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:

Lower the fee limit from three percent to two percent
Exclude three fees from the fee limit
Enable home equity loans to be used on homesteads designated for agricultural use
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:

Texas Association of Realtors
Texas Farm Bureau
Texas Bankers Association
Independent Bankers Association of Texas
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 »