Texas 2023 - 88th Regular

Texas House Bill HJR124 Compare Versions

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1	1	88R10405 SHH-F
2	2	By: Swanson H.J.R. No. 124
3	3
4	4
5	5	A JOINT RESOLUTION
6	6	proposing a constitutional amendment to remove the requirement that
7	7	a home equity loan be closed only at the office of the lender, an
8	8	attorney at law, or a title company.
9	9	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. Sections 50(a) and (g), Article XVI, Texas
11	11	Constitution, are amended to read as follows:
12	12	(a) The homestead of a family, or of a single adult person,
13	13	shall be, and is hereby protected from forced sale, for the payment
14	14	of all debts except for:
15	15	(1) the purchase money thereof, or a part of such
16	16	purchase money;
17	17	(2) the taxes due thereon;
18	18	(3) an owelty of partition imposed against the
19	19	entirety of the property by a court order or by a written agreement
20	20	of the parties to the partition, including a debt of one spouse in
21	21	favor of the other spouse resulting from a division or an award of a
22	22	family homestead in a divorce proceeding;
23	23	(4) the refinance of a lien against a homestead,
24	24	including a federal tax lien resulting from the tax debt of both
25	25	spouses, if the homestead is a family homestead, or from the tax
26	26	debt of the owner;
27	27	(5) work and material used in constructing new
28	28	improvements thereon, if contracted for in writing, or work and
29	29	material used to repair or renovate existing improvements thereon
30	30	if:
31	31	(A) the work and material are contracted for in
32	32	writing, with the consent of both spouses, in the case of a family
33	33	homestead, given in the same manner as is required in making a sale
34	34	and conveyance of the homestead;
35	35	(B) the contract for the work and material is not
36	36	executed by the owner or the owner's spouse before the fifth day
37	37	after the owner makes written application for any extension of
38	38	credit for the work and material, unless the work and material are
39	39	necessary to complete immediate repairs to conditions on the
40	40	homestead property that materially affect the health or safety of
41	41	the owner or person residing in the homestead and the owner of the
42	42	homestead acknowledges such in writing;
43	43	(C) the contract for the work and material
44	44	expressly provides that the owner may rescind the contract without
45	45	penalty or charge within three days after the execution of the
46	46	contract by all parties, unless the work and material are necessary
47	47	to complete immediate repairs to conditions on the homestead
48	48	property that materially affect the health or safety of the owner or
49	49	person residing in the homestead and the owner of the homestead
50	50	acknowledges such in writing; and
51	51	(D) the contract for the work and material is
52	52	executed by the owner and the owner's spouse only at the office of a
53	53	third-party lender making an extension of credit for the work and
54	54	material, an attorney at law, or a title company;
55	55	(6) an extension of credit that:
56	56	(A) is secured by a voluntary lien on the
57	57	homestead created under a written agreement with the consent of
58	58	each owner and each owner's spouse;
59	59	(B) is of a principal amount that when added to
60	60	the aggregate total of the outstanding principal balances of all
61	61	other indebtedness secured by valid encumbrances of record against
62	62	the homestead does not exceed 80 percent of the fair market value of
63	63	the homestead on the date the extension of credit is made;
64	64	(C) is without recourse for personal liability
65	65	against each owner and the spouse of each owner, unless the owner or
66	66	spouse obtained the extension of credit by actual fraud;
67	67	(D) is secured by a lien that may be foreclosed
68	68	upon only by a court order;
69	69	(E) does not require the owner or the owner's
70	70	spouse to pay, in addition to any interest or any bona fide discount
71	71	points used to buy down the interest rate, any fees to any person
72	72	that are necessary to originate, evaluate, maintain, record,
73	73	insure, or service the extension of credit that exceed, in the
74	74	aggregate, two percent of the original principal amount of the
75	75	extension of credit, excluding fees for:
76	76	(i) an appraisal performed by a third party
77	77	appraiser;
78	78	(ii) a property survey performed by a state
79	79	registered or licensed surveyor;
80	80	(iii) a state base premium for a mortgagee
81	81	policy of title insurance with endorsements established in
82	82	accordance with state law; or
83	83	(iv) a title examination report if its cost
84	84	is less than the state base premium for a mortgagee policy of title
85	85	insurance without endorsements established in accordance with
86	86	state law;
87	87	(F) is not a form of open-end account that may be
88	88	debited from time to time or under which credit may be extended from
89	89	time to time unless the open-end account is a home equity line of
