SRC-AXB S.B. 1509 76(R)   BILL ANALYSIS


Senate Research Center   S.B. 1509
76R7068  KEL-DBy: Truan
Veterans Affairs
4/6/1999
As Filed


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 creates a
prohibition, changes the maximum amount for certain veteran's loans, and
authorizes the Veteran's Land Board to make multiple loans to a veteran
under certain conditions. 

PURPOSE

As proposed, S.B. 1509 creates a prohibition for, and changes the maximum
amount for certain veterans' loans. 

RULEMAKING AUTHORITY

This bill does not grant any additional rulemaking authority to a state
officer, institution, or agency. 

SECTION BY SECTION ANALYSIS

SECTION 1.  Amends Section 161.263, Natural Resources, to prohibit a
veteran from having outstanding indebtedness on multiple tracts of land at
any time. 

SECTION 2.  Amends Section 162.011, Natural Resources Code, by amending
Subsection (c) and adding Subsection (f).  Provides that the amount
allocable to a home mortgage loan is prohibited from exceeding the amount
of a loan from the United States Department of Veterans Affairs or a
successor agency, rather than being prohibited, from exceeding $45,000.
Authorizes the Veterans' Land Board to make more than one loan to a veteran
under certain conditions. 

SECTION 3.  Emergency clause.
  Effective date:  upon passage.