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.
1-41 * * * * *