90	90	credit;
91	91	(G) is payable in advance without penalty or
92	92	other charge;
93	93	(H) is not secured by any additional real or
94	94	personal property other than the homestead;
95	95	(I) (repealed);
96	96	(J) may not be accelerated because of a decrease
97	97	in the market value of the homestead or because of the owner's
98	98	default under other indebtedness not secured by a prior valid
99	99	encumbrance against the homestead;
100	100	(K) is the only debt secured by the homestead at
101	101	the time the extension of credit is made unless the other debt was
102	102	made for a purpose described by Subsections (a)(1)-(a)(5) or
103	103	Subsection (a)(8) of this section;
104	104	(L) is scheduled to be repaid:
105	105	(i) in substantially equal successive
106	106	periodic installments, not more often than every 14 days and not
107	107	less often than monthly, beginning no later than two months from the
108	108	date the extension of credit is made, each of which equals or
109	109	exceeds the amount of accrued interest as of the date of the
110	110	scheduled installment; or
111	111	(ii) if the extension of credit is a home
112	112	equity line of credit, in periodic payments described under
113	113	Subsection (t)(8) of this section;
114	114	(M) is closed not before:
115	115	(i) the 12th day after the later of the date
116	116	that the owner of the homestead submits a loan application to the
117	117	lender for the extension of credit or the date that the lender
118	118	provides the owner a copy of the notice prescribed by Subsection (g)
119	119	of this section;
120	120	(ii) one business day after the date that
121	121	the owner of the homestead receives a copy of the loan application
122	122	if not previously provided and a final itemized disclosure of the
123	123	actual fees, points, interest, costs, and charges that will be
124	124	charged at closing. If a bona fide emergency or another good cause
125	125	exists and the lender obtains the written consent of the owner, the
126	126	lender may provide the documentation to the owner or the lender may
127	127	modify previously provided documentation on the date of closing;
128	128	and
129	129	(iii) the first anniversary of the closing
130	130	date of any other extension of credit described by Subsection
131	131	(a)(6) of this section secured by the same homestead property,
132	132	except a refinance described by Paragraph (Q)(x)(f) of this
133	133	subdivision, unless the owner on oath requests an earlier closing
134	134	due to a state of emergency that:
135	135	(a) has been declared by the president
136	136	of the United States or the governor as provided by law; and
137	137	(b) applies to the area where the
138	138	homestead is located;
139	139	(N) (repealed) [is closed only at the office of
140	140	the lender, an attorney at law, or a title company];
141	141	(O) permits a lender to contract for and receive
142	142	any fixed or variable rate of interest authorized under statute;
143	143	(P) is made by one of the following that has not
144	144	been found by a federal regulatory agency to have engaged in the
145	145	practice of refusing to make loans because the applicants for the
146	146	loans reside or the property proposed to secure the loans is located
147	147	in a certain area:
148	148	(i) a bank, savings and loan association,
149	149	savings bank, or credit union doing business under the laws of this
150	150	state or the United States, including a subsidiary of a bank,
151	151	savings and loan association, savings bank, or credit union
152	152	described by this subparagraph;
153	153	(ii) a federally chartered lending
154	154	instrumentality or a person approved as a mortgagee by the United
155	155	States government to make federally insured loans;
156	156	(iii) a person licensed to make regulated
157	157	loans, as provided by statute of this state;
158	158	(iv) a person who sold the homestead
159	159	property to the current owner and who provided all or part of the
160	160	financing for the purchase;
161	161	(v) a person who is related to the homestead
162	162	property owner within the second degree of affinity or
163	163	consanguinity; or
164	164	(vi) a person regulated by this state as a
165	165	mortgage banker or mortgage company; and
166	166	(Q) is made on the condition that:
167	167	(i) the owner of the homestead is not
168	168	required to apply the proceeds of the extension of credit to repay
169	169	another debt except debt secured by the homestead or debt to another
170	170	lender;
171	171	(ii) the owner of the homestead not assign
172	172	wages as security for the extension of credit;
173	173	(iii) the owner of the homestead not sign
174	174	any instrument in which blanks relating to substantive terms of
175	175	agreement are left to be filled in;
176	176	(iv) the owner of the homestead not sign a
177	177	confession of judgment or power of attorney to the lender or to a
178	178	third person to confess judgment or to appear for the owner in a
179	179	judicial proceeding;
180	180	(v) at the time the extension of credit is
