Bill Text: TX HB2865 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to certain notifications to borrowers required for home equity loans.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2013-04-22 - Withdrawn from schedule [HB2865 Detail]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. |