By: Menéndez S.J.R. No. 79                 SENATE JOINT RESOLUTION   proposing a constitutional amendment increasing the amount of debt   that may be secured by a homestead for purposes of refinancing a   loan including those with an extension of credit guaranteed by the   United States Department of Veterans Affairs.          BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Sections 50(a), (f), and (g), Article XVI, Texas   Constitution, are amended to read as follows:          (a)  The homestead of a family, or of a single adult person,   shall be, and is hereby protected from forced sale, for the payment   of all debts except for:                (1)  the purchase money thereof, or a part of such   purchase money;                (2)  the taxes due thereon;                (3)  an owelty of partition imposed against the   entirety of the property by a court order or by a written agreement   of the parties to the partition, including a debt of one spouse in   favor of the other spouse resulting from a division or an award of a   family homestead in a divorce proceeding;                (4)  the refinance of a lien against a homestead,   including a federal tax lien resulting from the tax debt of both   spouses, if the homestead is a family homestead, or from the tax   debt of the owner;                (5)  work and material used in constructing new   improvements thereon, if contracted for in writing, or work and   material used to repair or renovate existing improvements thereon   if:                      (A)  the work and material are contracted for in   writing, with the consent of both spouses, in the case of a family   homestead, given in the same manner as is required in making a sale   and conveyance of the homestead;                      (B)  the contract for the work and material is not   executed by the owner or the owner's spouse before the fifth day   after the owner makes written application for any extension of   credit for the work and material, unless the work and material are   necessary to complete immediate repairs to conditions on the   homestead property that materially affect the health or safety of   the owner or person residing in the homestead and the owner of the   homestead acknowledges such in writing;                      (C)  the contract for the work and material   expressly provides that the owner may rescind the contract without   penalty or charge within three days after the execution of the   contract by all parties, unless the work and material are necessary   to complete immediate repairs to conditions on the homestead   property that materially affect the health or safety of the owner or   person residing in the homestead and the owner of the homestead   acknowledges such in writing; and                      (D)  the contract for the work and material is   executed by the owner and the owner's spouse only at the office of a   third-party lender making an extension of credit for the work and   material, an attorney at law, or a title company;                (6)  an extension of credit that:                      (A)  is secured by a voluntary lien on the   homestead created under a written agreement with the consent of   each owner and each owner's spouse;                      (B)  is of a principal amount that when added to   the aggregate total of the outstanding principal balances of all   other indebtedness secured by valid encumbrances of record against   the homestead does not exceed:                            (i)  except as provided by Subparagraph   (ii), 80 percent of the fair market value of the homestead on the   date the extension of credit is made; or                            (ii)  the fair market value of the homestead   on the date the extension of credit is made, if the extension of   credit is:                                  (a)  used to refinance a lien against   the homestead; or                                  (b)  guaranteed by the United States   Department of Veterans Affairs or a successor agency;                      (C)  is without recourse for personal liability   against each owner and the spouse of each owner, unless the owner or   spouse obtained the extension of credit by actual fraud;                      (D)  is secured by a lien that may be foreclosed   upon only by a court order;                      (E)  does not require the owner or the owner's   spouse to pay, in addition to any interest or any bona fide discount   points used to buy down the interest rate, any fees to any person   that are necessary to originate, evaluate, maintain, record,   insure, or service the extension of credit that exceed, in the   aggregate, two percent of the original principal amount of the   extension of credit, excluding fees for:                            (i)  an appraisal performed by a third party   appraiser;                            (ii)  a property survey performed by a state   registered or licensed surveyor;                            (iii)  a state base premium for a mortgagee   policy of title insurance with endorsements established in   accordance with state law; or                            (iv)  a title examination report if its cost   is less than the state base premium for a mortgagee policy of title   insurance without endorsements established in accordance with   state law;                      (F)  is not a form of open-end account that may be   debited from time to time or under which credit may be extended from   time to time unless the open-end account is a home equity line of   credit;                      (G)  is payable in advance without penalty or   other charge;                      (H)  is not secured by any additional real or   personal property other than the homestead;                      (I)  (repealed);                      (J)  may not be accelerated because of a decrease   in the market value of the homestead or because of the owner's   default under other indebtedness not secured by a prior valid   encumbrance against the homestead;                      (K)  is the only debt secured by the homestead at   the time the extension of credit is made unless the other debt was   made for a purpose described by Subsections (a)(1)-(a)(5) or   Subsection (a)(8) of this section;                      (L)  is scheduled to be repaid:                            (i)  in substantially equal successive   periodic installments, not more often than every 14 days and not   less often than monthly, beginning no later than two months from the   date the extension of credit is made, each of which equals or   exceeds the amount of accrued interest as of the date of the   scheduled installment; or                            (ii)  if the extension of credit is a home   equity line of credit, in periodic payments described under   Subsection (t)(8) of this section;                      (M)  is closed not before:                            (i)  the 12th day after the later of the date   that the owner of the homestead submits a loan application to the   lender for the extension of credit or the date that the lender   provides the owner a copy of the notice prescribed by Subsection (g)   of this section;                            (ii)  one business day after the date that   the owner of the homestead receives a copy of the loan application   if not previously provided and a final itemized disclosure of the   actual fees, points, interest, costs, and charges that will be   charged at closing. If a bona fide emergency or another good cause   exists and the lender obtains the written consent of the owner, the   lender may provide the documentation to the owner or the lender may   modify previously provided documentation on the date of closing;   and                            (iii)  the first anniversary of the closing   date of any other extension of