Over the last several years we have periodically updated our clients on the status of the Federal Communications Commission’s rules on unsolicited facsimile advertisements (see memos dated August 18, 2003 (updated October 18, 2004 and June 28, 2005) and July 5, 2005). On April 5, 2006, in its Report and Order and Third Order on Reconsideration (“Order”), the Commission adopted its final rules regarding unsolicited facsimile advertisements. These rules became effective August 1, 2006, and implement the Telephone Protection Act of 1991 (Public Law No. 102-243) and the Junk Fax Prevention Act of 2005 (Public Law No. 109-21), codified at 47 U.S.C. §227.
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Read articles below for analysis and discussion of recent trends by BM&G’s industry experts.
Texas Finance Commission Relocates/ Amends Plain Language Rules and Forms
The Texas Finance Commission (“Commission”) published in the August 25, 2006 issue of the Texas Register (Vol. 31, No. 34) an extensive relocation and reorganization of administrative rules and model forms for secured and unsecured loans subject to Chapter 342 of the Texas Finance Code.
Home Equity Lending – Revisions to Interpretations
The Finance Commission of Texas and the Texas Credit Union Commission (“Commissions”) have jointly revised the following home equity Interpretations of §50(a)(6), Article XVI, Texas Constitution: §153.13 (Preclosing Disclosures), §153.18 (Limitation on Application of Proceeds), and §153.20 (No Blanks in Any Instrument). These revised Interpretations are published in the June 23, 2006 issue of the Texas Register (Vol. 31, No. 25) and become effective June 29, 2006.
Legislative Update from Texas Legislature 2005
This legislative update covers constitutional amendments SJR 7 and SJR 21, submitted for voter approval on November 8, 2005, and Sections 2.09, 2.10 and 2.11 of HB 955, and revises our November 4, 2005 legislative update on these issues. SJR 7 was approved and becomes effective when the secretary of state canvasses [authenticates] the votes for that amendment. SJR 21 was not approved and neither SJR 21 nor its implementing legislation in Sections 2.09, 2.10 and 2.11 of HB 955 will become law. This update summaries SJR 7 and SJR 21 with redactions from the Bill Analysis. This update also quotes the full text of SJR 7 with its additions underlined and its deletions in brackets with strikethroughs.
Legislative Update from Texas Legislature 2005
This memorandum is the final revisions to our previous memorandums on this issue dated August 18, and September 2, 2005. As discussed in those prior memorandums, House Bill 1547, 79th Regular Session of the Texas Legislature, 2005, amends the plain language provisions of Section 341.502 of the Texas Finance Code to provide for the following Spanish language disclosures.
Legislative Update from Texas Legislature 2005
This memorandum attempts to clarify our August 15, 2005 memorandum on this subject by addressing the issue of whether Sections 32.06 and 32.065 of the Texas Tax Code are the exclusive method for refinancing ad valorem tax debt on Texas homestead property. Please refer to this firm’s August 15, 2005 memorandum located on our website at www.bmandg.com under the “what’s new?” icon for a full discussion of the transfer and refinance of ad valorem tax liens pursuant to Sections 32.06 and 32.065, Texas Tax Code.
Legislative Update from Texas Legislature 2005
This legislative update summarizes those bills effective on and after September 1, 2005 that we consider of interest to our clients. The first legislative update, dated July 13, 2005, summarized those bills effective immediately that we consider of interest to our clients. The second legislative update, dated July 19, 2005, summarized House Bill 2438 relating to changes in manufactured housing law, which took effect June 18, 2005. The third legislative update, dated August 15, 2005, summarized Senate Bill 1587 and House Bill 2491 relating to the transfer and refinance of real property tax liens. The fourth legislative update, dated August 18, 2005, discussed House Bill 1547 and the Finance Commission proposed rules relating to the new second lien plain language Spanish disclosure. The legislative update that follows this update will summarize the two proposed constitutional amendments (SJR 7 and SJR 21) to be submitted for voter approval at an election to be held November 8, 2005.
Legislative Update from Texas Legislature 2005
For quite sometime Sections 32.06 and 32.065, Texas Tax Code, have provided the mechanism for lenders to refinance ad valorem tax debt secured by tax liens against Texas homestead (and other property) permitted by Section 50(a)(2), Article XVI, Texas Constitution. Over the years, many mortgage lenders have taken advantage of this mechanism, to the benefit of their borrowers, by traditional refinance loans that refinance the ad valorem tax debt with other debt secured by homestead property. Recent amendments to Sections 32.06 and 32.065 made by Senate Bill 1587 and House Bill 2491, to be effective September 1, 2005, have added new requirements to this procedure. This memorandum summarizes these legislative changes.
Reg. Z Lock-In Fee Memo
Recent federal cases have raised Truth in Lending disclosure issues regarding lock-in agreements with non-refundable lock-in fees on loans subject to the consumer’s right of rescission under the Truth in Lending Act (15 U.S.C. §1635(b) and Regulation Z, §226.23(d)). The problem arises with the wording of the lock-in agreement and the circumstances stated by the lender under which the lock-in fee is non-refundable.
Legislative Update from Texas Legislature 2005 – Manufactured Housing (HB 2438)
This is the second of four legislative updates prepared by this firm and summarizes House Bill 2438 (HB 2438), signed into law June 18, 2005 to take effect immediately. Our first legislative update, dated July 13, 2005, summarizes those bills effective immediately that we consider of interest to our clients. The two legislative updates that follow this update will summarize, respectively, (i) bills effective on and after September 1, 2005 that we consider of interest to our clients; and (ii) the two proposed constitutional amendments (SJR 7 and SJR 21) to be submitted for voter approval at an election to be held November 8, 2005.