181	181	made, the owner of the homestead shall receive a copy of the final
182	182	loan application and all executed documents signed by the owner at
183	183	closing related to the extension of credit;
184	184	(vi) the security instruments securing the
185	185	extension of credit contain a disclosure that the extension of
186	186	credit is the type of credit defined by Subsection (a)(6) of this
187	187	section;
188	188	(vii) within a reasonable time after
189	189	termination and full payment of the extension of credit, the lender
190	190	cancel and return the promissory note to the owner of the homestead
191	191	and give the owner, in recordable form, a release of the lien
192	192	securing the extension of credit or a copy of an endorsement and
193	193	assignment of the lien to a lender that is refinancing the extension
194	194	of credit;
195	195	(viii) the owner of the homestead and any
196	196	spouse of the owner may, within three days after the extension of
197	197	credit is made, rescind the extension of credit without penalty or
198	198	charge;
199	199	(ix) the owner of the homestead and the
200	200	lender sign a written acknowledgment as to the fair market value of
201	201	the homestead property on the date the extension of credit is made;
202	202	(x) except as provided by Subparagraph (xi)
203	203	of this paragraph, the lender or any holder of the note for the
204	204	extension of credit shall forfeit all principal and interest of the
205	205	extension of credit if the lender or holder fails to comply with the
206	206	lender's or holder's obligations under the extension of credit and
207	207	fails to correct the failure to comply not later than the 60th day
208	208	after the date the lender or holder is notified by the borrower of
209	209	the lender's failure to comply by:
210	210	(a) paying to the owner an amount
211	211	equal to any overcharge paid by the owner under or related to the
212	212	extension of credit if the owner has paid an amount that exceeds an
213	213	amount stated in the applicable Paragraph (E), (G), or (O) of this
214	214	subdivision;
215	215	(b) sending the owner a written
216	216	acknowledgement that the lien is valid only in the amount that the
217	217	extension of credit does not exceed the percentage described by
218	218	Paragraph (B) of this subdivision, if applicable, or is not secured
219	219	by property described under Paragraph (H) of this subdivision, if
220	220	applicable;
221	221	(c) sending the owner a written notice
222	222	modifying any other amount, percentage, term, or other provision
223	223	prohibited by this section to a permitted amount, percentage, term,
224	224	or other provision and adjusting the account of the borrower to
225	225	ensure that the borrower is not required to pay more than an amount
226	226	permitted by this section and is not subject to any other term or
227	227	provision prohibited by this section;
228	228	(d) delivering the required documents
229	229	to the borrower if the lender fails to comply with Subparagraph (v)
230	230	of this paragraph or obtaining the appropriate signatures if the
231	231	lender fails to comply with Subparagraph (ix) of this paragraph;
232	232	(e) sending the owner a written
233	233	acknowledgement, if the failure to comply is prohibited by
234	234	Paragraph (K) of this subdivision, that the accrual of interest and
235	235	all of the owner's obligations under the extension of credit are
236	236	abated while any prior lien prohibited under Paragraph (K) remains
237	237	secured by the homestead; or
238	238	(f) if the failure to comply cannot be
239	239	cured under Subparagraphs (x)(a)-(e) of this paragraph, curing the
240	240	failure to comply by a refund or credit to the owner of $1,000 and
241	241	offering the owner the right to refinance the extension of credit
242	242	with the lender or holder for the remaining term of the loan at no
243	243	cost to the owner on the same terms, including interest, as the
244	244	original extension of credit with any modifications necessary to
245	245	comply with this section or on terms on which the owner and the
246	246	lender or holder otherwise agree that comply with this section; and
247	247	(xi) the lender or any holder of the note
248	248	for the extension of credit shall forfeit all principal and
249	249	interest of the extension of credit if the extension of credit is
250	250	made by a person other than a person described under Paragraph (P)
251	251	of this subdivision or if the lien was not created under a written
252	252	agreement with the consent of each owner and each owner's spouse,
253	253	unless each owner and each owner's spouse who did not initially
254	254	consent subsequently consents;
255	255	(7) a reverse mortgage; or
256	256	(8) the conversion and refinance of a personal
257	257	property lien secured by a manufactured home to a lien on real
258	258	property, including the refinance of the purchase price of the
259	259	manufactured home, the cost of installing the manufactured home on
260	260	the real property, and the refinance of the purchase price of the
261	261	real property.
