In the July 4, 2014 issue of the Texas Register (Volume 39 Number 27), the Finance Commission of Texas and the Texas Credit Union Commission (“commissions”) jointly proposed amendments to the following home equity lending interpretations in the Texas Administrative Code (7 TAC Chapter 153), as set out below: §153.1.Definitions. Any reference to Section 50 in this interpretation refers to Article XVI, Texas Constitution, unless otherwise noted. These words and terms have the following meanings when used in this chapter [section], unless the context indicates otherwise: (11) Interest–As used in Section 50(a)(6)(E), “interest” means the amount determined by multiplying the loan principal by the interest rate over a period of time. [interest as defined in the Texas Finance Code §301.002(4) and as interpreted by the courts.]
