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Texas Senate Passes HB 2067 Allowing Rescission of Acceleration of Debt
Wednesday, May 27, 2015 7:00 AM

HB 2067 by Rep. René Oliveira (D-Brownsville) clarifies that if a maturity date of debt is accelerated and the accelerated maturity date is later rescinded, the debt obligations will be treated as if no acceleration had occurred. The bill provides procedures for proving notice of a rescission or waiver of acceleration. The bill clarifies that notice of rescission of the acceleration does not prevent a lienholder’s right to accelerate in the future or waive past default. 

The bill passed the Senate by a vote of 31 to 0, was previously passed by the House, and now goes to the governor.

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