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Tax Lien Lender Notice Bill Passes the Texas House, Moves to Senate
Friday, May 15, 2015 7:00 AM

A bill requiring property owners to give advance notice to their lender if they intend to use a tax lien lender's services has completed another step in the legislative process. HB 1936 was considered on the floor of the Texas House on Monday, May 4, and passed by a vote of 114 to 25. It has been received in the Senate and referred to the Senate Business and Commerce Committee. Sen. Brian Birdwell (R-Granbury) is the Senate sponsor.

When a homeowner contracts with a tax lien lender, the mortgage holder loses its first lien position. This notice would give the lender a period to pay the taxes on behalf of the borrower or employ alternatives that will protect the lender's priority position. Tax lien lenders assume the priority position of a government entity.

The Texas Credit Union Association has been supporting HB 1936, which protects the security interest that a credit union has in their collateral, reinforcing the priority of the credit union's interest in the collateral.

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