Last Updated on July 12, 2022
Effective July 14, 2022, the Finance Commission of Texas and the Texas Credit Union Commission (commissions), on behalf of the Joint Financial Regulatory Agencies (Texas Department of Banking, Department of Savings and Mortgage Lending, Office of Consumer Credit Commissioner, and Texas Credit Union Department), adopts rule changes to the commissions’ interpretations of the home equity lending provisions of Texas Constitution, Article XVI, Section 50, contained in 7 Tex. Admin. Code Chapter 153. In general, the purposes of the rule changes are: (1) to amend the definition of “business day” to ensure that the definition appropriately excludes legal public holidays, reflects the common understanding of “business day” in the context of mortgage loan disclosures, and is consistent with similar definitions under federal law; and (2) to make technical corrections to ensure consistency in the text of other definitions in the chapter.
On and after July 14, 2022, the amended rule will be reflected on the Texas Secretary of State website. Interested persons may also consult the adopted rules publication published in the Texas Register on July 8, 2022 (link active through July 14, 2022; after July 14, 2022, please consult the Texas Register archives).