credit described by Subsection   (a)(6) of this section secured by the same homestead property,   except a refinance described by Paragraph (Q)(x)(f) of this   subdivision, unless the owner on oath requests an earlier closing   due to a state of emergency that:                                  (a)  has been declared by the president   of the United States or the governor as provided by law; and                                  (b)  applies to the area where the   homestead is located;                      (N)  is closed only at the office of the lender, an   attorney at law, or a title company, except as otherwise provided by   statute;                      (O)  permits a lender to contract for and receive   any fixed or variable rate of interest authorized under statute;                      (P)  is made by one of the following that has not   been found by a federal regulatory agency to have engaged in the   practice of refusing to make loans because the applicants for the   loans reside or the property proposed to secure the loans is located   in a certain area:                            (i)  a bank, savings and loan association,   savings bank, or credit union doing business under the laws of this   state or the United States, including a subsidiary of a bank,   savings and loan association, savings bank, or credit union   described by this subparagraph;                            (ii)  a federally chartered lending   instrumentality or a person approved as a mortgagee by the United   States government to make federally insured loans;                            (iii)  a person licensed to make regulated   loans, as provided by statute of this state;                            (iv)  a person who sold the homestead   property to the current owner and who provided all or part of the   financing for the purchase;                            (v)  a person who is related to the homestead   property owner within the second degree of affinity or   consanguinity; or                            (vi)  a person regulated by this state as a   mortgage banker or mortgage company; and                      (Q)  is made on the condition that:                            (i)  the owner of the homestead is not   required to apply the proceeds of the extension of credit to repay   another debt except debt secured by the homestead or debt to another   lender;                            (ii)  the owner of the homestead not assign   wages as security for the extension of credit;                            (iii)  the owner of the homestead not sign   any instrument in which blanks relating to substantive terms of   agreement are left to be filled in;                            (iv)  the owner of the homestead not sign a   confession of judgment or power of attorney to the lender or to a   third person to confess judgment or to appear for the owner in a   judicial proceeding;                            (v)  at the time the extension of credit is   made, the owner of the homestead shall receive a copy of the final   loan application and all executed documents signed by the owner at   closing related to the extension of credit;                            (vi)  the security instruments securing the   extension of credit contain a disclosure that the extension of   credit is the type of credit defined by Subsection (a)(6) of this   section;                            (vii)  within a reasonable time after   termination and full payment of the extension of credit, the lender   cancel and return the promissory note to the owner of the homestead   and give the owner, in recordable form, a release of the lien   securing the extension of credit or a copy of an endorsement and   assignment of the lien to a lender that is refinancing the extension   of credit;                            (viii)  the owner of the homestead and any   spouse of the owner may, within three days after the extension of   