By Solomons H.J.R. No. 101 Line and page numbers may not match official copy. Bill not drafted by TLC or Senate E&E. A JOINT RESOLUTION 1-1 proposing a constitutional amendment simplifying requirements for 1-2 certain refinances of home equity loans without additional cash 1-3 advances. 1-4 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Section 50(f), Article XVI, Texas Constitution, is 1-6 amended to read as follows: 1-7 (f) A refinance of debt secured by the homestead, any 1-8 portion of which is an extension of credit described by Subsection 1-9 (a)(6) of this section, may not be secured by a valid lien against 1-10 the homestead unless either: 1-11 (1) the refinance of the debt is an extension of 1-12 credit described by Subsections (a)(6) or (a)(7) of this section, 1-13 or 1-14 (2) the refinance meets all of the following 1-15 conditions: 1-16 (A) property securing the refinanced debt is not 1-17 subject to one or more valid and enforceable prior contractual 1-18 liens or security interests, 1-19 (B) the refinance is not closed before one year 1-20 after the date that the extension of credit described by Subsection 1-21 (a)(6) of this section was closed, and 1-22 (C) the extension of credit does not include the 1-23 advance of any additional funds except for actual costs and 2-1 reserves required by the lender to refinance such debt. 2-2 A lien securing a refinance made under the authority of this 2-3 Subsection (f)(2) will be deemed to be a lien made under Subsection 2-4 (a)(4) for purposes of this Section. 2-5 SECTION 2. This proposed constitutional amendment shall be 2-6 submitted to the voters at an election to be held November 6, 2001. 2-7 The ballot shall be printed to permit voting for or against the 2-8 proposition: "The constitutional amendment simplifying 2-9 requirements for certain refinances of home equity loans without 2-10 additional cash advances."