Search Form
First, enter a politician or zip code
Now, choose a category

Key Votes

CSSB 987 - Complex Loan Counseling - Key Vote

Texas Key Votes

Stages

Family

Issues

Note

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

Stage Details

Legislation - Placed on Calendar (House) -
Legislation - Bill Passed (Senate) (26-5) - (Key vote)

Title: Complex Loan Counseling

Vote Smart's Synopsis:

Vote to pass a bill that requires those taking out complex loans to receive counseling regarding possible alternatives.

Highlights:
-Defines a complex loan as one with a principal amount of less than $125,000, where the total loan is at least 90 percent of the total amount needed to buy the property, where the interest rate is variable, and is taken out by a person with a credit rating of no more than 650 (sec. 1). -Requires a person taking out a complex loan to receive counseling from either the federal Department of Housing and Urban Development or a certified attorney, regarding the “advisability of a complex loan and the availability of financial alternatives” (sec. 1).
Legislation - Introduced (Senate) -

Title: Complex Loan Counseling

Sponsors

Skip to top
Back to top