By Danburg H.B. No. 1547 76R2724 DWS-F A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to adoption of rules to interpret home equity lending law. 1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-4 SECTION 1. Subchapter D, Chapter 11, Finance Code, is 1-5 amended by adding Section 11.306 to read as follows: 1-6 Sec. 11.306. HOME EQUITY LENDING RULES. (a) The finance 1-7 commission may adopt rules, consistent with Section 50, Article 1-8 XVI, Texas Constitution, to interpret Subsections (a)(5)-(7) and 1-9 (e)-(p) of that section. The rules apply to all persons subject to 1-10 those subsections, except that the rules do not apply to a credit 1-11 union. 1-12 (b) The banking commissioner, savings and loan commissioner, 1-13 and consumer credit commissioner may propose rules and submit other 1-14 recommendations to the finance commission under this section. 1-15 SECTION 2. Section 15.402, Finance Code, is amended by 1-16 adding Subsection (d) to read as follows: 1-17 (d) The commission may adopt rules applicable to credit 1-18 unions, consistent with Section 50, Article XVI, Texas 1-19 Constitution, to interpret Subsections (a)(5)-(7) and (e)-(p) of 1-20 that section. 1-21 SECTION 3. This Act takes effect on the date on which the 1-22 constitutional amendment proposed by __J.R. No. _____, 76th 1-23 Legislature, Regular Session, 1999, takes effect. If that 1-24 amendment is not approved by the voters, this Act has no effect. 2-1 SECTION 4. The importance of this legislation and the 2-2 crowded condition of the calendars in both houses create an 2-3 emergency and an imperative public necessity that the 2-4 constitutional rule requiring bills to be read on three several 2-5 days in each house be suspended, and this rule is hereby suspended, 2-6 and that this Act take effect and be in force according to its 2-7 terms, and it is so enacted.