TX
Texas House Bill HJR104

Texas 2021 - 87th Regular

Texas House Bill HJR104

Caption

Proposing a constitutional amendment authorizing the legislature to provide for exceptions to the requirement that a home equity loan be closed only at the office of the lender, an attorney at law, or a title company.

Impact

If enacted, HJR104 would alter Sections 50(a) and (g) of Article XVI of the Texas Constitution, thereby allowing the legislature to create exceptions that could result in home equity loans closing outside of the currently mandated locations. This change could streamline the process for some borrowers, potentially making it easier for them to access funds when needed. Additionally, the proposed amendment may enhance borrowing opportunities by allowing alternative arrangements that may be deemed necessary in specific circumstances.

Summary

HJR104 proposes a constitutional amendment in Texas that would allow the legislature to establish exceptions to the existing requirement that home equity loans must close at the office of the lender, an attorney, or a title company. The proposed changes aim to provide flexibility for homeowners and lenders while still protecting consumer rights. This amendment is significant as it impacts the processes surrounding home equity lending, a common practice among homeowners looking to leverage the equity in their properties for financial purposes.

Conclusion

Overall, HJR104 represents a pivotal change in the regulation of home equity loans within Texas. It emphasizes a balance between providing residents with more flexible lending options while also striving to maintain sufficient consumer protections in the home equity lending market. The upcoming election, where voters will decide on this amendment, will ultimately shape the future landscape of home equity financing in the state.

Contention

Notably, this bill has raised points of contention regarding the implications for consumer protection and the risk of predatory lending practices. Critics argue that relaxing the closing requirements could lead to less oversight and an increased risk for consumers, particularly those who may not fully understand the terms of the loans they are entering into. Proponents, however, contend that the flexibility could foster a more competitive lending environment, potentially benefiting consumers through better rates and terms.

Companion Bills

TX HB2284

Enabled by Relating to the physical presence of a borrower at the closing of a home equity loan.

Previously Filed As

TX HJR20

Proposing a constitutional amendment authorizing the legislature to provide for exceptions to the requirement that a home equity loan be closed only at the office of the lender, an attorney at law, or a title company.

TX HJR124

Proposing a constitutional amendment to remove the requirement that a home equity loan be closed only at the office of the lender, an attorney at law, or a title company.

TX HJR29

Proposing a constitutional amendment providing that a residence homestead is not subject to seizure or sale for delinquent ad valorem taxes.

TX SJR55

Proposing a constitutional amendment authorizing the legislature to provide that the appraised value of a residence homestead for ad valorem tax purposes is the market value of the property for the first year that the owner qualified the property for a homestead exemption or, if the owner purchased the property, the purchase price of the property.

TX SJR46

Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation a person's inventory.

TX HJR84

Proposing a constitutional amendment authorizing the Kickapoo Traditional Tribe of Texas to conduct gaming by executing a gaming compact with this state; providing for occupational licensing under the compact; limiting certain taxes and fees.

TX SJR30

Proposing a constitutional amendment authorizing the Kickapoo Traditional Tribe of Texas to conduct gaming by executing a gaming compact with this state; providing for occupational licensing under the compact; limiting certain taxes and fees.

TX HJR120

Proposing a constitutional amendment authorizing the legislature to limit the total amount of ad valorem taxes that a school district may impose on the residence homestead of an individual and the surviving spouse of the individual if the individual qualifies the property as the individual's residence homestead for at least 20 consecutive tax years.

TX HJR57

Proposing a constitutional amendment to authorize the legislature to set a lower limit on the maximum appraised value of a residence homestead for ad valorem taxation.

TX HJR152

Proposing a constitutional amendment to authorize the legislature to set a lower limit on the maximum appraised value of a residence homestead for ad valorem taxation.

Similar Bills

CA SB832

Debtor exemptions: homestead exemption.

TX HJR131

Proposing a constitutional amendment concerning fees that are subject to the maximum allowable limit to obtain a home equity loan.

TX HJR90

Proposing a constitutional amendment providing for an exception from the limitation on the maximum principal amount of home equity loans and home equity lines of credit for the refinancing of certain loans secured by the homestead.

TX HJR40

Proposing a constitutional amendment to remove the requirement that a home equity loan be closed only at the office of the lender, an attorney at law, or a title company.

TX HJR75

Proposing a constitutional amendment authorizing the legislature to provide for exceptions to the requirement that a home equity loan be closed only at the office of the lender, an attorney at law, or a title company.

TX HJR20

Proposing a constitutional amendment authorizing the legislature to provide for exceptions to the requirement that a home equity loan be closed only at the office of the lender, an attorney at law, or a title company.

TX HJR124

Proposing a constitutional amendment to remove the requirement that a home equity loan be closed only at the office of the lender, an attorney at law, or a title company.

TX HJR99

Proposing a constitutional amendment establishing a lower amount for expenses that can be charged to a borrower and removing certain financing expense limitations for a home equity loan, establishing certain authorized lenders to make a home equity loan, changing certain options for the refinancing of home equity loans, changing the threshold for an advance of a home equity line of credit, and allowing home equity loans on agricultural homesteads.