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In the June 29, 2012 issue of the Texas Register (Vol. 37 No. 26), the Texas Finance Commission (the “Commission”) made revisions to the Texas Residential Mortgage Loan Originator Regulations (7 TAC Chapter 80) and the Mortgage Banker Registration and Residential Mortgage Loan Officer Licensing Regulations (7 TAC Chapter 81). This memorandum will only discuss the revisions to Chapter 80. A separate memorandum will discuss the revisions to Chapter 81.

In the above Opinion dated April 13, 2012, the Attorney General of Texas, Greg Abbott, opined with respect to the above as follows: (1) “Effective January 1, 2012, subsection 11.131(c) of the Tax Code provides a residence homestead tax exemption to the surviving spouse of a fully disabled veteran who at the time of death qualified for an exemption under subsection 11.131(b) of the Tax Code. [See, firm memorandum dated December 1, 2011.] The fact that the disabled veteran died in 2011, prior to the effective date of subsection 11.131(c), does not deprive the surviving spouse of the exemption for the 2012 tax year.” (emphasis added)

This is the final legislative update prepared by this firm for the 2011 legislative session of the Texas Legislature. It summarizes constitutional amendment SJR 14 approved by the voters on November 8, 2011, and 8 bills effective on and after January 1, 2012, that we consider are of interest to our clients.

This legislative update for the 2011 legislative session of the Texas Legislature summarizes Senate Bill 1124, which amends Chapters 156 (Mortgage Brokers), 157 (Registration of Mortgage Bankers), and 180 (Texas SAFE Act) of the Texas Finance Code. The federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (Federal SAFE Act) required all states to enact a system for licensing and registering loan originators that meets its the requirements. To be in compliance with the Federal SAFE Act the Texas Legislature, in the 2009 legislative session, enacted Chapter 180 and amended Chapters 156 and 157. A number of provisions in Chapters 156, 157, and 180, however, still need to be reconciled due to the differences in definitions, powers and terminology that exist in these Chapters. Senate Bill 1124 reconciles these differences, harmonizes the text, where applicable, and conforms the terminology of these Chapters to that used in the Federal SAFE Act. In addition, Senate Bill 1124 makes other amendments to these Chapters.

This legislative update summarizes the remaining 12 bills effective September 1, 2011, that were not addressed in the Part One legislative update that we consider are of interest to our clients. The legislative updates that follow this update will summarize the following bills that we consider are of interest to our clients: (i) bills that we consider important enough to be the subject of a separate legislative update; and (ii) bills and constitutional amendments effective after September 1, 2011. • AMENDMENTS TO BUSINESS AND COMMERCE CODE, CIVIL PRACTICE AND REMEDIES CODE, AND PROPERTY CODE RELATING TO DEEDS CONVEYING RESIDENTIAL REAL ESTATE AND OTHER INSTRUMENTS INVOLVING RESIDENTIAL REAL ESTATE (SB 1320) Senate Bill 1320 enacts the following amendments to the Business and Commerce Code, the Civil Practice and Remedies Code, and the Property Code, respectively, relating to the conveyance of and transactions involving residential real estate:

This is the third legislative update prepared by this firm for the 2011 legislative session of the Texas Legislature and summarizes Senate Bill 17, Regulation of Residential Mortgage Loan Servicers, and House Bill 1146, Registration and Regulation of Appraisal Management Companies. The legislative updates that follow this update will summarize the following bills that we consider are of interest to our clients: (i) bills effective September 1, 2011, that were not addressed in our Part One legislative update dated August 15, 2011; (ii) additional bill(s) that we consider important enough to be the subject of a separate legislative update; and (iii) bills and constitutional amendments effective after September 1, 2011.

This legislative update summarizes eight bills effective September 1, 2011, that we consider are of interest to our clients. The legislative updates that follow this update will summarize the following bills that we consider are of interest to our clients: (i) bills effective September 1, 2011, that are not addressed in this legislative update, (ii) bills that we consider important enough to be the subject of a separate legislative update, and (iii) bills and constitutional amendments effective after September 1, 2011.

This legislative update summarizes those bills effective before September 1, 2011, that we consider of interest to our clients. The legislative updates that follow this update will summarize, respectively, (i) those bills that we consider important enough to be the subject of a separate legislative update, and (ii) bills effective on and after September 1, 2011, that we consider of interest to our clients.

This memorandum is to advise all clients of the following technical changes by the TDSML to the disclosures required, respectively, under §79.122 and §80.9 of Title 7 of the Texas Administrative Code. These changes are set out in the April 29, 2011 issue of the Texas Register. 1. State savings banks are required by §79.122 to place in their privacy notices to consumers a promulgated notice advising consumers how to file complains. This complaint notice contains the TDSML’s current email address: smlinfo@sml.state.tx.us. Effective May 5, 2011, that email address changes to: smlinfo@sml.texas.gov.