Department of Savings & Mortgage Lending Issues Home Equity Rules Timeline

Due to the passage of Proposition 2, the Finance Commission and Credit Union Commission will be publishing proposed rules related to the amendments to the  constitutional home equity provisions.
 
Below is a timeline from the Texas Department of Savings & Mortgage Lending for the rulemaking process, including public comment.

  • Oct 20, 2017: Finance Commission voted to publish proposed rules for comment
  • Nov 3, 2017: Credit Union Commission voted to publish proposed rules for comment
  • Nov 7, 2017: Constitutional amendment election. Amendments to constitution passed.
  • Nov 13, 2017: Agencies submit proposed rules to Texas Register
  • Nov 15, 2017:  Spanish translations of disclosures will be posted to Finance Commission website
  • Nov 24, 2017:  Proposed rules will be published in Texas Register
  • Nov 24 – Dec 25, 2017: Official Comment period for the public
  • Jan 1, 2018: SJR 60 ( Proposition 2) is effective
  • Feb 16, 2018: Finance Commission votes to adopt rules
  • March 9, 2018: Credit Union Commission votes to adopt rules 
  • Late March, 2018: Rules become effective

If you have any questions please contact Roberto Ramirez, Associate General Counsel at rramirez@sml.texas.gov