This legislative update summarizes the bills and one proposed constitutional amendment that we consider of interest to our clients, listed in order of importance and not when effective. The effective dates are noted in the applicable summary. 1. RESCISSION OR WAIVER OF ACCELERATION OF THE MATURITY DATE OF DEBT SECURED BY LIEN ON REAL PROPERTY (HB 2067) Effective June 17, 2015, HB 2067 amends Chapter 16, Civil Practice and Remedies Code, by adding Section 16.038 to provide that if the maturity date of a series of notes or obligations or a note or obligation payable in installments and secured by a real property lien is accelerated, and the accelerated maturity date is rescinded or waived in accordance with Section 16.038 before the limitation period expires, the acceleration is deemed rescinded and waived and the note, obligation or series of notes or obligations will be governed by Section 16.035 as if no acceleration had occurred. Rescission or waiver of acceleration under HB 2067 is effective if: • made by notice in writing; • served by the lienholder, the servicer of the debt, or an attorney representing the lienholder; and • served by first class or certified mail on all debtors who were obligated to pay the debt by deposit in the U.S. Mail, postage prepaid, at their last known address.
