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 passed, this amendment would allow for legislative discretion in creating alternative closing mechanisms for home equity loans. This could have broad implications for homeowners across Texas, offering them more accessibility to financing options. However, it places the enforcement of compliance into the hands of state legislators, raising questions about how these exceptions will be implemented and monitored, and whether they might lead to potential malpractice or abuse in the lending process.
Summary
HJR75 is a joint resolution proposing a constitutional amendment which aims to authorize the Texas legislature to establish exceptions to the existing rules that stipulate home equity loans must be closed only at specified locations, namely at the office of the lender, an attorney, or a title company. The amendment seeks to provide greater flexibility in the execution of home equity loans, which could potentially benefit homeowners seeking access to equity in their homes.
Contention
The proposed amendment is likely to spark debate regarding homeowner protection and lending regulations. Supporters may contend that this provides necessary flexibility that modern lending practices demand, particularly in a rapidly changing economic environment. Conversely, opponents might raise concerns about the risk of predatory lending practices, arguing that easing restrictions could undermine the protections currently in place for vulnerable borrowers.
Implementation
The resolution stipulates that should this constitutional amendment pass, it will be presented to voters in an election scheduled for November 4, 2025. This provision allows the public to have a direct say in whether to alter the constitutional requirements surrounding home equity loan closures, reflecting the democratic process in making significant changes to regulatory frameworks.
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 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.
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 to authorize the legislature to set a lower limit on the maximum appraised value of a residence homestead for ad valorem taxation.
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.
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.
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 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 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.