A Look Inside Texas' New Home Equity Loan Law

Law360, New York (December 12, 2017, 4:39 PM EST) -- On Nov. 7, 2017, Texas voters approved the eighth series of amendments to the Texas constitutional provisions permitting loans secured by homestead equity. The 2017 amendments (authorized by Senate Joint Resolution 60) become effective for home equity loans made on or after Jan. 1, 2018. The amendments should help expand home equity loan opportunities, but the transition period requires compliance vigilance.

Texas is alone among the states in permitting home equity loans solely through its state constitution. This peculiarity originates from long-standing public policy dating back to when Texas was subject to Mexican law prior to Texas independence in 1836. When...

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