S.B. No. 1587
AN ACT
relating to certain foreclosure notice requirements.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subsection (g), Section 32.06, Tax Code, is
amended to read as follows:
(g) A suit to foreclose a tax lien transferred as provided
by this section may not be instituted within one year from the date
on which the lien is recorded in all counties in which the property
is located, unless the contract between the owner of the property
and the transferee provides otherwise. The transferee of a tax lien
or any successor in interest must notify the holders of all recorded
liens on the property before foreclosure in the same manner and
within the same time frame as the transferee must notify the owner
of the property under Section 51.002, Property Code.
SECTION 2. Section 32.065, Tax Code, is amended by adding
Subsection (g) to read as follows:
(g) A contract under this section must require that the
lienholder notify the holders of all recorded liens on the property
before foreclosure in the same manner and within the same time frame
as the lienholder must notify the owner of the property under
Section 51.002, Property Code.
SECTION 3. Subsection (g), Section 32.065, Tax Code, as
added by this Act, applies only to a contract entered into under
Section 32.065, Tax Code, on or after the effective date of this
Act. A contract entered into before the effective date of this Act
is governed by the law in effect on the date the contract was
entered into, and the former law is continued in effect for that
purpose.
SECTION 4. This Act takes effect September 1, 2005.
______________________________ ______________________________
President of the Senate Speaker of the House
I hereby certify that S.B. No. 1587 passed the Senate on
April 28, 2005, by the following vote: Yeas 31, Nays 0.
______________________________
Secretary of the Senate
I hereby certify that S.B. No. 1587 passed the House on
May 20, 2005, by a non-record vote.
______________________________
Chief Clerk of the House
Approved:
______________________________
Date
______________________________
Governor