85th Recap: Financing and Lending
H.B. 1470 - Relating to the public sale of real property under a power of sale in a security instrument
This bill address aspects of the foreclosure law in Texas. Advocates for the bill felt several areas of the current law were ill-defined. H.B. 1470 allows for a trustee in a foreclosure to contract with an attorney, clarifies the process to sell a property to a winning bidder and ensure funds are properly distributed, and protects a trustee who is sued and the court determines the suit was groundless to recover attorney’s fees and court costs.
This bill was signed by the governor and will go into effect on September 1, 2017.
H.B. 3342 - Relating to prelicensing education requirements for a residential mortgage loan originator license
The current law states that if a person who was previously licensed as a mortgage loan originator does not maintain their license for five consecutive years, then the person would have to re-take the education and re-take the initial licensing exam. H.B. 3342 changes the five-year timeframe to a timeframe determined by administrative rule from the Texas Finance Commission.
The Commission would have to establish the rule by December 1, 2017.
Gov. Abbott signed this bill, and it will go into effect January 1, 2018.
This is one of TMHA's 85th Legislative Session Recap posts. The series includes these additional posts: