Effective March 29, 2018, the Finance Commission of Texas and the Texas Credit Union Commission (herein “Commissions”) adopted amendments to the following home equity lending Interpretations: §§153.1, 153.5, 153.14, 153.17, 153.84, and 153.86; adopted new §153.45; and adopted the repeal of §153.87. These adopted changes to the Home Equity Lending Interpretations are published in the March 23, 2018, issue of the Texas Register (43 TexReg 1839, click here).
The main purpose of the Commissions’ adopted amendments to the Interpretations noted above is to implement Senate Joint Resolution 60 (SJR 60), passed by the 2017 regular session of the Texas Legislature and adopted by Texas voters at an election held November 7, 2017. SJR 60 amends the following subsections of Section 50, Article XVI, of the Texas Constitution (Section 50): amends subsections 50(a)(6)(E), (P)(i) and (vi), and (Q)(x)((b); repeals subsection 50(a)(6)(I); amends subsections 50(f) and (g); adds subsection 50(f-1); and repeals subsection 50(t)(6). SJR 60 applies to home equity loans made, and existing home equity loans refinanced, on or after January 1, 2018.
Complete Memorandum
