AUSTIN, Texas–Two proposed amendments to the Texas State Constitution that had the strong backing of credit unions here were both passed by voters.
According to the league, Proposition 2 (SJR 60), which updates the Home Equity Lending Law, and Proposition 7, which would allow prize-linked savings accounts in the state, were approved by wide margins.
The Cornerstone Credit Union League and credit unions across Texas had been lobbying in favor of both bills.
Proposition two reads: "The constitutional amendment to establish a lower amount for expenses that can be charged to a borrower and removing certain financing expense limitations for a home equity loan, establishing certain authorized lenders to make a home equity loan, changing certain options for the refinancing of home equity loans, changing the threshold for an advance of a home equity line of credit, and allowing home equity loans on agricultural homesteads."
Proposition 7 (HJR 37) for prize-linked savings accounts reads:
"The constitutional amendment relating to legislative authority to permit credit unions and other financial institutions to award prizes by lot to promote savings."
The CCUL reported that the state legislature considered 156 amendments to the Texas constitution during the regular session this year, but only approved seven measures for voter consideration.