Texas High Court Strikes State Home Equity Loan Proposals

Law360, New York (June 21, 2013, 3:53 PM EDT) -- The Texas Supreme Court ruled Friday that although the state's Finance Commission and Credit Union Commission have the power to interpret state law on home equity rules, they went too far when modifying loan fee caps and allowing loan closings through an agent.

The high court said the interpretations ultimately allowed the legislature to alter the fee cap and could allow lenders to coerce homeowners into consenting to liens on their property and having attorneys attend the closing in their stead, which would strip Texans of...
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