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. The board may
1-7 promulgate rules to determine the number of tracts of land that a
1-8 [No] veteran may purchase [more than one tract of land] under this
1-9 chapter.
1-10 SECTION 2. Section 162.011, Natural Resources Code, is
1-11 amended by amending Subsection (c) and adding Subsection (f) to
1-12 read as follows:
1-13 (c) The final principal payment on any loan under this
1-14 chapter shall be made not later than 40 years after the date of the
1-15 loan. The board shall determine the maximum principal amount of
1-16 loans to any veteran that may be outstanding at any time, except
1-17 that amounts allocable to a home mortgage loan may not exceed the
1-18 maximum amount allowable for a similar home mortgage loan through
1-19 the United States Department of Veterans Affairs or any successor
1-20 agency [a loan under this chapter to a veteran to finance the
1-21 acquisition of a home may not exceed $45,000].
1-22 (f) The board may by rule determine, from time to time, the
1-23 number of loans that a veteran may receive under this chapter.
1-24 SECTION 3. The importance of this legislation and the
2-1 crowded condition of the calendars in both houses create an
2-2 emergency and an imperative public necessity that the
2-3 constitutional rule requiring bills to be read on three several
2-4 days in each house be suspended, and this rule is hereby suspended,
2-5 and that this Act take effect and be in force from and after its
2-6 passage, and it is so enacted.
_______________________________ _______________________________
President of the Senate Speaker of the House
I hereby certify that S.B. No. 1509 passed the Senate on
April 15, 1999, by the following vote: Yeas 30, Nays 0; and that
the Senate concurred in House amendment on May 5, 1999, by the
following vote: Yeas 28, Nays 0, one present not voting.
_______________________________
Secretary of the Senate
I hereby certify that S.B. No. 1509 passed the House, with
amendment, on April 27, 1999, by the following vote: Yeas 144,
Nays 0, one present not voting.
_______________________________
Chief Clerk of the House
Approved:
_______________________________
Date
_______________________________
Governor