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Texas House Passes Changes to Notice Required on Possessory Lienholder Sales
Wednesday, May 13, 2015 7:00 AM

The Texas House has passed HB 2076 by Oliveira (D-Brownsville), which provides a more effective and secure notification process before a possessory lienholder could sell a motor vehicle, motorboat, vessel or outboard motor. It ensures that the possessory lienholder cannot conduct the sale without filing the notice with the county which, in turn, is required to give notice to the credit union.

The bill changes the date by which the thirty-day waiting period before sale is calculated. Possessory lienholders would have to wait until the 31st day after they file notice with the county assessor-collector to sell, rather than the current requirement of the 31st day after the possessory lienholder mails notice to owners and lienholders of record.

The county assessor-collector’s notice to the owners and lienholders would have to include the original filing date of the possessory lienholder's notice to the county assessor-collector, ensuring that credit unions would know exactly the date on which the possessory lienholder could sell.

The vehicle, boat, vessel or motor could not be sold without giving the credit union a chance to inspect the vehicle before the date of the authorized public sale. HB 2076 now goes to the Senate for consideration.

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