Automatically notifies of text being read?

Don't think so.

AFAIK, the SMS protocol supports delivery receipts, but not read receipts

 

In the stock Messaging app you can enable delivery reports for SMS and MMS, and read reports for MMS. As far as I know this only works if both the sender and recipient are on the same carrier. I have used delivery reports on Verizon and can confirm that it works. Cross-carrier messaging is another story. Also, nothing on the sender's end can force a delivery or read report if the recipient's end doesn't allow or support it.