Archive

Go to:

August 2017
SMTWTFS
12345
6789101112
13141516171819
20212223242526
2728293031
< Jul Sep >
Leaguer Email Subscription

You are not currently subscribed. Click Subscribe below to receive the Leaguer email.

Texas Senate Committee Amends Bill on Possessory Lienholder Sales
Friday, May 22, 2015 6:55 AM

The Texas Senate committee on Business & Commerce voted out HB 2076 by Rep. René Oliveira (D-Brownsville) and Sen. Robert Nichols (R-Jacksonville), 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.

An amendment was added in committee that specified that if payment is made by a third party to the mechanic, the possessory lien is extinguished. Also, if the mechanic releases the vehicle, the possessory lien is extinguished.

The bill changes the date by which the 30-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 full Senate for consideration.

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