Update: Amendments to Texas Home Equity Loan Provisions Now Published in Texas Register

The recent amendments to the Texas home equity loan provisions, jointly adopted by the Finance Commission of Texas and the Texas Credit Union Commission, have been published in the March 23, 2018, issue of the Texas Register.  The provisions became effective on March 29, 2018.

This recent publication references language implementing the changes that were previously published on the Texas of Consumer Credit Commissioner’s (Texas OCCC) website.  Our prior alert on this update is available here.

Particularly noteworthy, in this recent publication, is the mention of two sections regarding home equity loans in Title 7, Chapter 153 of the Texas Administrative Code.  More specifically, as previously announced on the Texas OCCC website, the new Section 153.45 addressing the refinance of home equity loans has been revised from the initially proposed version (previously issued in the November 2017 publication of the Texas Register).  Additionally, the recent publication reiterates the repeal of Section 153.87, which capped the maximum principal amount of additional advances under a home equity line of credit at 50%.

The March 23, 2018, issue of the Texas Register, Volume 43 Number 12, adopting the amendments to the home equity loan provisions is available on pages 1839 – 1845.