This legislative update summarizes additional bills from the 2017 Legislative Session that we consider of interest to our clients. The effective dates of these bills are noted in the applicable bill summary. Previous to this legislative update, we issued Legislative Update I, summarizing proposed constitutional amendments and their enabling legislation, Legislative Update II, summarizing three bills that substantially affect durable powers of attorney, and Legislative Update III, summarizing bills relating to real property. Legislative Updates I, II and III are found on the Articles page of the firm’s website www.bmandg.com.
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2017 Legislative Update III from 85th Regular Session of the Texas Legislature
This legislative update summarizes bills from the 2017 Legislative Session that we consider of interest to our clients, listed in order of importance and not when effective. The effective dates of these bills are noted in the applicable bill summary. Previous to this legislative update, we issued Legislative Update I, summarizing proposed constitutional amendments and their enabling legislation, and Legislative Update II, summarizing three bills that substantially affect durable powers of attorney. Legislative Updates I and II are found on the Articles page of the firm’s website www.bmandg.com.
2017 Legislative Update II – Bills Affecting Durable Powers of Attorney
This legislative update summarizes three bills enacted into law from the 2017 Regular Session of the 85th Texas Legislature-House Bill 1974 (HB 1974), Senate Bill 39 (SB 39), and Senate Bill 1193 (SB 1193)-that impact durable powers of attorney under Chapters 751 and 752, Texas Estates Code. Each bill’s effective date is noted in the bill summary. Previous to this legislative update, we issued Legislative Update I summarizing proposed constitutional amendments and their enabling legislation, which are found on the Articles page of the firm’s website www.bmandg.com.
2017 Legislative Update I – Proposed Constitutional Amendments
The Regular Session of the 85th Texas Legislature (85(R) – 2017), which ended May 29, 2017, proposed only seven constitutional amendments. For these amendments to take effect, they must be approved by a majority of Texas voters at an election to be held November 7, 2017. Only four of these proposed constitutional amendments and the three proposed enabling legislative bills are the subject of this legislative update.
Home Equity Lending Proposed Constitutional Amendments (S.J.R. 60)
The Texas Legislature recently passed Senate Joint Resolution 60 (S.J.R. 60), a joint resolution proposing amendments to the Texas Constitution that would change provisions governing Texas Home Equity lending. S.J.R. 60 will be submitted to the voters at an election to be held November 7, 2017, and, if approved, will take effect January 1, 2018. With regard to the amendments proposed by S.J.R. 60, this memorandum discusses the following: (i) changes with substantive effect (Major Changes); (ii) changes with less substantive effect (Minor Changes); (iii) potential implementation issues-including our view that the changes will create a twelve-day window from January 1, 2018, to January 12, 2018, during which home equity loans cannot close (Implementation Issues); and (iv) an assessment of the likelihood of approval (Likelihood of Passage). For reference, the text of S.J.R. 60 is reprinted in an addendum to this memorandum.
CFPB Notice of Assessment of Ability-to-Repay/Qualified Mortgage Rule and Request for Public Comment
In the June 1, 2017 issue of the Federal Register (82 FR 25246, click here) the CFPB published the above referenced Notice of Assessment (the Notice) of the ATR/QM Rule (§1026.43 of Regulation Z), and is requesting public comment on its plans for assessing this Rule as well as certain recommendations and information that may be useful in conducting the planned assessment. Comments must be received by the CFPB on or before: July 31, 2017. You may submit comments, identified by Docket No. CFPB-2017-0014, by any of the following methods.
Interagency Advisory on the Availability of Appraisers
On May 31, 2017, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration and Office of the Comptroller of the Currency (collectively herein, the “agencies”), jointly issued an advisory (click here) to inform insured depository institutions and bank holding companies (collectively herein, the “regulated institutions”) of two existing options that may address appraiser shortages, particularly in rural areas: temporary practice permits and temporary waivers. In summary, the advisory provides as follows:
CFPB Proposed Amendments to HMDA Regulation C
In the April 25, 2017, issue of the Federal Register (82 FR 19142, click here) the CFPB published a proposed rule, with a request for public comment, to make technical corrections to and to clarify certain requirements adopted by the Home Mortgage Disclosure (Regulation C) final rule (2015 HMDA Final Rule), which was published in the Federal Register on October 28, 2015 (80 FR 66128). The proposed rule also proposes a new reporting exclusion.
VA Advanced Notice of Proposed Rulemaking on Revising Allowable Charges and Fees Schedule in 38 CFR 36.4313(d)
In the April 13, 2017, issue of the Federal Register (82 FR 17792, click here) the Department of Veterans Affairs (VA) published an advanced notice of proposed rulemaking (ANPR) notifying the public that the VA is currently reviewing its regulations governing the allowable expenses that a veteran may pay or be charged in connection with obtaining a VA-guaranteed home loan, with a request for public comment, including the following questions republished in this memorandum.
CFPB Supervisory Highlights: Consumer Reporting Special Edition
The following are excerpts taken from the CFPB’s fourteenth edition of its Supervisory Highlights published in the April 6, 2017, issue of the Federal Register (82 FR 16808, click here), which includes findings from examinations at consumer reporting companies (“CRCs”) and at companies (“furnishers”) that furnish information to CRCs. These excerpts only pertain to furnishers that supply the information about consumers’ financial behavior to CRCs and are redacted and modified for clarity and length.