By Truan, et al. S.B. No. 1509
76R7068 KEL-D
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the maximum number and amount of certain veteran's
1-3 loans.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 161.236, Natural Resources Code, is
1-6 amended to read as follows:
1-7 Sec. 161.236. NUMBER OF TRACTS PURCHASED. No veteran may
1-8 purchase, and have outstanding indebtedness on, more than one tract
1-9 of land under this chapter at any time.
1-10 SECTION 2. Section 162.011, Natural Resources Code, is
1-11 amended by amending Subsection (c) and by 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, provided
1-17 that the amount allocable to a home mortgage loan may not exceed
1-18 the amount allowable for that loan through the United States
1-19 Department of Veterans Affairs or a successor agency [except that a
1-20 loan under this chapter to a veteran to finance the acquisition of
1-21 a home may not exceed $45,000].
1-22 (f) The board may make more than one loan under this chapter
1-23 to a veteran if:
1-24 (1) all previous loans made under this chapter to the
2-1 veteran have been repaid in full; and
2-2 (2) only one home is financed under this chapter by
2-3 the veteran at any time.
2-4 SECTION 3. The importance of this legislation and the
2-5 crowded condition of the calendars in both houses create an
2-6 emergency and an imperative public necessity that the
2-7 constitutional rule requiring bills to be read on three several
2-8 days in each house be suspended, and this rule is hereby suspended,
2-9 and that this Act take effect and be in force from and after its
2-10 passage, and it is so enacted.