Text of section effective on May 29, 2013
(a) In this section:
- (1) "Mortgage servicer" has the meaning assigned by Section 51.0001, Property Code.
- (2) "Transferee" means a person authorized to pay the taxes of another.
- (e) A transferee holding a tax lien transferred as provided by this section may not charge a greater rate of interest than 18 percent a year on the funds advanced. Funds advanced are limited to the taxes, penalties, interest, and collection costs paid as shown on the tax receipt, expenses paid to record the lien, plus reasonable closing costs.
- (g) At any time after the end of the six-month period specified by Subsection (f) and before a notice of foreclosure of the transferred tax lien is sent, the transferee of the tax lien or the holder of the tax lien may require the property owner to provide written authorization and pay a reasonable fee before providing information regarding the current balance owed by the property owner to the transferee or the holder of the tax lien.
- (h) A mortgage servicer who pays a transferred tax lien becomes subrogated to all rights in the lien.
Acts 1979, 66th Leg., p. 2288, ch. 841, Sec. 1, eff. Jan. 1, 1982.
Amended by Acts 1995, 74th Leg., ch. 131, Sec. 1, eff. Sept. 1, 1995.
Acts 2005, 79th Leg., Ch. 406 (S.B. 1587), Sec. 1, eff. September 1, 2005.
Acts 2005, 79th Leg., Ch. 1126 (H.B. 2491), Sec. 13, eff. September 1, 2005.
Acts 2007, 80th Leg., R.S., Ch. 1220 (H.B. 2138), Sec. 3, eff. September 1, 2007.