This is the first of four legislative updates prepared by this firm and summarizes those bills effective immediately that we consider of interest to our clients. The three 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; (ii) the proposed constitutional amendments to be submitted for voter approval at an election to be held November 8, 2005; and (iii) changes in statutory law relating to manufactured housing.
Search Results
Read articles below for analysis and discussion of recent trends by BM&G’s industry experts.
High Pressure Gas & Petroleum Pipeline Easements
Although oil is no longer the main driving force behind the Texas economy, an intricate web of high-pressure gas and petroleum pipeline easements still criss-cross the state. The major institutional investors, FNMA, FHLMC, FHA and VA, usually impose various requirements when pipeline easements are present on real property serving as security for mortgage loan transactions. Each of these investors has its own set of underwriting guidelines; therefore, it is not always clear how to treat the presence of pipeline easements in a particular transaction. This memorandum attempts to summarize each of these investors’ guidelinesconcerning the treatment of pipeline easements in a residential real property transaction.
Home Imp. Final Agency Interpretations
The Finance Commission of Texas and the Texas Credit Union Commission (“Commissions”) have jointly issued their final interpretations of Section 50(a)(5), Article XVI, of the Texas Constitution relating to the creation of a valid home improvement lien on a Texas homestead. These interpretations were published in the July 1, 2005 issue of the Texas Register (Vol. 30, No. 26) and will become effective July 7, 2005. They are codified in the Texas Administrative Code in 7 TAC §§152.1, 152.3, 152.5 152.7, and 152.15.
Home Improvement Lending on Texas Homesteads
The Finance Commission of Texas and the Texas Credit Union Commission (“Commissions”) have jointly issued their final interpretations of Section 50(a)(5), Article XVI, of the Texas Constitution relating to the creation of a valid home improvement lien on a Texas homestead. These interpretations were published in the July 1, 2005 issue of the Texas Register (Vol. 30, No. 26) and will become effective July 7, 2005. They are codified in the Texas Administrative Code in 7 TAC §§152.1, 152.3, 152.5 152.7, and 152.15.
RESPA-Violation Complaint Form
The Real Estate Settlement Procedures Act (“RESPA”) is designed to assure fair lending practices by helping customers become better shoppers for settlement services and eliminate kickbacks and referral fees that unnecessarily increase the cost of settlement services. If you are aware of possible RESPA violations in your area, please let HUD know about them. You may use this form to register a complaint.
Fair Credit – Credit Score Disclosure Requirements
The Fair and Accurate Credit Transactions Act of 2003 (FACTA) amended the Fair Credit Reporting Act to require certain notices to consumers and customers, prevent identity theft, improve resolution of consumer disputes, improve the accuracy of consumer records, make improvements in the use of, and consumer access to, credit information, and for other purposes. Section 212 of the FACTA amended, in pertinent part, Section 609 of the Fair Credit Reporting Act by adding as Section 609(g) a credit score disclosure requirement for lenders. The deadline for mandatory compliance with this credit score disclosure requirement is December 1, 2004.