88R6514 SHH-F     By: Holland H.B. No. 1674       A BILL TO BE ENTITLED   AN ACT   relating to certain sales or purported sales of homestead property   that are classified as loans.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Sections 41.006(a) and (c), Property Code, are   amended to read as follows:          (a)  Except as provided by Subsection (c), any sale or   purported sale in whole or in part of a homestead at a fixed   purchase price, inclusive of any noncash consideration or other   things of value, that is less than the appraised fair market value   of the property at the time of the sale or purported sale, and in   connection with which the buyer of the property executes a lease of   the property to the seller at lease payments that exceed the fair   rental value of the property, is considered to be a loan with all   payments made from the seller to the buyer in excess of the sales   price considered to be interest subject to Title 4, Finance Code.          (c)  This section does not apply to:                (1)  the sale of a family homestead to a parent,   stepparent, grandparent, child, stepchild, brother, half brother,   sister, half sister, or grandchild of an adult member of the family;   or                (2)  a transaction described by Subsection (a) that   includes an option agreement.          SECTION 2.  This Act takes effect September 1, 2023.