Proposing a constitutional amendment providing for an exception from the limitation on the maximum principal amount of home equity loans for the refinancing of certain loans secured by the homestead.
Impact
If passed, HJR118 would enable homeowners to refinance existing home equity loans without being subjected to a limitation on the principal amount that exceeds 80% of their home's fair market value, as long as the loan complies with the outlined provisions. This change could potentially make financial relief more accessible for homeowners seeking to manage their debts better while ensuring that the refinancing aligns with the prudent lending practices already established by the state.
Summary
HJR118 is a resolution proposing a constitutional amendment that provides an exception from the existing maximum principal amount limitations on home equity loans specifically for the refinancing of certain debts secured by a homestead property. The bill amends sections of Article XVI of the Texas Constitution, which outlines the conditions under which home equity loans can be obtained, ensuring that homeowners can refinance their debts without breaching constitutional provisions, provided no additional funds are advanced other than costs and fees related to the refinance.
Sentiment
The sentiment surrounding HJR118 appears to be generally positive among those who advocate for consumer rights and financial flexibility. Supporters argue that providing homeowners with more opportunities for refinancing can lead to better financial management and stability. However, there are concerns among some parties about the implications of loosening restrictions on home equity loans, as it may increase risks for consumers in terms of their ability to repay loans and the potential for foreclosure.
Contention
The main contention related to HJR118 revolves around the balance between consumer access to financial products and the protections afforded by existing regulations. Critics of similar measures often raise concerns about the potential for fostering predatory lending practices or leading to borrower overextension. Proponents, on the other hand, emphasize the importance of ensuring that homeowners can take advantage of lower interest rates and better financial circumstances through effective refinancing options.
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.
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.
Proposing a constitutional amendment to increase the amount of the exemption of residence homesteads from ad valorem taxation by a school district and to adjust the amount of the limitation on school district ad valorem taxes imposed on the residence homesteads of the elderly or disabled to reflect increases in the exemption amount.
Proposing a constitutional amendment to increase the amount of the exemption of residence homesteads from ad valorem taxation by a school district and to adjust the amount of the limitation on school district ad valorem taxes imposed on the residence homesteads of the elderly or disabled to reflect increases in the exemption amount.
Proposing a constitutional amendment to increase the amount of the exemption from ad valorem taxation by a school district applicable to residence homesteads, to adjust the amount of the limitation on school district ad valorem taxes imposed on the residence homesteads of the elderly or disabled to reflect increases in certain exemption amounts, and to except certain appropriations to pay for school district ad valorem tax relief from the constitutional limitation on the rate of growth of appropriations.
Proposing a constitutional amendment to increase the amount of the exemption from ad valorem taxation by a school district applicable to residence homesteads, to adjust the amount of the limitation on school district ad valorem taxes imposed on the residence homesteads of the elderly or disabled to reflect increases in certain exemption amounts, and to except certain appropriations to pay for school district ad valorem tax relief from the constitutional limitation on the rate of growth of appropriations.
Proposing a constitutional amendment providing for an exemption from ad valorem taxation for public school purposes of a dollar amount or a percentage, whichever is greater, of the market value of a residence homestead and providing for an adjustment of the limitation on the total amount of ad valorem taxes that may be imposed for those purposes on the homestead of a person who is elderly or disabled to reflect increases in the exemption amount.
Proposing a constitutional amendment providing for an exemption from ad valorem taxation for public school purposes of a dollar amount or a percentage, whichever is greater, of the market value of a residence homestead and providing for an adjustment of the limitation on the total amount of ad valorem taxes that may be imposed for those purposes on the homestead of a person who is elderly or disabled to reflect increases in the exemption amount.
Proposes temporary constitutional amendment allowing State constitutional convention convened to reform system of property taxation to propose statutory changes.
Proposes temporary constitutional amendment allowing State constitutional convention convened to reform system of property taxation to propose statutory changes.