Bill Text: TX HB2865 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to certain notifications to borrowers required for home equity loans.
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2013-04-22 - Withdrawn from schedule [HB2865 Detail]
Download: Texas-2013-HB2865-Introduced.html
| 83R9038 ATP-D | ||
| By: Carter | H.B. No. 2865 | |
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| relating to certain notifications to borrowers required for home | ||
| equity loans. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 343, Finance Code, is | ||
| amended by adding Section 343.107 to read as follows: | ||
| Sec. 343.107. NOTICES REGARDING HOME EQUITY LOANS. (a) In | ||
| this section, "home equity loan" means an extension of credit | ||
| described by Section 50(a)(6), Article XVI, Texas Constitution. | ||
| (b) If any term of a home equity loan is modified, the lender | ||
| shall promptly notify the borrower in writing of the modification. | ||
| (c) If an application for a home equity loan is incomplete, | ||
| the lender shall promptly notify the prospective borrower of the | ||
| deficiency in the application to allow, to the extent possible, the | ||
| borrower to provide the required information before any applicable | ||
| deadline for completion of the application. | ||
| SECTION 2. Section 343.107(c), Finance Code, as added by | ||
| this Act, applies only to an application for a loan submitted on or | ||
| after the effective date of this Act. An application submitted | ||
| before the effective date of this Act is governed by the law in | ||
| effect when the application was submitted, and the former law is | ||
| continued in effect for that purpose. | ||
| SECTION 3. This Act takes effect September 1, 2013. | ||
