Enrolled Bill Summary

Senate Bill 1067 amends the Finance Code to authorize the Finance Commission to issue interpretations relating to home equity lending law applicable to lenders authorized to extend credit under Article XVI of the Texas Constitution and the Credit Union Commission (CUC) to issue interpretations applicable to lenders regulated by the CUC. The bill requires the commission and the CUC to attempt to adopt consistent interpretations or to provide justification for any inconsistency. Additionally, the bill prohibits a lender, in connection with a high-cost home loan, from charging a borrower for a service or product the borrower did not receive. It also eliminates the expiration date from a provision relating to disclosure in connection with certain home loans. Senate Bill 1067 takes effect contingent on voter approval of a constitutional amendment proposed by Senate Joint Resolution 42.