SRC-AXB S.B. 1509 76(R)BILL ANALYSIS Senate Research CenterS.B. 1509 By: Truan Veterans Affairs 6/30/1999 Enrolled DIGEST Currently, laws regulating a veteran's right to purchase land tracts do not address the issue of existing outstanding indebtedness, and prohibit a veteran from purchasing multiple tracts of land. S.B. 1509 sets forth provisions regarding the maximum number and amount of certain veteran's loans. PURPOSE As enrolled, S.B. 1509 sets forth provisions regarding the maximum number and amount of certain veteran's loans. RULEMAKING AUTHORITY Rulemaking authority is granted to the Veterans' Land Board in SECTION 1 (Section 161.236, Natural Resources Code) and SECTION 2 (Section 162.011(f), Natural Resources Code) of this bill. SECTION BY SECTION ANALYSIS SECTION 1. Amends Section 161.236, Natural Resources Code, to authorize the Veterans' Land Board to create rules to determine the number of tracts of land that a veteran is authorized to purchase. Deletes text regarding a prohibition. SECTION 2. Amends Section 162.011, Natural Resources Code, by amending Subsection (c) and adding Subsection (f), to provide that the amounts allocable to a home mortgage loan may not exceed the maximum amount allowable for a similar home mortgage loan through the United States Department of Veterans Affairs or a successor agency. Authorizes the Veterans' Land Board to create rules to determine the number of loans that a veteran is authorized to receive under this chapter. Deletes text setting forth a maximum loan amount. SECTION 3. Emergency clause. Effective date: upon passage.