certified statement under   Subsection (b); and                (4)  by rule prescribe the form and content of a request   a lender with an existing recorded lien on the property , consumer,   or third party authorized by the consumer must use to request a   payoff statement and the transferee's response to the request,   including the period within which the transferee must respond.          (a-5)  At the time the transferee provides the disclosure   statement required by Subsection (a-4)(1), the transferee must also   describe the type and approximate cost range of each additional   charge or fee that the property owner may incur in connection with   the transfer.          (a-6)  Notwithstanding Subsection (f-3), a lender party     described by Subsection (a-4)(4) may request a payoff statement   before the tax loan becomes delinquent. The Finance Commission of   Texas by rule shall require a transferee who receives a request for   a payoff statement to deliver the requested payoff statement on the   prescribed form within a period prescribed by finance commission   rule. The prescribed period must allow the transferee at least   seven business days after the date the request is received to   deliver the payoff statement. The consumer credit commissioner may   assess an administrative penalty under Subchapter F, Chapter 14 ,   Finance Code, against a transferee who wilfully fails to provide   the payoff statement as prescribed by finance commission rule.          SECTION 2.  This Act takes effect January 1, 2025.