Changes to Home Equity Lending in Texas (S.J.R. 60)
Changes to Home Equity Lending in Texas ? (S.J.R. 60)
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Passed by the Texas Legislature on May 6, 2017 Passed by majority of Texas voters on November 7, 2017 Becomes effective for closings on and after January 1, 2018
1. Eliminating the ban on home equity loans on homesteads with agricultural exemptions.
S.J.R. 60 repeals Article XVI, Section 50(a)(6)(I) of the Texas Constitution, the provision prohibiting home equity loans on property with an agricultural exemption other than dairy farms.
As of January 1, 2018, lenders may close 50(a)(6) loans on properties with agricultural exemptions in place at the time of closing.
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