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On July 13, 2017 (revised July 24, 2017), we posted on the firm’s website Legislative Update II summarizing the new requirements enacted into law by House Bill 1974 (click here) and Senate Bills 39 and 1193 (click here and here), which are effective September 1, 2017, that substantially affect durable powers of attorney under Chapters 751 and 752 of the Estates Code. If you have not read Legislative Update II, we advise that you do so before September 1, 2017, because it details important new requirements regarding the acceptance of or refusal to accept durable powers of attorney.

This legislative update summarizes additional bills from the 2017 Legislative Session that we consider of interest to our clients. The effective dates of these bills are noted in the applicable bill summary. Previous to this legislative update, we issued Legislative Update I, summarizing proposed constitutional amendments and their enabling legislation, Legislative Update II, summarizing three bills that substantially affect durable powers of attorney, and Legislative Update III, summarizing bills relating to real property. Legislative Updates I, II and III are found on the Articles page of the firm’s website www.bmandg.com.

This legislative update summarizes bills from the 2017 Legislative Session that we consider of interest to our clients, listed in order of importance and not when effective. The effective dates of these bills are noted in the applicable bill summary. Previous to this legislative update, we issued Legislative Update I, summarizing proposed constitutional amendments and their enabling legislation, and Legislative Update II, summarizing three bills that substantially affect durable powers of attorney. Legislative Updates I and II are found on the Articles page of the firm’s website www.bmandg.com.

This legislative update summarizes three bills enacted into law from the 2017 Regular Session of the 85th Texas Legislature-House Bill 1974 (HB 1974), Senate Bill 39 (SB 39), and Senate Bill 1193 (SB 1193)-that impact durable powers of attorney under Chapters 751 and 752, Texas Estates Code. Each bill’s effective date is noted in the bill summary. Previous to this legislative update, we issued Legislative Update I summarizing proposed constitutional amendments and their enabling legislation, which are found on the Articles page of the firm’s website www.bmandg.com.

The Regular Session of the 85th Texas Legislature (85(R) – 2017), which ended May 29, 2017, proposed only seven constitutional amendments. For these amendments to take effect, they must be approved by a majority of Texas voters at an election to be held November 7, 2017. Only four of these proposed constitutional amendments and the three proposed enabling legislative bills are the subject of this legislative update.

The Texas Legislature recently passed Senate Joint Resolution 60 (S.J.R. 60), a joint resolution proposing amendments to the Texas Constitution that would change provisions governing Texas Home Equity lending. S.J.R. 60 will be submitted to the voters at an election to be held November 7, 2017, and, if approved, will take effect January 1, 2018. With regard to the amendments proposed by S.J.R. 60, this memorandum discusses the following: (i) changes with substantive effect (Major Changes); (ii) changes with less substantive effect (Minor Changes); (iii) potential implementation issues-including our view that the changes will create a twelve-day window from January 1, 2018, to January 12, 2018, during which home equity loans cannot close (Implementation Issues); and (iv) an assessment of the likelihood of approval (Likelihood of Passage). For reference, the text of S.J.R. 60 is reprinted in an addendum to this memorandum.