Bill Text: TX HB2864 | 2013-2014 | 83rd Legislature | Introduced


Bill Title: Relating to requirements for mortgage servicers in connection with loans for the purchase of residential property.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2013-04-22 - Left pending in committee [HB2864 Detail]

Download: Texas-2013-HB2864-Introduced.html
  83R10376 NC/CLG-D
 
  By: Carter H.B. No. 2864
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to requirements for mortgage servicers in connection with
  loans for the purchase of residential property.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Chapter 343, Finance Code, is amended by adding
  Subchapter D to read as follows:
  SUBCHAPTER D. REQUIREMENTS FOR MORTGAGE
  SERVICERS OF HOME LOANS
         Sec. 343.301.  DEFINITION. In this subchapter, "mortgage
  servicer" has the meaning assigned by Section 51.0001, Property
  Code.
         Sec. 343.302.  SINGLE POINT OF CONTACT FOR HOME LOAN
  INQUIRIES. (a)  Not later than the 30th day after the date a
  mortgage servicer begins servicing a home loan, the mortgage
  servicer shall provide to the borrower in writing the name and
  telephone number of a person employed by the mortgage servicer who
  will serve as the borrower's single point of contact within the
  mortgage servicer's office with respect to all inquiries related to
  the home loan.
         (b)  The person serving as the borrower's point of contact
  under Subsection (a) shall ensure that the borrower is properly and
  correctly informed regarding any loan modification plan entered
  into between the mortgage servicer and the borrower or any other
  modification of loan terms.
         Sec. 343.303.  NOTICE OF ASSIGNMENT, SALE, OR OTHER TRANSFER
  OF LOAN SERVICING.  (a)  Except as provided by Subsection (d), a
  mortgage servicer shall notify the borrower in writing of any
  assignment, sale, or other transfer of the servicing of a home loan
  to any other person.
         (b)  The notice required by Subsection (a) must contain:
               (1)  the effective date of the transfer;
               (2)  the name, address, and telephone number of the
  transferee mortgage servicer;
               (3)  the name and telephone number of an individual
  employed by, or the office or department of, the transferor
  mortgage servicer that can be contacted by the borrower to answer
  inquiries relating to the transfer of servicing;
               (4)  the name and telephone number of an individual
  employed by, or the office or department of, the transferee
  mortgage servicer that can be contacted by the borrower to answer
  inquiries relating to the transfer of servicing; and
               (5)  the date on which the transferor mortgage servicer
  who is servicing the mortgage loan before the assignment, sale, or
  other transfer will cease to accept payments relating to the loan
  and the date on which the transferee mortgage servicer will begin to
  accept the payments.
         (c)  A transferor mortgage servicer shall provide the notice
  required by Subsection (a) by certified mail, return receipt
  requested, not later than the 15th day before the effective date of
  the assignment, sale, or other transfer of the servicing of the home
  loan.
         (d)  A transferor mortgage servicer or transferee mortgage
  servicer is not required to provide notice of an assignment, sale,
  or other transfer of the servicing of a home loan as required by
  this section if the lender provides to the borrower, at settlement
  with respect to the property for the purchase of which the loan is
  made, written notice of the assignment, sale, or other transfer of
  the servicing of the loan and that notice contains the information
  required by Subsection (b).
         Sec. 343.304.  LIABILITY FOR CERTAIN VIOLATIONS UNDER THIS
  SUBCHAPTER.  (a)  A mortgage servicer that violates Section 343.303
  is liable to the borrower for:
               (1)  any actual damages to the borrower as a result of
  the violation; and
               (2)  any additional damages the court allows, in the
  case of a pattern or practice of violations of Section 343.303, in
  an amount not to exceed $2,000.
         (b)  In addition to the amounts awarded under Subsection (a),
  a mortgage servicer who is liable under this section is liable for
  court costs and reasonable attorney's fees incurred in connection
  with the action.
         SECTION 2.  Section 51.002, Property Code, is amended by
  adding Subsection (e-1) to read as follows:
         (e-1)  The mortgage servicer shall file an affidavit
  described by Subsection (e) and a copy of the certified mail receipt
  and signature record for the notice sent to the debtor under
  Subsection (d) with the county clerk for recording in the deed
  records.  A trustee may not exercise a power of sale under this
  section with respect to real property used as the debtor's
  residence unless the affidavit and the certified mail receipt and
  signature record are filed under this subsection.
         SECTION 3.  Section 51.002, Property Code, as amended by
  this Act, applies only to a sale of residential real property for
  which notice of default under that section is provided on or after
  the effective date of this Act. A sale in which notice of default is
  provided before the effective date of this Act is subject to the law
  in effect immediately before that date, and that law is continued in
  effect for that purpose.
         SECTION 4.  This Act takes effect January 1, 2014.
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