Texas Notice Concerning Extensions of Credit
Texas amended several constitutional provisions pertaining to home equity loans. The TX Notice Concerning Extensions of Credit was modified to implement the amendments. The following Texas constitutional amendments were made.
- Specify that the determination of whether a property is considered agricultural is made at the time of closing
- Prohibit the use of unsolicited preprinted checks to obtain advances under home equity lines of credit
- Allow borrowers to avoid the one-year waiting period between home equity loans in the event of a declared state of emergency
- Provide that borrowers may sign loan documents containing blank spaces so long as the terms of the agreement left to be filled in are non-substantive
- Require that borrowers receive a copy of the final loan application at least one business day prior to loan closing
The amendments were passed on November 6, 2007.
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- High Cost Loan & Predatory Lending Check
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Mortgage Compliance Updates - Mortgage Loan Docs
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