Is there a consensus of whether HJR 72 is going to pass, which relates to amendments to the Texas Constitution regarding home equity lending? If it does, at a minimum, your 12 day notice will need to be revised. Any thoughts on the chance of this passing the voters?

Who knows? Who's pushing for or against and with how much money??

When is the vote scheduled?

November 6.

Thank you! Ya'll keep us posted!

Anybody know the outcome of this?

Passed. See This Thread.

So the amendment revised the verbiage of the notice??????

Here is the proposition -

PROPOSITION 8
(HJR 72)
HJR 72 would clarify home equity loan procedures and protections and make conforming changes to the written disclosure provided to the borrower at the loan closing. The amendment would establish that the status of whether property is an agricultural homestead for the purpose of receiving homestead protection, would be determined by whether it was designated for agricultural use on the date of the loan closing. The amendment would provide that a declared state of emergency (e.g., following a natural disaster) would justify execution of a second home equity loan on the same property less than one year after the first home equity loan. It would provide that non-substantive omissions on a loan application would not affect the agreement. It would require a borrower to receive a copy of all executed loan documents, and a disclosure list of fees and costs at closing. It would prohibit the use of preprinted checks for the use of unsolicited loan advances to obtain a home equity line of credit.

The proposed amendment will appear on the ballot as follows: "The constitutional amendment to clarify certain provisions relating to the making of a home equity loan and use of home equity loan proceeds."

Just an FYI, I spoke to the Office of the Texas Finance Commission this morning, they will not be coming out with the revised "Notice Concerning Extension of Credit" in spanish until mid 2008.