Bill Text: TX HB2901 | 2011-2012 | 82nd Legislature | Introduced

Texas House Bill 2901 (Prior Session Legislation)

Introduced

Bill Title: Relating to the priority of a lien for funds advanced by the transferee of an ad valorem tax lien.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2011-03-17 - Referred to Ways & Means [HB2901 Detail]

Download: Texas-2011-HB2901-Introduced.html

	82R9811 CJC-F

	By: Miller of Comal	H.B. No. 2901



	A BILL TO BE ENTITLED
	AN ACT
	relating to the priority of a lien for funds advanced by the
	transferee of an ad valorem tax lien.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1. Section 32.06(e), Tax Code, is amended to read as
	follows:
	(e) A transferee holding a tax lien transferred as provided
	by this section may not charge a greater rate of interest than 18
	percent a year on the funds advanced. Funds advanced are limited
	to the taxes, penalties, interest, and collection costs paid as
	shown on the tax receipt, expenses paid to record the lien, plus
	reasonable closing costs. A transferee assumes the lien priority
	of the taxing unit for funds advanced to pay taxes, penalties,
	interest, and collection costs as shown on the tax receipt. The
	lien priority of funds advanced by a transferee to pay closing
	costs, fees, and any other expenses incurred by the transferee
	after the date the lien is transferred is determined by the date the
	statement attesting to the transfer of the tax lien is recorded
	under Subsection (d).
	SECTION 2. The change in law made by this Act applies only
	to a tax lien transferred under Section 32.06, Tax Code, on or after
	the effective date of this Act. A tax lien transferred under
	Section 32.06, Tax Code, before the effective date of this Act is
	governed by the law in effect on the date the tax lien is
	transferred, and the former law is continued in effect for that
	purpose.
	SECTION 3. This Act takes effect September 1, 2011.