credit is made, rescind the extension of credit without penalty or   charge;                            (ix)  the owner of the homestead and the   lender sign a written acknowledgment as to the fair market value of   the homestead property on the date the extension of credit is made;                            (x)  except as provided by Subparagraph (xi)   of this paragraph, the lender or any holder of the note for the   extension of credit shall forfeit all principal and interest of the   extension of credit if the lender or holder fails to comply with the   lender's or holder's obligations under the extension of credit and   fails to correct the failure to comply not later than the 60th day   after the date the lender or holder is notified by the borrower of   the lender's failure to comply by:                                  (a)  paying to the owner an amount   equal to any overcharge paid by the owner under or related to the   extension of credit if the owner has paid an amount that exceeds an   amount stated in the applicable Paragraph (E), (G), or (O) of this   subdivision;                                  (b)  sending the owner a written   acknowledgement that the lien is valid only in the amount that the   extension of credit does not exceed the percentage described by   Paragraph (B) of this subdivision, if applicable, or is not secured   by property described under Paragraph (H) of this subdivision, if   applicable;                                  (c)  sending the owner a written notice   modifying any other amount, percentage, term, or other provision   prohibited by this section to a permitted amount, percentage, term,   or other provision and adjusting the account of the borrower to   ensure that the borrower is not required to pay more than an amount   permitted by this section and is not subject to any other term or   provision prohibited by this section;                                  (d)  delivering the required documents   to the borrower if the lender fails to comply with Subparagraph (v)   of this paragraph or obtaining the appropriate signatures if the   lender fails to comply with Subparagraph (ix) of this paragraph;                                  (e)  sending the owner a written   acknowledgement, if the failure to comply is prohibited by   Paragraph (K) of this subdivision, that the accrual of interest and   all of the owner's obligations under the extension of credit are   abated while any prior lien prohibited under Paragraph (K) remains   secured by the homestead; or                                  (f)  if the failure to comply cannot be   cured under Subparagraphs (x)(a)-(e) of this paragraph, curing the   failure to comply by a refund or credit to the owner of $1,000 and   offering the owner the right to refinance the extension of credit   with the lender or holder for the remaining term of the loan at no   cost to the owner on the same terms, including interest, as the   original extension of credit with any modifications necessary to   comply with this section or on terms on which the owner and the   lender or holder otherwise agree that comply with this section; and                            (xi)  the lender or any holder of the note   for the extension of credit shall forfeit all principal and   interest of the extension of credit if the extension of credit is   made by a person other than a person described under Paragraph (P)   of this subdivision or if the lien was not created under a written   agreement with the consent of each owner and each owner's spouse,   unless each owner and each owner's spouse who did not initially   consent subsequently consents;                (7)  a reverse mortgage; or                (8)  the conversion and refinance of a personal   property lien secured by a manufactured home to a lien on real   property, including the refinance of the purchase price of the   manufactured home, the cost of installing the manufactured home on   the real property, and the refinance of the purchase price of the   real property.          (f)  A refinance of debt secured by the homestead, any   portion of which is an extension of credit described by Subsection   (a)(6) of this section, may not be secured by a valid lien against   the homestead unless either:                (1)  the refinance of the debt is an extension of credit   described by Subsection (a)(6) or (a)(7) of this section; or                (2)  all of the following conditions are met:                      (A)  the refinance is not closed before the first   anniversary of the date the extension of credit was closed;                      (B)  the refinanced extension of credit does not   include the advance of any additional funds other than:                            (i)  funds advanced to refinance a debt   described by Subsections (a)(1) through (a)(7) of this section; or                            (ii)  actual costs and reserves required by   the lender to refinance the debt;                      (C)  the refinance of the extension of credit is   of a principal amount that when added to the aggregate total of the   outstanding principal balances of all other indebtedness secured by   valid encumbrances of record against the homestead does not exceed:                            (i)  except as provided by Subparagraph   (ii), 80 percent of the fair market value of the homestead on the   date the refinance of the extension of credit is made; or                            (ii)  the fair market value of the homestead   on the date of the refinance of the extension of credit if the   extension of credit is:                                  (a)  used to refinance a lien against   the homestead; and                                  (b)  guaranteed by the United States   Department of Veterans Affairs or a successor agency; and                      (D)  the lender provides the owner the following   written notice on a separate document not later than the third   business day after the date the owner submits the loan application   to the lender and at least 12 days before the date the refinance of   the extension of credit is closed:          "YOUR EXISTING LOAN THAT YOU DESIRE TO REFINANCE IS A HOME   EQUITY LOAN.  YOU MAY HAVE THE OPTION TO REFINANCE YOUR HOME EQUITY   LOAN AS EITHER A HOME EQUITY LOAN OR AS A NON-HOME EQUITY LOAN, IF   OFFERED BY YOUR LENDER.          "HOME EQUITY LOANS HAVE IMPORTANT CONSUMER PROTECTIONS.  A   LENDER MAY ONLY FORECLOSE A HOME EQUITY LOAN BASED ON A COURT   ORDER.  A HOME EQUITY LOAN MUST BE WITHOUT RECOURSE FOR PERSONAL   LIABILITY AGAINST YOU AND YOUR SPOUSE.          "IF YOU HAVE APPLIED TO REFINANCE YOUR EXISTING HOME EQUITY   LOAN AS A NON-HOME EQUITY LOAN, YOU WILL LOSE CERTAIN CONSUMER   PROTECTIONS.  A NON-HOME EQUITY REFINANCED LOAN:                "(1)  WILL PERMIT THE LENDER TO FORECLOSE WITHOUT A   COURT ORDER;                "(2)  WILL BE WITH RECOURSE FOR PERSONAL LIABILITY   AGAINST YOU AND YOUR SPOUSE; AND                "(3)  MAY ALSO CONTAIN OTHER TERMS OR CONDITIONS THAT   MAY NOT BE PERMITTED IN A TRADITIONAL HOME EQUITY LOAN.          "BEFORE YOU REFINANCE YOUR EXISTING HOME EQUITY LOAN TO MAKE   IT A NON-HOME EQUITY LOAN, YOU SHOULD MAKE SURE YOU UNDERSTAND THAT   YOU ARE WAIVING IMPORTANT PROTECTIONS THAT HOME EQUITY LOANS   PROVIDE UNDER THE LAW AND SHOULD CONSIDER CONSULTING WITH AN   ATTORNEY OF YOUR CHOOSING REGARDING THESE PROTECTIONS.          "YOU MAY WISH TO ASK YOUR LENDER TO REFINANCE YOUR LOAN AS A   HOME EQUITY LOAN. HOWEVER, A HOME EQUITY LOAN MAY HAVE A HIGHER   INTEREST RATE AND CLOSING COSTS THAN A NON-HOME EQUITY LOAN."          (g)  An extension of credit described by Subsection (a)(6) of   this section may be secured by a valid lien against homestead   property if the extension of credit is not closed before the 12th   day after the lender provides the owner with the following written   notice on a separate instrument:          "NOTICE CONCERNING EXTENSIONS OF CREDIT DEFINED BY SECTION   50(a)(6), ARTICLE XVI, TEXAS CONSTITUTION:          "SECTION 50(a)(6), ARTICLE XVI, OF THE TEXAS CONSTITUTION   ALLOWS CERTAIN LOANS TO BE SECURED AGAINST THE EQUITY IN YOUR   HOME.  SUCH LOANS ARE COMMONLY KNOWN AS EQUITY LOANS.  IF YOU DO   NOT REPAY THE LOAN OR IF YOU FAIL TO MEET THE TERMS OF THE LOAN, THE   LENDER MAY FORECLOSE AND SELL YOUR HOME.  THE CONSTITUTION PROVIDES   THAT:          "(A) THE LOAN MUST BE VOLUNTARILY CREATED WITH THE CONSENT OF   EACH OWNER OF YOUR HOME AND EACH OWNER'S SPOUSE;          "(B) THE PRINCIPAL LOAN AMOUNT AT THE TIME THE LOAN IS MADE   MUST NOT EXCEED AN AMOUNT THAT, WHEN ADDED TO THE PRINCIPAL BALANCES   OF ALL OTHER LIENS AGAINST YOUR HOME, IS MORE THAN 80 PERCENT OF THE   FAIR MARKET VALUE OF YOUR HOME OR MORE THAN THE FAIR MARKET VALUE OF   YOUR HOME FOR CERTAIN LOANS GUARANTEED BY THE UNITED STATES   DEPARTMENT OF VETERANS AFFAIRS;          "(C) THE LOAN MUST BE WITHOUT RECOURSE FOR PERSONAL LIABILITY   AGAINST YOU AND YOUR SPOUSE UNLESS YOU OR YOUR SPOUSE OBTAINED THIS   EXTENSION OF CREDIT BY ACTUAL FRAUD;          "(D) THE LIEN SECURING THE LOAN MAY BE FORECLOSED UPON ONLY   WITH A COURT ORDER;          "(E) FEES AND CHARGES TO MAKE THE LOAN MAY NOT EXCEED 2   PERCENT OF THE LOAN AMOUNT, EXCEPT FOR A FEE OR CHARGE FOR AN   APPRAISAL PERFORMED BY A THIRD PARTY APPRAISER, A PROPERTY SURVEY   PERFORMED BY A STATE REGISTERED OR LICENSED SURVEYOR, A STATE BASE   PREMIUM FOR A MORTGAGEE POLICY OF TITLE INSURANCE WITH   ENDORSEMENTS, OR A TITLE EXAMINATION REPORT;          "(F) THE LOAN MAY NOT BE AN OPEN-END ACCOUNT THAT MAY BE   DEBITED FROM TIME TO TIME OR UNDER WHICH CREDIT MAY BE EXTENDED FROM   TIME TO TIME UNLESS IT IS A HOME EQUITY LINE OF CREDIT;          "(G) YOU MAY PREPAY THE LOAN WITHOUT PENALTY OR CHARGE;          "(H) NO ADDITIONAL COLLATERAL MAY BE SECURITY FOR THE LOAN;          "(I) (repealed);          "(J) YOU ARE NOT REQUIRED TO REPAY THE LOAN EARLIER THAN   AGREED SOLELY BECAUSE THE FAIR MARKET VALUE OF YOUR HOME DECREASES   OR BECAUSE YOU DEFAULT ON ANOTHER LOAN THAT IS NOT SECURED BY YOUR   HOME;          "(K) ONLY ONE LOAN DESCRIBED BY SECTION 50(a)(6), ARTICLE   XVI, OF THE TEXAS CONSTITUTION MAY BE SECURED WITH YOUR HOME AT ANY   GIVEN TIME;          "(L) THE LOAN MUST BE SCHEDULED TO BE REPAID IN PAYMENTS THAT   EQUAL OR EXCEED THE AMOUNT OF ACCRUED INTEREST FOR EACH PAYMENT   PERIOD;          "(M) THE LOAN MAY NOT CLOSE BEFORE 12 DAYS AFTER YOU SUBMIT A   LOAN APPLICATION TO THE LENDER OR BEFORE 12 DAYS AFTER YOU RECEIVE   THIS NOTICE, WHICHEVER DATE IS LATER; AND MAY NOT WITHOUT YOUR   CONSENT CLOSE BEFORE ONE BUSINESS DAY AFTER THE DATE ON WHICH YOU   RECEIVE A COPY OF YOUR LOAN APPLICATION IF NOT PREVIOUSLY PROVIDED   AND A FINAL ITEMIZED DISCLOSURE OF THE ACTUAL FEES, POINTS,   INTEREST, COSTS, AND CHARGES THAT WILL BE CHARGED AT CLOSING; AND IF   YOUR HOME WAS SECURITY FOR THE SAME TYPE OF LOAN WITHIN THE PAST   YEAR, A NEW LOAN SECURED BY THE SAME PROPERTY MAY NOT CLOSE BEFORE   ONE YEAR HAS PASSED FROM THE CLOSING DATE OF THE OTHER LOAN, UNLESS   ON OATH YOU REQUEST AN EARLIER CLOSING DUE TO A DECLARED STATE OF   EMERGENCY;          "(N) THE LOAN MAY CLOSE ONLY AT THE OFFICE OF THE LENDER,   TITLE COMPANY, OR AN ATTORNEY AT LAW;          "(O) THE LENDER MAY CHARGE ANY FIXED OR VARIABLE RATE OF   INTEREST AUTHORIZED BY STATUTE;          "(P) ONLY A LAWFULLY AUTHORIZED LENDER MAY MAKE LOANS   DESCRIBED BY SECTION 50(a)(6), ARTICLE XVI, OF THE TEXAS   CONSTITUTION;          "(Q) LOANS DESCRIBED BY SECTION 50(a)(6), ARTICLE XVI, OF THE   TEXAS CONSTITUTION MUST:          "(1) NOT REQUIRE YOU TO APPLY THE PROCEEDS TO ANOTHER DEBT   EXCEPT A DEBT THAT IS SECURED BY YOUR HOME OR OWED TO ANOTHER   LENDER;          "(2) NOT REQUIRE THAT YOU