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TX HB264
TX HB264Relating to requirements for the physical presence of a borrower for signing certain documents related to a home equity loan.
summary
Introduced
11/14/2022
11/14/2022
In Committee
03/20/2023
03/20/2023
Crossed Over
05/02/2023
05/02/2023
Passed
Dead
05/29/2023
05/29/2023
Introduced Session
88th Legislature Regular Session
Bill Summary
Relating to requirements for the physical presence of a borrower for signing certain documents related to a home equity loan.
AI Summary
This bill amends the Finance Code and Estates Code to provide exceptions to the requirement that a home equity loan be closed in person at the office of the lender, an attorney, or a title company. Specifically, it allows borrowers who are active duty military members, their spouses, or certain other individuals to close a home equity loan remotely using remote online notarization or through an agent acting under a durable power of attorney. The bill also clarifies the form and requirements for durable powers of attorney used in home equity loan transactions. The changes in the bill only apply to durable powers of attorney executed on or after the effective date of the bill, which is January 1, 2024, but only if a related constitutional amendment is approved by voters.
Committee Categories
Labor and Employment
Sponsors (6)
Philip Cortez (D)*,
Matt Schaefer (R)*,
Steve Toth (R)*,
Terry Wilson (R)*,
Briscoe Cain (R),
Cody Vasut (R),
Last Action
Received from the House (on 05/03/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://capitol.texas.gov/BillLookup/History.aspx?LegSess=88R&Bill=HB264 |
| BillText | https://capitol.texas.gov/tlodocs/88R/billtext/html/HB00264E.htm |
| BillText | https://capitol.texas.gov/tlodocs/88R/billtext/html/HB00264H.htm |
| Analysis (House Committee Report) | https://capitol.texas.gov/tlodocs/88R/analysis/html/HB00264H.htm |
| Fiscal Note (Introduced) | https://capitol.texas.gov/tlodocs/88R/fiscalnotes/html/HB00264I.htm |
| BillText | https://capitol.texas.gov/tlodocs/88R/billtext/html/HB00264I.htm |
| Bill | https://capitol.texas.gov/tlodocs/88R/billtext/pdf/HB00264I.pdf |
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