7 TAC §153.22
(Editor's note: The text of the following section proposed for
repeal will not be published. The section may be examined in the offices of
the Finance Commission of Texas or in the Texas Register office, Room 245,
James Earl Rudder Building, 1019 Brazos Street, Austin.)
The Finance Commission of Texas and the Texas Credit
Union Commission ("commissions") jointly re-propose the repeal of §153.22
relating to home equity lending under Texas Constitution, Article XVI, §50(a)(6).
A prior proposed repeal of §153.22, published in the March 3, 2006, issue
of the
Texas Register
(31 TexReg 1393), is
withdrawn in this issue of the
Texas Register
.
Section 153.22 was re-proposed for comment in the June 14, 2006, issue of
the
Texas Register
.
Harold Feeney, Credit Union Commissioner, on behalf of the Texas Credit
Union Commission and Leslie L. Pettijohn, Consumer Credit Commissioner, on
behalf of the Finance Commission of Texas have determined that for the first
five-year period the repeal as proposed will be in effect, there will be no
fiscal implications for state or local government as a result of administering
or enforcing the repeal.
Commissioner Feeney and Commissioner Pettijohn also have determined that
for each year of the first five years the repeal as proposed will be in effect,
the public benefit anticipated as a result of the repeal will be clearer interpretations
for lenders and consumers. The commissions proposed a new interpretation to
seek comment on replacing existing §153.22, which was published in the
March 3, 2006, issue of the
Texas Register
(31
TexReg 1393). The commissions received comments on the new proposal which
prompted staff to recommend certain changes in the language of the proposed
new §153.22. The commissions believe that further public input would
be beneficial and have decided to republish the interpretation for further
comment. Consequently this repeal is being re-proposed as well. There is no
anticipated cost to persons who are required to comply with the repeal as
proposed. There will be no adverse economic effect on small or micro businesses.
There will be no effect on individuals required to comply with the repeal
as proposed.
Written comments on the re-proposed repeal may be submitted in to Harold
Feeney, Commissioner, Credit Union Department, 914 East Anderson Lane, Austin,
Texas 78752-1699, or to Sealy Hutchings, General Counsel, Office of Consumer
Credit Commissioner, 2601 North Lamar Boulevard, Austin, Texas 78705-4207
or by email to commissioner@tcud.state.tx.us or sealy.hutchings@occc.state.tx.us.
To be considered, a written comment must be received on or before the 30th
day after the date the proposed repeal is published in the
Texas Register
. At the conclusion of the 30th day after the proposed
repeal is published in the
Texas Register
,
no further written comments will be considered or accepted by the commissions.
The interpretation repeal is re-proposed pursuant to Texas Finance
Code, §§11.308 and 15.413 (as added by Acts 2003, 78th Legislature,
Chapter 1207, §2), which separately and independently authorize each
commission to issue interpretations of the Texas Constitution, Article XVI, §50(a)(5)-(7),
(e)-(p), (t), and (u), subject to Texas Government Code, Chapter 2001.
The Texas Constitution, Article XVI, §50(a)(6) is affected by the
re-proposed repeal.
§153.22.Copies of Documents: Section 50(a)(6)(Q)(v).
This agency hereby certifies that the proposal has been
reviewed by legal counsel and found to be within the agency's legal authority
to adopt.
Filed with the Office of
the Secretary of State on July 13, 2006.
TRD-200603740
Leslie L. Pettijohn
Commissioner
Joint Financial Regulatory Agencies
Earliest possible date of adoption: August 27, 2006
For further information, please call: (512) 936-7640