ASSIGN WAGES AS SECURITY;          "(3) NOT REQUIRE THAT YOU EXECUTE INSTRUMENTS WHICH HAVE   BLANKS FOR SUBSTANTIVE TERMS OF AGREEMENT LEFT TO BE FILLED IN;          "(4) NOT REQUIRE THAT YOU SIGN A CONFESSION OF JUDGMENT OR   POWER OF ATTORNEY TO ANOTHER PERSON TO CONFESS JUDGMENT OR APPEAR IN   A LEGAL PROCEEDING ON YOUR BEHALF;          "(5) PROVIDE THAT YOU RECEIVE A COPY OF YOUR FINAL LOAN   APPLICATION AND ALL EXECUTED DOCUMENTS YOU SIGN AT CLOSING;          "(6) PROVIDE THAT THE SECURITY INSTRUMENTS CONTAIN A   DISCLOSURE THAT THIS LOAN IS A LOAN DEFINED BY SECTION 50(a)(6),   ARTICLE XVI, OF THE TEXAS CONSTITUTION;          "(7) PROVIDE THAT WHEN THE LOAN IS PAID IN FULL, THE LENDER   WILL SIGN AND GIVE YOU A RELEASE OF LIEN OR AN ASSIGNMENT OF THE   LIEN, WHICHEVER IS APPROPRIATE;          "(8) PROVIDE THAT YOU MAY, WITHIN 3 DAYS AFTER CLOSING,   RESCIND THE LOAN WITHOUT PENALTY OR CHARGE;          "(9) PROVIDE THAT YOU AND THE LENDER ACKNOWLEDGE THE FAIR   MARKET VALUE OF YOUR HOME ON THE DATE THE LOAN CLOSES; AND          "(10) PROVIDE THAT THE LENDER WILL FORFEIT ALL PRINCIPAL AND   INTEREST IF THE LENDER FAILS TO COMPLY WITH THE LENDER'S   OBLIGATIONS UNLESS THE LENDER CURES THE FAILURE TO COMPLY AS   PROVIDED BY SECTION 50(a)(6)(Q)(x), ARTICLE XVI, OF THE TEXAS   CONSTITUTION; AND          "(R) IF THE LOAN IS A HOME EQUITY LINE OF CREDIT:          "(1) YOU MAY REQUEST ADVANCES, REPAY MONEY, AND REBORROW   MONEY UNDER THE LINE OF CREDIT;          "(2) EACH ADVANCE UNDER THE LINE OF CREDIT MUST BE IN AN   AMOUNT OF AT LEAST $4,000;          "(3) YOU MAY NOT USE A CREDIT CARD, DEBIT CARD, OR SIMILAR   DEVICE, OR PREPRINTED CHECK THAT YOU DID NOT SOLICIT, TO OBTAIN   ADVANCES UNDER THE LINE OF CREDIT;          "(4) ANY FEES THE LENDER CHARGES MAY BE CHARGED AND COLLECTED   ONLY AT THE TIME THE LINE OF CREDIT IS ESTABLISHED AND THE LENDER   MAY NOT CHARGE A FEE IN CONNECTION WITH ANY ADVANCE;          "(5) THE MAXIMUM PRINCIPAL AMOUNT THAT MAY BE EXTENDED, WHEN   ADDED TO ALL OTHER DEBTS SECURED BY YOUR HOME, MAY NOT EXCEED 80   PERCENT OF THE FAIR MARKET VALUE OF YOUR HOME ON THE DATE THE LINE OF   CREDIT IS ESTABLISHED OR THE FAIR MARKET VALUE OF YOUR HOME ON THE   DATE THE LINE OF CREDIT IS ESTABLISHED FOR CERTAIN LOANS GUARANTEED   BY THE UNITED STATES DEPARTMENT OF VETERANS AFFAIRS;          "(6) IF THE PRINCIPAL BALANCE UNDER THE LINE OF CREDIT AT ANY   TIME EXCEEDS 80 PERCENT OF THE FAIR MARKET VALUE OF YOUR HOME OR   MORE THAN THE FAIR MARKET VALUE OF YOUR HOME FOR CERTAIN LOANS   GUARANTEED BY THE UNITED STATES DEPARTMENT OF VETERANS AFFAIRS, AS   DETERMINED ON THE DATE THE LINE OF CREDIT IS ESTABLISHED, YOU MAY   NOT CONTINUE TO REQUEST ADVANCES UNDER THE LINE OF CREDIT UNTIL THE   BALANCE IS LESS THAN THE APPLICABLE PERCENTAGE [80 PERCENT OF THE   FAIR MARKET VALUE]; AND          "(7) THE LENDER MAY NOT UNILATERALLY AMEND THE TERMS OF THE   LINE OF CREDIT.          "THIS NOTICE IS ONLY A SUMMARY OF YOUR RIGHTS UNDER THE TEXAS   CONSTITUTION.  YOUR RIGHTS ARE GOVERNED BY SECTION 50, ARTICLE XVI,   OF THE TEXAS CONSTITUTION, AND NOT BY THIS NOTICE."          If the discussions with the borrower are conducted primarily   in a language other than English, the lender shall, before closing,   provide an additional copy of the notice translated into the   written language in which the discussions were conducted.          SECTION 2.  This proposed constitutional amendment shall be   submitted to the voters at an election to be held November 4, 2025.   The ballot shall be printed to permit voting for or against the   proposition: "The constitutional amendment increasing, from 80   percent to an amount equal to the fair market value of the   homestead, the amount of debt that may be secured by a homestead for   purposes of refinancing a loan including those with an extension of   credit guaranteed by the United States Department of Veterans   Affairs."