262	262	(g) An extension of credit described by Subsection (a)(6) of
263	263	this section may be secured by a valid lien against homestead
264	264	property if the extension of credit is not closed before the 12th
265	265	day after the lender provides the owner with the following written
266	266	notice on a separate instrument:
267	267	"NOTICE CONCERNING EXTENSIONS OF CREDIT DEFINED BY SECTION
268	268	50(a)(6), ARTICLE XVI, TEXAS CONSTITUTION:
269	269	"SECTION 50(a)(6), ARTICLE XVI, OF THE TEXAS CONSTITUTION
270	270	ALLOWS CERTAIN LOANS TO BE SECURED AGAINST THE EQUITY IN YOUR HOME.
271	271	SUCH LOANS ARE COMMONLY KNOWN AS EQUITY LOANS. IF YOU DO NOT REPAY
272	272	THE LOAN OR IF YOU FAIL TO MEET THE TERMS OF THE LOAN, THE LENDER MAY
273	273	FORECLOSE AND SELL YOUR HOME. THE CONSTITUTION PROVIDES THAT:
274	274	"(A) THE LOAN MUST BE VOLUNTARILY CREATED WITH THE CONSENT OF
275	275	EACH OWNER OF YOUR HOME AND EACH OWNER'S SPOUSE;
276	276	"(B) THE PRINCIPAL LOAN AMOUNT AT THE TIME THE LOAN IS MADE
277	277	MUST NOT EXCEED AN AMOUNT THAT, WHEN ADDED TO THE PRINCIPAL BALANCES
278	278	OF ALL OTHER LIENS AGAINST YOUR HOME, IS MORE THAN 80 PERCENT OF THE
279	279	FAIR MARKET VALUE OF YOUR HOME;
280	280	"(C) THE LOAN MUST BE WITHOUT RECOURSE FOR PERSONAL LIABILITY
281	281	AGAINST YOU AND YOUR SPOUSE UNLESS YOU OR YOUR SPOUSE OBTAINED THIS
282	282	EXTENSION OF CREDIT BY ACTUAL FRAUD;
283	283	"(D) THE LIEN SECURING THE LOAN MAY BE FORECLOSED UPON ONLY
284	284	WITH A COURT ORDER;
285	285	"(E) FEES AND CHARGES TO MAKE THE LOAN MAY NOT EXCEED 2
286	286	PERCENT OF THE LOAN AMOUNT, EXCEPT FOR A FEE OR CHARGE FOR AN
287	287	APPRAISAL PERFORMED BY A THIRD PARTY APPRAISER, A PROPERTY SURVEY
288	288	PERFORMED BY A STATE REGISTERED OR LICENSED SURVEYOR, A STATE BASE
289	289	PREMIUM FOR A MORTGAGEE POLICY OF TITLE INSURANCE WITH
290	290	ENDORSEMENTS, OR A TITLE EXAMINATION REPORT;
291	291	"(F) THE LOAN MAY NOT BE AN OPEN-END ACCOUNT THAT MAY BE
292	292	DEBITED FROM TIME TO TIME OR UNDER WHICH CREDIT MAY BE EXTENDED FROM
293	293	TIME TO TIME UNLESS IT IS A HOME EQUITY LINE OF CREDIT;
294	294	"(G) YOU MAY PREPAY THE LOAN WITHOUT PENALTY OR CHARGE;
295	295	"(H) NO ADDITIONAL COLLATERAL MAY BE SECURITY FOR THE LOAN;
296	296	"(I) (repealed);
297	297	"(J) YOU ARE NOT REQUIRED TO REPAY THE LOAN EARLIER THAN
298	298	AGREED SOLELY BECAUSE THE FAIR MARKET VALUE OF YOUR HOME DECREASES
299	299	OR BECAUSE YOU DEFAULT ON ANOTHER LOAN THAT IS NOT SECURED BY YOUR
300	300	HOME;
301	301	"(K) ONLY ONE LOAN DESCRIBED BY SECTION 50(a)(6), ARTICLE
302	302	XVI, OF THE TEXAS CONSTITUTION MAY BE SECURED WITH YOUR HOME AT ANY
303	303	GIVEN TIME;
