TX Home Equity Lenders, Get Ready For Change

Law360, New York (July 1, 2013, 12:24 PM EDT) -- In January 2004, three weeks after the Finance Commission of Texas and the Credit Union Commission of Texas issued final interpretations of the home equity provisions in Article 16, Section 50 of the Texas Constitution, six homeowners brought suit, challenging several of the interpretations. In Finance Commission of Texas v. Norwood, ___ S.W.3d ___, (Tex. June 21, 2013), the Texas Supreme Court addressed two jurisdictional and three substantive issues relating to those interpretations.

Commissions’ Interpretations are Subject to Judicial Review

The court held that Section 50(u)...
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