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Bill Allowing Rescission of Acceleration of Debt Passes Texas House
Friday, May 15, 2015 6:45 AM

HB 2067 by Rep. René Oliveira (D-Brownsville) amends parts of the Civil Practice and Remedies Code to allow a lienholder, servicer of a debt, or attorney representing the lienholder, against a person paying the debt, to rescind a notice of acceleration of a debt by mailing notice to the debtor indicating the rescission. Rescinding a notice of acceleration does not prevent a lienholder's right to accelerate in the future or waive past default.

The bill passed the House by a vote of 145 to 0, and has been referred to the Business and Commerce Committee in the Senate.

Contact Jeff Huffman, president, Texas Credit Union Association, at 469-385-6488 or jhuffman@txcua.coop for more information.