Home Equity Constitutional Amendment Will Be on November Ballot
By TLTA Staff
May 10, 2017
Both the Texas House and Senate have adopted
SJR 60, a proposed constitutional amendment that would take effect Jan. 1, 2018 and would apply to a home equity loan made on or after the effective date and to an existing home equity loan that is refinanced on or after the effective date.
The amendment would:
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Lower the fee limit from three percent to two percent
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Exclude three fees from the fee limit
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Enable home equity loans to be used on homesteads designated for agricultural use
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Allow a "seasoned" refinance of an equity loan to be a non-home equity loan
•
Change the "Notice Concerning Extensions of Credit" to include these changes
TLTA would like to thank the following organizations for supporting this piece of legislation:
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Texas Association of Realtors
•
Texas Farm Bureau
•
Texas Bankers Association
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Independent Bankers Association of Texas
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Texas Mortgage Bankers Association
•
Texas Credit Union Association
Special thanks goes to the Texas Association of Realtors for putting together
this one-pager on the legislation and letting TLTA share it.
Read the TAR One-Pager »
Follow SJR 60 »
Read the Senate Committee on Investments and Financial Services' Analysis of SJR 60 »
Read TMBA's Article on Companion Resolution HJR 99 »