RICHARDSON, Texas, (June 8, 2017) – RealPage, Inc. (NASDAQ:RP), a leading global provider of software and data analytics to the real estate industry, shares that Texas Governor Greg Abbott has signed Senate Bill 873 into law. The new law, which modifies the Texas water code, will benefit apartment owners, operators and their residents throughout the State of Texas.
Regulatory professionals at RealPage, Inc. worked closely with the Texas Apartment Association to draft the legislation, provide testimony at legislative hearings, and educate legislators on the benefits of the bill. RealPage also engaged its own outside legislative and regulatory counsel at Gardere Wynne Sewell LLP to complement the efforts of the professionals at the TAA.
This law brings the Texas water code into line with other Texas statutes that underwent tort reform over the last two decades. In recent years, Texas apartment owners faced a deluge of lawsuits from lawyers who were twisting well-established definitions and practices in utility billing in an attempt to obtain the treasure-trove of exorbitant penalties contained in the former code. The new law eliminates the unjust incentives fueling this rampant lawsuit abuse and moves the regulation of water billing under the exclusive jurisdiction of the Texas Public Utility Commission which has the authority and experience to issue judicious penalties reasonably related to the level and nature of a violation. Residents will also benefit from a new streamlined online and telephonic complaint and hearing system as well as clarity in enforcement and interpretation of the law.
“RealPage sincerely thanks everyone who worked on this legislation and we are grateful to the Senate and House bill authors, Senator Brandon Creighton and Representative Jim Murphy, for their leadership and commitment to preventing abuse of our legal system” said David Monk, EVP & Chief Legal Officer at RealPage. “We are pleased with the passage of this legislation and believe that it will greatly aid apartment owners and managers – and their residents.”
The legislation passed both the House and Senate with over a two-thirds supermajority, and became effective immediately on June 1, 2017, the date signed by Governor Abbott.
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RealPage is a leading global provider of software and data analytics to the real estate industry. Clients use its platform to improve operating performance and increase capital returns. Founded in 1998 and headquartered in Richardson, Texas, RealPage currently serves over 11,200 clients worldwide from offices in North America, Europe and Asia. For more information about the company, visit https://www.realpage.com.