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.