1-1     By:  Truan, Ogden, Fraser                             S.B. No. 1509
 1-2           (In the Senate - Filed March 12, 1999; March 15, 1999, read
 1-3     first time and referred to Committee on Veteran Affairs and
 1-4     Military Installations; April 13, 1999, reported favorably by the
 1-5     following vote:  Yeas 3, Nays 0; April 13, 1999, sent to printer.)
 1-6                            A BILL TO BE ENTITLED
 1-7                                   AN ACT
 1-8     relating to the maximum number and amount of certain veteran's
 1-9     loans.
1-10           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-11           SECTION 1.  Section 161.236, Natural Resources Code, is
1-12     amended to read as follows:
1-13           Sec. 161.236.  NUMBER OF TRACTS PURCHASED.  No veteran may
1-14     purchase, and have outstanding indebtedness on, more than one tract
1-15     of land under this chapter at any time.
1-16           SECTION 2.  Section 162.011, Natural Resources Code, is
1-17     amended by amending Subsection (c) and adding Subsection (f) to
1-18     read as follows:
1-19           (c)  The final principal payment on any loan under this
1-20     chapter shall be made not later than 40 years after the date of the
1-21     loan.  The board shall determine the maximum principal amount of
1-22     loans to any veteran that may be outstanding at any time, provided
1-23     that the amount allocable to a home mortgage loan may not exceed
1-24     the amount allowable for that loan through the United States
1-25     Department of Veterans Affairs or a successor agency [except that a
1-26     loan under this chapter to a veteran to finance the acquisition of
1-27     a home may not exceed $45,000].
1-28           (f)  The board may make more than one loan under this chapter
1-29     to a veteran if:
1-30                 (1)  all previous loans made under this chapter to the
1-31     veteran have been repaid in full; and
1-32                 (2)  only one home is financed under this chapter by
1-33     the veteran at any time.
1-34           SECTION 3.  The importance of this legislation and the
1-35     crowded condition of the calendars in both houses create an
1-36     emergency and an imperative public necessity that the
1-37     constitutional rule requiring bills to be read on three several
1-38     days in each house be suspended, and this rule is hereby suspended,
1-39     and that this Act take effect and be in force from and after its
1-40     passage, and it is so enacted.
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