By:
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Lucio III H.B.
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No.
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2684A BILL TO BE ENTITLEDAN ACTrelating to the foreclosure process; creating an offense; providingpenalties.BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:SECTION
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1.
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Title 5, Property Code, is amended by addingSubtitle A-1 to read as follows:SUBTITLE A-1. CONSUMER PROTECTIONSCHAPTER 50. FORECLOSURE PROTECTION ACTSUBCHAPTER A. GENERAL PROVISIONSSec.
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50.001.
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SHORT TITLE. This chapter may be cited as the"Foreclosure Protection Act."Sec.
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50.002.
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DEFINITIONS. (a) In this chapter:(1)
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"Equity purchase contract" means a contractbetween an equity purchaser and the homeowner of a residence inforeclosure.(2)
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"Equity purchaser" means a person who acquirestitle to a residence in foreclosure. The term does not include aperson who acquires the title:(A)
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for purposes of using the property as theperson
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s residence for at least one year;(B)
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by a deed in lieu of foreclosure to the holderof a voluntary lien or encumbrance of record;(C)
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by a deed from the officer charged withselling property under Chapter 34, Tax Code;123456789101112131415161718192021222324
82R4552 PMO-D
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(D)
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at a sale of real property authorized bystatute;(E)
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by court order or judgment;(F)
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from the person
’
s spouse or a relative of theperson related by consanguinity or affinity;(G)
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while performing services as a part of aperson
’
s normal business activities under the laws of this state orthe United States that regulate banks, trust companies, savings andloan associations, credit unions, or insurance companies;(H)
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while performing services as an affiliate ofa person described by Paragraph (G), or as an employee or agent of aperson described by Paragraph (G), if the affiliate or employee oragent performs those services as part of that person
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s normalbusiness activities; or(I)
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as a result of a short sale transaction thatcomplies with Section 50.107 and in which a short sale addendumform, as adopted by the Texas Real Estate Commission, is part of thecontract used to acquire the residence in foreclosure.(3)
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"Foreclosure consultant" means a person who, inthe course of the person
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s business, vocation, or occupation,solicits, represents, or offers to a homeowner to perform, forcompensation from the homeowner or from the proceeds of a loan oradvance of funds, a service that the person represents will:(A)
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prevent or postpone a foreclosure sale;(B)
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obtain a forbearance from:(i)
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a mortgagee;(ii)
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a beneficiary of a deed of trust; or123456789101112131415161718192021222324252627H.B.
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No.
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2684
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(iii)
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another person who holds a liensecured by the residence in foreclosure;(C)
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assist the homeowner:(i)
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to cure the default giving rise to theforeclosure action; or(ii)
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to exercise the right of reinstatementof the homeowner
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s obligation secured by the residence inforeclosure;(D)
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obtain an extension of the period withinwhich the homeowner may reinstate the homeowner
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s obligationsecured by the residence in foreclosure;(E)
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obtain a waiver of an acceleration clausecontained in a promissory note or contract secured by a deed oftrust or mortgage on a residence in foreclosure or contained in thedeed of trust or mortgage;(F)
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assist the homeowner to obtain a loan oradvance of funds to prevent foreclosure;(G)
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avoid or ameliorate the impairment of thehomeowner
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s credit resulting from the recording of a notice ofdefault or the conduct of a foreclosure sale;(H)
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save the homeowner
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s residence fromforeclosure; or(I)
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assist the homeowner in obtaining excessproceeds from a foreclosure sale of the homeowner
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s residence.(4)
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"Foreclosure consulting contract" means acontract between a foreclosure consultant and the homeowner of aresidence.123456789101112131415161718192021222324252627H.B.
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No.
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2684
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