The Finance Commission of Texas and the Texas Credit Union Commission (Commissions) recently amended regulations relating to home equity lending and home equity lending procedures. Amendments to the home equity lending procedures clarify the process for requesting, proposing, and adopting interpretations of the Texas Constitution’s home equity lending provisions, and also implement the Commissions’ interpretations of the home equity lending provisions of the Texas Constitution.
The Commissions explained that the amendments to the home equity lending procedures enable stakeholders to make certain requests while preserving the right to file a petition for rulemaking. Specifically, the amendments allow certain agencies to propose interpretations to the Commissions, individuals to submit informal requests, and interested individuals to file a petition to initiate rulemaking. The Commissions stated that the amendments will also provide a more straightforward reference to the Administrative Procedure Act.