304	304	"(L) THE LOAN MUST BE SCHEDULED TO BE REPAID IN PAYMENTS THAT
305	305	EQUAL OR EXCEED THE AMOUNT OF ACCRUED INTEREST FOR EACH PAYMENT
306	306	PERIOD;
307	307	"(M) THE LOAN MAY NOT CLOSE BEFORE 12 DAYS AFTER YOU SUBMIT A
308	308	LOAN APPLICATION TO THE LENDER OR BEFORE 12 DAYS AFTER YOU RECEIVE
309	309	THIS NOTICE, WHICHEVER DATE IS LATER; AND MAY NOT WITHOUT YOUR
310	310	CONSENT CLOSE BEFORE ONE BUSINESS DAY AFTER THE DATE ON WHICH YOU
311	311	RECEIVE A COPY OF YOUR LOAN APPLICATION IF NOT PREVIOUSLY PROVIDED
312	312	AND A FINAL ITEMIZED DISCLOSURE OF THE ACTUAL FEES, POINTS,
313	313	INTEREST, COSTS, AND CHARGES THAT WILL BE CHARGED AT CLOSING; AND IF
314	314	YOUR HOME WAS SECURITY FOR THE SAME TYPE OF LOAN WITHIN THE PAST
315	315	YEAR, A NEW LOAN SECURED BY THE SAME PROPERTY MAY NOT CLOSE BEFORE
316	316	ONE YEAR HAS PASSED FROM THE CLOSING DATE OF THE OTHER LOAN, UNLESS
317	317	ON OATH YOU REQUEST AN EARLIER CLOSING DUE TO A DECLARED STATE OF
318	318	EMERGENCY;
319	319	"(N) (repealed) [THE LOAN MAY CLOSE ONLY AT THE OFFICE OF THE
320	320	LENDER, TITLE COMPANY, OR AN ATTORNEY AT LAW];
321	321	"(O) THE LENDER MAY CHARGE ANY FIXED OR VARIABLE RATE OF
322	322	INTEREST AUTHORIZED BY STATUTE;
323	323	"(P) ONLY A LAWFULLY AUTHORIZED LENDER MAY MAKE LOANS
324	324	DESCRIBED BY SECTION 50(a)(6), ARTICLE XVI, OF THE TEXAS
325	325	CONSTITUTION;
326	326	"(Q) LOANS DESCRIBED BY SECTION 50(a)(6), ARTICLE XVI, OF THE
327	327	TEXAS CONSTITUTION MUST:
328	328	"(1) NOT REQUIRE YOU TO APPLY THE PROCEEDS TO ANOTHER DEBT
329	329	EXCEPT A DEBT THAT IS SECURED BY YOUR HOME OR OWED TO ANOTHER
330	330	LENDER;
331	331	"(2) NOT REQUIRE THAT YOU ASSIGN WAGES AS SECURITY;
332	332	"(3) NOT REQUIRE THAT YOU EXECUTE INSTRUMENTS WHICH HAVE
333	333	BLANKS FOR SUBSTANTIVE TERMS OF AGREEMENT LEFT TO BE FILLED IN;
334	334	"(4) NOT REQUIRE THAT YOU SIGN A CONFESSION OF JUDGMENT OR
335	335	POWER OF ATTORNEY TO ANOTHER PERSON TO CONFESS JUDGMENT OR APPEAR IN
336	336	A LEGAL PROCEEDING ON YOUR BEHALF;
337	337	"(5) PROVIDE THAT YOU RECEIVE A COPY OF YOUR FINAL LOAN
338	338	APPLICATION AND ALL EXECUTED DOCUMENTS YOU SIGN AT CLOSING;
339	339	"(6) PROVIDE THAT THE SECURITY INSTRUMENTS CONTAIN A
340	340	DISCLOSURE THAT THIS LOAN IS A LOAN DEFINED BY SECTION 50(a)(6),
341	341	ARTICLE XVI, OF THE TEXAS CONSTITUTION;
342	342	"(7) PROVIDE THAT WHEN THE LOAN IS PAID IN FULL, THE LENDER
343	343	WILL SIGN AND GIVE YOU A RELEASE OF LIEN OR AN ASSIGNMENT OF THE
344	344	LIEN, WHICHEVER IS APPROPRIATE;
345	345	"(8) PROVIDE THAT YOU MAY, WITHIN 3 DAYS AFTER CLOSING,
346	346	RESCIND THE LOAN WITHOUT PENALTY OR CHARGE;
347	347	"(9) PROVIDE THAT YOU AND THE LENDER ACKNOWLEDGE THE FAIR
