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.