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TX HJR40
Joint Resolution
Status
11/12/2024
Primary Sponsor
Valoree Swanson
Click for details
AI Summary
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Proposes amending Article XVI, Section 50 of the Texas Constitution to eliminate the requirement that home equity loans must be closed at the office of a lender, attorney, or title company
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Repeals Paragraph (N) under Section 50(a)(6), which currently restricts where home equity loan closings can take place
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Updates the required written notice that lenders must provide to borrowers by removing the language stating loans "may close only at the office of the lender, title company, or an attorney at law"
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Would allow home equity loan closings to occur at any location, potentially enabling remote or alternative closing arrangements
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Scheduled for voter approval at an election on November 4, 2025, as a constitutional amendment requiring direct approval by Texas voters
Legislative Description
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.
Property Interests
Last Action
Reported favorably w/o amendment(s)
5/7/2025