348	348	MARKET VALUE OF YOUR HOME ON THE DATE THE LOAN CLOSES; AND
349	349	"(10) PROVIDE THAT THE LENDER WILL FORFEIT ALL PRINCIPAL AND
350	350	INTEREST IF THE LENDER FAILS TO COMPLY WITH THE LENDER'S
351	351	OBLIGATIONS UNLESS THE LENDER CURES THE FAILURE TO COMPLY AS
352	352	PROVIDED BY SECTION 50(a)(6)(Q)(x), ARTICLE XVI, OF THE TEXAS
353	353	CONSTITUTION; AND
354	354	"(R) IF THE LOAN IS A HOME EQUITY LINE OF CREDIT:
355	355	"(1) YOU MAY REQUEST ADVANCES, REPAY MONEY, AND REBORROW
356	356	MONEY UNDER THE LINE OF CREDIT;
357	357	"(2) EACH ADVANCE UNDER THE LINE OF CREDIT MUST BE IN AN
358	358	AMOUNT OF AT LEAST $4,000;
359	359	"(3) YOU MAY NOT USE A CREDIT CARD, DEBIT CARD, OR SIMILAR
360	360	DEVICE, OR PREPRINTED CHECK THAT YOU DID NOT SOLICIT, TO OBTAIN
361	361	ADVANCES UNDER THE LINE OF CREDIT;
362	362	"(4) ANY FEES THE LENDER CHARGES MAY BE CHARGED AND COLLECTED
363	363	ONLY AT THE TIME THE LINE OF CREDIT IS ESTABLISHED AND THE LENDER
364	364	MAY NOT CHARGE A FEE IN CONNECTION WITH ANY ADVANCE;
365	365	"(5) THE MAXIMUM PRINCIPAL AMOUNT THAT MAY BE EXTENDED, WHEN
366	366	ADDED TO ALL OTHER DEBTS SECURED BY YOUR HOME, MAY NOT EXCEED 80
367	367	PERCENT OF THE FAIR MARKET VALUE OF YOUR HOME ON THE DATE THE LINE OF
368	368	CREDIT IS ESTABLISHED;
369	369	"(6) IF THE PRINCIPAL BALANCE UNDER THE LINE OF CREDIT AT ANY
370	370	TIME EXCEEDS 80 PERCENT OF THE FAIR MARKET VALUE OF YOUR HOME, AS
371	371	DETERMINED ON THE DATE THE LINE OF CREDIT IS ESTABLISHED, YOU MAY
372	372	NOT CONTINUE TO REQUEST ADVANCES UNDER THE LINE OF CREDIT UNTIL THE
373	373	BALANCE IS LESS THAN 80 PERCENT OF THE FAIR MARKET VALUE; AND
374	374	"(7) THE LENDER MAY NOT UNILATERALLY AMEND THE TERMS OF THE
375	375	LINE OF CREDIT.
376	376	"THIS NOTICE IS ONLY A SUMMARY OF YOUR RIGHTS UNDER THE TEXAS
377	377	CONSTITUTION. YOUR RIGHTS ARE GOVERNED BY SECTION 50, ARTICLE XVI,
378	378	OF THE TEXAS CONSTITUTION, AND NOT BY THIS NOTICE."
379	379	If the discussions with the borrower are conducted primarily
380	380	in a language other than English, the lender shall, before closing,
381	381	provide an additional copy of the notice translated into the
382	382	written language in which the discussions were conducted.
383	383	SECTION 2. This proposed constitutional amendment shall be
384	384	submitted to the voters at an election to be held November 7, 2023.
385	385	The ballot shall be printed to permit voting for or against the
386	386	proposition: "The constitutional amendment to remove the
387	387	requirement that a home equity loan be closed only at the office of
388	388	the lender, an attorney at law, or a title company."