Effective November 26, 2020, the Finance Commission of Texas and the Texas Credit Union Commission (herein “Commissions”) adopt amendments to the following home equity lending interpretations: §153.8 (relating to Security of the Equity Loan: Section 50(a)(6)(H)), §153.11 (relating to Repayment Schedule: Section 50(a)(6)(L)(i)), §153.14 (relating to One Year Prohibition: Section 50(a)(6)(M)(iii)), §153.15 (relating to Location of Closing: Section 50(a)(6)(N)), §153.22 (relating to Copies of Documents: Section 50(a)(6)(Q)(v)), and §153.41 (relating to Refinance of a Debt Secured by a Homestead: Section 50(e)); and adopt new §153.26 (relating to Acknowledgment of Fair Market Value: Section 50(a)(6)(Q)(ix)).

The text of the Commissions’ amendments to the home equity lending interpretations—Texas Administrative Code (7 TAC Chapter 153)—is reprinted in the Addendum attached to this memorandum.

Full Memorandum