| |
| |
| |
|
|
AN ACT
|
|
|
relating to the rescission or waiver of an acceleration of the |
|
|
maturity date of certain debt secured by a lien on real property. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Subchapter B, Chapter 16, Civil Practice and |
|
|
Remedies Code, is amended by adding Section 16.038 to read as |
|
|
follows: |
|
|
Sec. 16.038. RESCISSION OR WAIVER OF ACCELERATED MATURITY |
|
|
DATE. (a) If the maturity date of a series of notes or obligations |
|
|
or a note or obligation payable in installments is accelerated, and |
|
|
the accelerated maturity date is rescinded or waived in accordance |
|
|
with this section before the limitations period expires, the |
|
|
acceleration is deemed rescinded and waived and the note, |
|
|
obligation, or series of notes or obligations shall be governed by |
|
|
Section 16.035 as if no acceleration had occurred. |
|
|
(b) Rescission or waiver of acceleration is effective if |
|
|
made by a written notice of a rescission or waiver served as |
|
|
provided in Subsection (c) by the lienholder, the servicer of the |
|
|
debt, or an attorney representing the lienholder on each debtor |
|
|
who, according to the records of the lienholder or the servicer of |
|
|
the debt, is obligated to pay the debt. |
|
|
(c) Service of a notice under Subsection (b) must be by |
|
|
first class or certified mail and is complete when the notice is |
|
|
deposited in the United States mail, postage prepaid and addressed |
|
|
to the debtor at the debtor's last known address. The affidavit of |
|
|
a person knowledgeable of the facts to the effect that service was |
|
|
completed is prima facie evidence of service. |
|
|
(d) A notice served under this section does not affect a |
|
|
lienholder's right to accelerate the maturity date of the debt in |
|
|
the future nor does it waive past defaults. |
|
|
(e) This section does not create an exclusive method for |
|
|
waiver and rescission of acceleration or affect the accrual of a |
|
|
cause of action and the running of the related limitations period |
|
|
under Section 16.035(e) on any subsequent maturity date, |
|
|
accelerated or otherwise, of the note or obligation or series of |
|
|
notes or obligations. |
|
|
SECTION 2. The change in law made by this Act applies with |
|
|
respect to a maturity date accelerated before, on, or after the |
|
|
effective date of this Act and any notice of a rescission or waiver |
|
|
of an accelerated maturity date served before, on, or after the |
|
|
effective date of this Act. |
|
|
SECTION 3. This Act takes effect immediately if it receives |
|
|
a vote of two-thirds of all the members elected to each house, as |
|
|
provided by Section 39, Article III, Texas Constitution. If this |
|
|
Act does not receive the vote necessary for immediate effect, this |
|
|
Act takes effect September 1, 2015. |
| |
| |
| |
______________________________ |
______________________________ |
| |
President of the Senate |
Speaker of the House |
| |
| |
|
|
I certify that H.B. No. 2067 was passed by the House on May |
|
|
12, 2015, by the following vote: Yeas 145, Nays 0, 2 present, not |
|
|
voting. |
|
|
|
|
|
______________________________ |
|
|
Chief Clerk of the House |
| |
| |
|
|
I certify that H.B. No. 2067 was passed by the Senate on May |
|
|
26, 2015, by the following vote: Yeas 31, Nays 0. |
|
|
|
|
|
______________________________ |
|
|
Secretary of the Senate |
|
|
APPROVED: _____________________ |
|
|
Date |
|
|
|
|
|
_____________________ |
|
|
Governor |