TITLE: Relating to a study by the consumer credit commissioner regarding payment by mortgage lenders of property tax loans.

SUMMARY: Relating to a study by the consumer credit commissioner regarding payment by mortgage lenders of property tax loans.

FULL TEXT:
AN ACT relating to a study by the consumer credit commissioner regarding payment by mortgage lenders of property tax loans. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. (a) The consumer credit commissioner shall conduct a study of the frequency with which mortgage lenders pay off property tax loans and the reasons for doing so, including because the property owner has defaulted on the mortgage loan and the mortgage lender is attempting to protect its collateral. (b) The consumer credit commissioner shall provide to the legislature an interim report of the results of the study not later than December 1, 2015, and a final report of the study results not later than December 1, 2016. SECTION 2. 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.