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Proposed amendments to Texas constitution to impact CUs

Two of the proposed seven amendments to the Texas constitution will affect credit unions by incentivizing savings accounts and providing greater access to home equity loans, according to the Cornerstone Credit Union League.

The first proposed amendment to the Home Equity Lending Law will, among other things, establish lower expenses a borrower can be charged, establish certain authorized lenders to make a home equity loan, change the threshold for an advance of a home equity line of credit, and remove certain financing expense limitations for a home equity loan.

The second proposed amendment for prize-linked savings accounts relates to the legislative authority to permit credit unions and other financial institutions to award prizes by lot to promote savings.