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Texas Senate Approves Home Equity Bill
Friday, April 21, 2017 6:50 AM

The constitutional amendment that would allow the first major change to home equity lending laws in Texas since 2003 was unanimously approved on a 30/0 vote by the Senate on Thursday. SJR 60 by Sen. Kelly Hancock (R-North Richland Hills) updates the Texas home equity lending law making it easier for borrowers to obtain home equity loans.

“We appreciate Sen. Hancock’s leadership on this important issue,” said Texas Credit Union Association President Jeff Huffman. "Passage of SJR 60 is a big step toward making home equity loans more accessible, especially for the small borrower."

Home equity reform is a priority for Cornerstone. The Texas Credit Union Association has been working with the Texas Bankers Association, Independent Bankers Association of Texas, Texas Mortgage Bankers Association, Texas Association of Realtors, and the Texas Farm Bureau on SJR 60.

SJR 60 now goes to the Texas House for consideration. The companion legislation in the House is HJR 99 by Rep. Tan Parker (R-Flower Mound). HJR 99 has been reported from the House Investments and Financial Services Committee.

Learn more.

For more information, please contact Texas Credit Union Association President Jeff Huffman at 469-385-6488 or jhuffman@txcua.coop.