The Finance Commission of Texas and the Texas Credit Union Commission (“Commissions”) have jointly issued their final interpretations of Section 50(a)(5), Article XVI, of the Texas Constitution relating to the creation of a valid home improvement lien on a Texas homestead. These interpretations were published in the July 1, 2005 issue of the Texas Register (Vol. 30, No. 26) and will become effective July 7, 2005. They are codified in the Texas Administrative Code in 7 TAC §§152.1, 152.3, 152.5 152.7, and 152.15.
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Home Improvement Lending on Texas Homesteads
The Finance Commission of Texas and the Texas Credit Union Commission (“Commissions”) have jointly issued their final interpretations of Section 50(a)(5), Article XVI, of the Texas Constitution relating to the creation of a valid home improvement lien on a Texas homestead. These interpretations were published in the July 1, 2005 issue of the Texas Register (Vol. 30, No. 26) and will become effective July 7, 2005. They are codified in the Texas Administrative Code in 7 TAC §§152.1, 152.3, 152.5 152.7, and 152.15.