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A BILL TO BE ENTITLED
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AN ACT
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relating to the authority of the Veterans' Land Board to sell |
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certain loans issued by the Veterans' Land Board. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter K, Chapter 161, Natural Resources |
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Code, is amended by adding Sections 161.514 and 161.515 to read as |
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follows: |
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Sec. 161.514. SALE OF LOANS. (a) The board may sell at |
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public or private sale, with or without public bidding, any or all |
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of the loans made under this subchapter. Proceeds from the sale |
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shall be deposited in the fund and otherwise applied in the manner |
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provided by this chapter, except that at the direction of the board |
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the sale proceeds may be used by the board, together with other |
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available money, to discharge, pay, or redeem, wholly or partly, |
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outstanding bonds issued by the board under this chapter. |
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(b) A loan made under this chapter that is combined with a |
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housing assistance loan made under Chapter 162 or a home mortgage |
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loan made under Chapter 164 may be sold under this section or under |
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Chapter 162 or 164, as applicable. |
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Sec. 161.515. CERTAIN RIGHTS, BENEFITS, CONDITIONS, AND |
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OBLIGATIONS PROHIBITED. In making rules and administering this |
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subchapter, the board may not impose on or grant a loan recipient or |
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a transferee under Section 161.511 a right, benefit, condition, or |
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obligation that, in any way, may impair: |
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(1) the ability of the board to sell a loan made under |
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this subchapter; or |
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(2) the market value of a loan made under this |
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subchapter. |
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SECTION 2. Section 161.510, Natural Resources Code, is |
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amended to read as follows: |
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Sec. 161.510. COMBINATION WITH CERTAIN HOME LOANS |
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[LOAN]. The board may: |
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(1) permit a person to combine a loan made under this |
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subchapter with: |
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(A) a housing assistance [home] loan made under |
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Chapter 162 if the portion of the loan made under this subchapter is |
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funded from amounts on deposit in the fund and the portion of the |
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loan made under Chapter 162 is not funded from amounts in the fund; |
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or |
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(B) in accordance with board rules, a home |
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mortgage loan made under Chapter 164; and |
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(2) prescribe the amounts of and forms for a combined |
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loan under this section. |
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SECTION 3. This Act takes effect September 1, 2007. |