Issue 88.12
Home Equity Loan Signing Locations
Director of Regulatory Affairs
The Texas Governor, Lt. Governor, and Speaker have all repeatedly promised about half of the record $33 billion in State budget surplus would be returned to taxpayers. The Texas Senate has taken the first step passing a $16.5 billion property tax relief plan. This is largely accomplished by raising the school homestead exemption value from $40,000 to $70,0000 with an additional $20,000 exemption for seniors. Although popular now, questions still remain on how this funding cut can be maintained for the longer term.
Weekly Highlight
(Both of these related bills were filed in the previous 87th Session, where they made it no further than their current position this session. But this session they were reported out of committee on March 20th as compared to May 7th last session.)
• HJR 20 Toth, Steve – Proposing a constitutional amendment authorizing the legislature to provide for exceptions to the requirement that a home equity loan be closed only at the office of the lender, an attorney at law, or a title company.
• HB 264 Toth, Steve – Relating to requirements for the physical presence of a borrower for signing certain documents related to a home equity loan. HJR 20 allows a Constitutional exception in statute. HB 264 defines the statutory exceptions as: a member of the armed or reserve forces or US Public Health Service both on active duty, or a spouse or surviving spouse of the afore mentioned groups, or a civilian employee of the federal government serving with the armed forces outside the USA. Additional exemptions granted for incarceration, or health or quarantine issues verified by a physician. Lack of presence in person may be resolved through remote online notarization, or through an agent acting under a durable power of attorney who is physically present.
To read the full text of any of these bills you can go to Texas Legislature Online.
Bills on the Move
Bills being considered in Second Chamber
• SB 801 Hughes, Brian – Relating to an instrument that names a trust as a party. Received in the House March 20th. Passed the Senate March 16th.
Reported Favorably (Committee Approved)
• HB 4 Capriglione, Giovanni – Relating to the regulation of the collection, use, processing, and treatment of consumers’ personal data by certain business entities; imposing a civil penalty. (Companion HB1844) Reported favorably March 20th. Business and Industry
• HB 92 Landgraf, Brooks – Relating to the authority of a municipality, county, or property owners’ association to prohibit or regulate certain activities on residence homestead property. Reported favorably March 15th. Agriculture
• HB 219 Noble, Candy – (HB 219 was previously filed in 87th Session as HB 3278 but left pending in Committee without a vote.) Relating to the release of a deed of trust or other contract lien securing a home loan after payoff by mortgagor. Reported favorably March 20th. Pensions, Investments and Financial Services
• HB 264 Toth, Steve – (HB 264 was previously filed in 87th Session as HB 2284 it was approved in Committee and sent to Calendars.) Relating to requirements for the physical presence of a borrower for signing certain documents related to a home equity loan. Reported favorably March 20th. Pensions, Investments and Financial Services
• HB 697 Holland, Justin – Relating to seller’s disclosures regarding fuel gas piping in residential real property. Reported favorably March 20th. Business and Industry
• HJR 20 Toth, Steve – (HJR 20 was previously filed in 87th Session as HJR 104 it was approved in Committee and sent to Calendars.) Proposing a constitutional amendment authorizing the legislature to provide for exceptions to the requirement that a home equity loan be closed only at the office of the lender, an attorney at law, or a title company Reported favorably March 20th. Pensions, Investments and Financial Services
• SB 768 Parker, Tan – Relating to the process for notifying the attorney general of a breach of security of computerized data by persons doing business in this state. (Companion HB1660) Reported favorably March 21st. Business and Commerce
Committee Hearings Held (pending vote)
• HB 207 Murr, Andrew – Relating to the exclusion of certain conveyances from classification as sham or pretended sales. Testimony taken March 20h, left pending. Business and Industry
• HB 1195 Holland, Justin – Relating to the authority of a county to require photo Identification to file certain documents with the county clerk. This bill strikes the existing population threshold of 800,000 citizens and extends the existing authority to all Texas counties. (Companion to SB 319) Testimony taken March 15th, left pending. County Affairs
• HB 1704 Walle, Armando – Relating to the establishment of the workforce housing capital investment fund program to fund the development of workforce housing in this state; authorizing a fee. (Companion SB 2528) Testimony taken March 21st, left pending. Urban Affairs
• HB 2127 Burrows, Dustin – Relating to state preemption of certain municipal and county regulation. (Companion to SB 814) Testimony taken March 15th, left pending. State Affairs
• SB 147 Kolkhorst, Lois – Relating to the purchase of or acquisition of title to real property by certain aliens or foreign entities. Testimony taken March 2nd, left pending. State Affairs
• SB 319 Hall, Bob – Relating to the authority of a county to require photo Identification to file certain documents with the county clerk. This bill strikes the existing population threshold of 800,000 citizens and extends the existing authority to all Texas counties. (Companion to HB 1195) Testimony to be taken March 15th. County Affairs
• SB 711 Perry, Charles – Relating to the purchase of or other acquisition of title to real property by prohibited foreign actors. Testimony taken March 2nd, left pending. State Affairs
To see the full list of bills of interest that we are tracking: 88th Texas Legislature – Polunsky Beitel Green (mortgagelaw.com)
If you have questions about these specific bills or the Texas legislative process in general, please reach out to Doug Foster or one of our firm’s attorneys or representatives at: https://www.mortgagelaw.com/our-team/