85R5497 GRM-F     By: Rodríguez S.B. No. 830       A BILL TO BE ENTITLED   AN ACT   relating to the provision of accounting statements by mortgage   servicers for certain loans secured by a lien on residential real   property.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Title 5, Finance Code, is amended by adding   Chapter 397 to read as follows:   CHAPTER 397. ACCOUNTING STATEMENTS FOR CERTAIN HOME LOANS REQUIRED          Sec. 397.001.  DEFINITION. In this chapter, "mortgage   servicer" has the meaning assigned by Section 51.0001, Property   Code.          Sec. 397.002.  APPLICABILITY OF CHAPTER. This chapter   applies only to a loan secured by a first or subordinate lien on   residential real property that is not:                (1)  a federally related mortgage loan, as defined by   12 U.S.C. Section 2602;                (2)  a loan that is made by a credit union regulated by   the Credit Union Department; or                (3)  a loan that is primarily for business, commercial,   or agricultural purposes, or for temporary financing, such as a   construction loan, as referred to under 12 U.S.C. Section 2602.          Sec. 397.003.  ANNUAL ACCOUNTING STATEMENT. A mortgage   servicer shall provide to the borrower an annual statement in   January of each year for the term of the loan. The statement must   clearly and conspicuously state the following information:                (1)  the amount of each payment that was received by the   mortgage servicer as payment toward the loan during the preceding   calendar year;                (2)  how each payment described by Subdivision (1) was   applied to the borrower's account, including information showing   the amount of each payment that was applied to:                      (A)  the borrower's principal obligation under   the loan;                      (B)  the interest charged on the loan;                      (C)  any escrow account associated with the loan;   and                      (D)  any fee or other charge assessed against the   borrower during the preceding calendar year; and                (3)  the outstanding balance of the borrower's   principal obligation under the loan.          Sec. 397.004.  ACTION BY BORROWER. (a)  In addition to any   other legal and equitable remedy available, a borrower injured by a   violation of this chapter may bring an action:                (1)  to obtain an order requiring compliance with this   chapter; and                (2)  to recover:                      (A)  any actual damages; and                      (B)  $100 for each violation of this chapter.          (b)  A borrower who prevails in an action under this section   may recover reasonable attorney's fees.          SECTION 2.  This Act takes effect September 1, 2017.