By Carona                                               S.B. No. 48
         76R1069 DWS-D                           
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to the adoption of rules to interpret home equity lending
 1-3     law.
 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-5           SECTION 1.  Subchapter D, Chapter 11, Finance Code, is
 1-6     amended by adding Section 11.3041 to read as follows:
 1-7           Sec. 11.3041.  HOME EQUITY LENDING RULES.  (a)  The finance
 1-8     commission may adopt rules, consistent with Section 50, Article
 1-9     XVI, Texas  Constitution, to interpret Subsections (a)(6) and
1-10     (e)-(j) of that section.
1-11           (b)  The consumer credit commissioner may propose rules and
1-12     submit other recommendations to the finance commission under this
1-13     section.  In adopting rules under this section, the finance
1-14     commission shall consider the consumer credit commissioner's
1-15     proposals and recommendations.
1-16           SECTION 2.  This Act takes effect on the date on which the
1-17     constitutional amendment proposed by __J.R. No. ____, 76th
1-18     Legislature, Regular Session, 1999, takes effect.  If that
1-19     amendment is not approved by the voters, this Act has no effect.
1-20           SECTION 3.  The importance of this legislation and the
1-21     crowded condition of the calendars in both houses create an
1-22     emergency and an imperative public necessity that the
1-23     constitutional rule requiring bills to be read on three several
1-24     days in each house be suspended, and this rule is hereby suspended,
 2-1     and that this Act take effect and be in force according to its
 2-2     terms, and it is so enacted.