Bill Text: TX HB2260 | 2023-2024 | 88th Legislature | Introduced

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Bill Title: Relating to a seller's disclosure of the location of certain real property in a floodplain.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2023-03-09 - Referred to Business & Industry [HB2260 Detail]

Download: Texas-2023-HB2260-Introduced.html

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88R14 NC-D
By: Kitzman H.B. No. 2260

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 5.0085 to read as follows:
Sec. 5.0085. 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, 2023.