TX SB3019

Expands who may request a payoff statement for a tax lien transfer to include not only lenders with an existing recorded lien, but also consumers and third parties authorized by the consumer

Requires the Finance Commission of Texas to prescribe by rule the form and content of payoff statement requests and transferee responses, including response deadlines

Allows parties (lenders, consumers, or authorized third parties) to request a payoff statement before a tax loan becomes delinquent

Mandates transferees deliver requested payoff statements within a period set by Finance Commission rule, with at least seven business days minimum to respond

Authorizes the consumer credit commissioner to assess administrative penalties under Finance Code Chapter 14 against transferees who willfully fail to provide payoff statements as required

Effective date: January 1, 2025