Texas Proposition 16, Rules Governing Reverse Mortgage Loans (September 2003)
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Texas Proposition 16, also known as the Reverse Mortgage Loans Act, was on the September 13, 2003 special election ballot in Texas as a legislatively-referred constitutional amendment, where it was approved. SJR 42/Proposition 16 amended the Texas Constitution to allow home equity lines of credit and allow refinancing of a home equity loan with a reverse mortgage loan.
Text of measure
The short ballot summary voters saw on their ballot read: "The constitutional amendment authorizing a home equity line of credit, providing for administrative interpretation of home equity lending law, and otherwise relating to the making, refinancing, repayment, and enforcement of home equity loans."
The successful passage of Proposition 16 added §Section 50 to Article 16 of the Texas Constitution.
Path to the ballot
- See also: Laws governing direct democracy in Texas
As laid out in Article 17 of the Texas Constitution, in order for a proposed constitutional amendment to be placed on the ballot, the Texas State Legislature must propose the amendment in a joint resolution of both the Texas State Senate and the Texas House of Representatives. The joint resolution can originate in either the House or the Senate. The resolution must be adopted by a vote of at least two-thirds of the membership of each house of the legislature. That amounts to a minimum of 100 votes in the House of Representatives and 21 votes in the Senate.
- Proposition 16 Election Results
- Analysis of Proposition 16
- Constitutional amendments on the September 13, 2003 Texas ballot