Home Equity Loan Resources
Resources for Consumers
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Home Equity Lending Contract Disclosure: Home equity lenders must provide copies of this consumer rights notice to loan applicants.
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Aviso Sobre El Crédito Que Se Concede: Spanish version of the home equity lending contract disclosure is forthcoming
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Looking for the Best Mortgage: This page on the Federal Trade Commission's Web site includes some practical tips on selecting a mortgage and a worksheet to help you compare mortgage loan products. (La información en el español)
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FTC's Home Equity Loans: This brochure from the Federal Trade Commission includes descriptions of potentially problematic loans and practical tips to protect your intersts. (La información en español)
Statutes and Regulatory Commentary
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Home Equity Commentary: In 1997, the Texas legislature passed a constitutional amendment allowing for home equity loans. In response to this new type of loan, a group of Texas state agencies got together and developed the Home Equity Commentary. This document expresses the enforcement positions adopted by the Office of Consumer Credit Commissioner, Department of Banking, Savings and Loan Department, and the Credit Union Department.
Updated: In response to the constitutional amendment allowing home equity lines of credit (voted in by Texans on September 13, 2003), the OCCC worked with the other Finance Commission agencies (Department of Banking and Savings & Loan Department) and with the Credit Union Commission to develop additional administrative interpretations. -
Article 16, Section 50: This 1997 amendment to the Texas Constitution established home equity regulations. Section 50 was further amended in September 2003 to allow for home equity-based lines of credit.
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Chapter 342.G of Texas Finance Code: This chapter sets forth the regulations concerning interest and other charges on secondary mortgages and home improvement loans.
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Home Equity Modification Interpretation Letter: This letter was issued jointly by the Finance Commission of Texas agencies in response to a request for interpretation.
- Development of Home Equity Lending: The OCCC's governing board, the Finance Commission of Texas, provides this account of regulatory issues that arose within the first two years of home equity lending.
