Bill > HB957

This bill modifies Texas law regarding home equity loan closings by creating new provisions that allow certain borrowers to close loans remotely or through an agent when they cannot be physically present. Specifically, the bill permits home equity loan closings without in-person attendance for borrowers who are: active duty military members, public health service officers, military reserve members, spouses of military personnel, federal civilian employees assigned abroad, individuals with disabilities preventing travel, those under medical quarantine, or individuals who are incarcerated or under house arrest. These borrowers may close loans either through remote online notarization or by appointing an agent with a durable power of attorney who can appear in person on their behalf. The bill also updates related statutory language about durable powers of attorney to reflect these new provisions, ensuring that such documents can explicitly grant authority for home equity loan transactions. Importantly, these changes will only take effect if a corresponding constitutional amendment is approved by voters in 2025, which would authorize exceptions to the current requirement that home equity loans can only be closed at a lender's, attorney's, or title company's office.

Labor and Employment

https://capitol.texas.gov/BillLookup/History.aspx?LegSess=89R&Bill=HB957