Posted by john DFW on August 16, 2005 at 15:19:04:
One is the house bill and one is the senate bill… they are both the same.
Texas Law SB 629 - True or False - Posted by denverjohn
Posted by denverjohn on August 16, 2005 at 12:15:24:
I was recently told that the Bill that stirred up much debate on doing lease options in Texas did not pass. Can anyone tell me if this is true or not. Thanks in advance.
Re: Texas Law SB 629 - True or False - Posted by Kenn
Posted by Kenn on August 17, 2005 at 05:28:27:
dj
I brought up the passing of SB 629 to my real estate agent and while she is a lady of considerable knowledge, she had never heard of it. She contacted our state representive and it took two days for them to find the law and send her a copy of it. My take on this: the majority of the R E agents in Texas don’t have a clue and neither do the builders. She informed me that the T A R has a very strong lobby in Austin and that they would never let something like this pass. Well, HELLO, guess what? It just did!! It is going to be interesting to see what happens in the next few months. I am not a lawyer, so I can’t see down the legal road as to the problems that are ahead, but I am sure that there will be hundreds of L/O’ written after the first of September. Those knotheads in Austin are about as worthless as the t#%ts on a boar hog!!
Just my opinion.
Kenn
Text of Texas House Bill 1823 - Posted by Elise
Posted by Elise on August 16, 2005 at 20:21:29:
Go to this link for the text of the final bill that tht governor signed back in June.
It’s now the law.
Re: Texas Law SB 629 - True or False - Posted by Nick
Posted by Nick on August 16, 2005 at 12:34:27:
I went to the Real Estate Club in Houston last weekend and acording to them it did pass. It is House Bill 1823. According to this bill L/P in Texas is a dead deal for now. The investment clubs in Texas are trying to lobby to have this ammended to not be so strict but they think it could take a few years.
Those knotheads in Austin - Posted by Elise
Posted by Elise on August 17, 2005 at 15:32:37:
Kenn, I posted a link the the text of the new law just below. This is the final version that the governor signed.
You’re right. This is going to catch a lot of people off guard. I will bet that it will also get tested in the courts for constitutionality.
But in the mean time, we have to deal with it.
Hey, the politicians are not completely worthless,even though they cannot seem to get the school funding problem resolved.
They cut the pensions for all the Texas teachers and they raised their own retirement benefits with the savings from the teachers.
Heaven knows those teachers are so overpaid!
I’m glad they’re looking out for us.
Re: Texas Law SB 629 - True or False - Posted by Sean
Posted by Sean on August 16, 2005 at 15:00:50:
So, you can’t lease purchase something with a lien on it?
Maybe I’m missing something, but this doesn’t seem to kill wrap arounds or land contracts… be creative folks… Politicians just aren’t that bright, there is always a loophole.
Re: Texas Law SB 629 - True or False - Posted by denverjohn
Posted by denverjohn on August 16, 2005 at 14:20:35:
Thanks for this update. We heard the bill had passed and then yesterday we heard from someone in Texas that the bill didn’t pass. Even though the bill was 629 why is the number now 1823. Does the number change when it is voted on? Excuse my ignorance. Thanks again.