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.
Impact
If enacted, this bill would significantly impact existing laws surrounding home equity loans in Texas. Homeowners would gain the ability to close these loans in alternative settings beyond specified formal offices, which may open up opportunities for innovative financial products or services. This adjustment aligns with broader movements towards simplifying the process of obtaining credit and could stimulate home equity borrowing, which has implications for personal finance and economic activity at the state level.
Summary
HJR40 proposes a constitutional amendment that removes the requirement for home equity loans to be closed only at the office of the lender, an attorney at law, or a title company. This change aims to enhance borrower flexibility and streamline the closing process for home equity loans, potentially leading to increased access to home equity borrowing options for Texas residents. By removing the location constraints, the bill could facilitate quicker and more convenient loan closings for applicants who may not have easy access to traditional closing venues.
Contention
As with many financial regulatory changes, there may be concerns around consumer protection. Critics of HJR40 might argue that removing the closure restrictions could lead to less oversight, increasing the potential for predatory lending practices. Ensuring that homeowners remain protected without the necessary safeguards in place during loan closings will be a notable point of contention. Debates are likely to focus on balancing the need for accessibility and convenience with the imperative to maintain consumer protections and safeguard against potentially exploitative lending practices.
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 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 specifying the authority of the attorney general to prosecute a criminal offense prescribed by the election laws of this state.
Proposing a constitutional amendment specifying the authority of the attorney general to prosecute a criminal offense prescribed by the election laws of this state.
Proposing a constitutional amendment to require that future constitutional amendments become effective only if approved by a majority of the voters in at least three-fourths of the counties of the state.
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.
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.
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.
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 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 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 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 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.