Bill
SJR 60
85(R) - 2017
Senate Business & Commerce
Senate Business & Commerce
Finance
Property Rights
Resolutions
Companion Bill
HJR 99
Vote Recommendation
Neutral
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Neutral
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Neutral
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Neutral
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Neutral
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Neutral
Author(s)
Kelly Hancock
Bill Caption
Proposing a constitutional amendment establishing a lower amount for expenses that can be charged to a borrower and removing certain financing expense limitations for a home equity loan, establishing certain authorized lenders to make a home equity loan, changing certain options for the refinancing of home equity loans, changing the threshold for an advance of a home equity line of credit, and allowing home equity loans on agricultural homesteads.
Fiscal Notes
No fiscal implication to the State is anticipated, other than the cost of publication.
The cost to the state for publication of the resolution is $114,369.
Bill Analysis
SJR 60 would further define the types of extensions of credit which do not apply to the protection of a homestead from forced sale for its payment. This includes establishing a lower amount for expenses that can be charged to a borrower, removing certain financing expense limitations for a home equity loan, allowing certain authorized lenders to make a home equity loan, and allowing home equity loans on agricultural homesteads.
This resolution would also give homeowners another option to be able to refinance debt secured by a valid lien against their homestead. Certain restrictions on obtaining an advance on a home equity line of credit are repealed.
Vote Recommendation Notes
This bill would add some regulations to the mortgage lending industry while removing others. In our view this is a net neutral in terms of overall government regulation. For this reason we remain neutral.
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