SRC-MWN S.B. 1581 77(R) BILL ANALYSIS Senate Research Center S.B. 1581 By: West, Royce Business & Commerce 4/18/2001 As Filed DIGEST AND PURPOSE As proposed, S.B. 1581 adds Section 343 to the Finance Code regarding certain practices in connection with of home loans. RULEMAKING AUTHORITY This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency. SECTION BY SECTION ANALYSIS SECTION 1. Amends Title 4B, Finance Code, by adding Chapter 343, as follows: CHAPTER 343. HOME LOANS SUBCHAPTER A. GENERAL PROVISIONS Sec. 343.001. DEFINITIONS. Defines "home loan." Sec. 343.101. APPLICABILITY. Provides that this chapter applies only if the principal amount of the loan is equal to or less than a certain amount. [Sections 343.003-343.100 reserved for expansion] SUBCHAPTER B. PROVISIONS RELATING TO HOME LOANS IN GENERAL Sec. 343.101. CONSIDERATION OF OBLIGOR'S PAYMENT ABILITY. Defines "obligor." Provides that if more than one person is obligated to pay a loan, the term refers to those persons collectively. [Sections 343.102-343.200 reserved for expansion] SUBCHAPTER C. HIGH COST HOME LOANS Sec. 343.201. DEFINITION. [Sections 343.200-343.299 reserved for expansion] SECTION 2. Effective date: September 1, 2001 Makes application of this Act prospective.