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.
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Read articles below for analysis and discussion of recent trends by BM&G’s industry experts.
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.
Legislative Update from Texas Legislature 2005
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.
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.