By: Truan, Ogden S.B. No. 1509
Fraser, Shapleigh
A BILL TO BE ENTITLED
AN ACT
1-1 relating to the maximum number and amount of certain veteran's
1-2 loans.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Section 161.236, Natural Resources Code, is
1-5 amended to read as follows:
1-6 Sec. 161.236. NUMBER OF TRACTS PURCHASED. No veteran may
1-7 purchase, and have outstanding indebtedness on, more than one tract
1-8 of land under this chapter at any time.
1-9 SECTION 2. Section 162.011, Natural Resources Code, is
1-10 amended by amending Subsection (c) and adding Subsection (f) to
1-11 read as follows:
1-12 (c) The final principal payment on any loan under this
1-13 chapter shall be made not later than 40 years after the date of the
1-14 loan. The board shall determine the maximum principal amount of
1-15 loans to any veteran that may be outstanding at any time, provided
1-16 that the amount allocable to a home mortgage loan may not exceed
1-17 the amount allowable for that loan through the United States
1-18 Department of Veterans Affairs or a successor agency [except that a
1-19 loan under this chapter to a veteran to finance the acquisition of
1-20 a home may not exceed $45,000].
1-21 (f) The board may make more than one loan under this chapter
1-22 to a veteran if:
1-23 (1) all previous loans made under this chapter to the
1-24 veteran have been repaid in full; and
2-1 (2) only one home is financed under this chapter by
2-2 the veteran at any time.
2-3 SECTION 3. The importance of this legislation and the
2-4 crowded condition of the calendars in both houses create an
2-5 emergency and an imperative public necessity that the
2-6 constitutional rule requiring bills to be read on three several
2-7 days in each house be suspended, and this rule is hereby suspended,
2-8 and that this Act take effect and be in force from and after its
2-9 passage, and it is so enacted.