HBA-NIK S.B. 1509 76(R) BILL ANALYSIS Office of House Bill AnalysisS.B. 1509 By: Truan Land & Resource Management 4/21/1999 Engrossed BACKGROUND AND PURPOSE Currently, laws regulating a veteran's right to purchase land tracts do not address the issue of existing outstanding indebtedness, and prohibit a veteran from purchasing multiple tracts of land. S.B. 1509 creates a prohibition concerning the amount allocable to a home mortgage loan, changes the maximum amount for certain veteran's loans, and authorizes the Veterans' Land Board to make multiple loans to a veteran under certain conditions. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this bill does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. SECTION BY SECTION ANALYSIS SECTION 1. Amends Section 161.236, Natural Resources Code, to prohibit a veteran from purchasing, and having outstanding indebtedness on, more than one tract of land under this chapter at any time. SECTION 2. Amends Section 162.011, Natural Resources Code, by amending Subsection (c) and adding Subsection (f), as follows: (c) Requires the Veterans' Land Board (board) to determine the maximum principal amount of loans to any veteran that may be outstanding at any time, provided that the amount allocable to a home mortgage loan is prohibited from exceeding the amount allowable for that loan through the United States Department of Veterans Affairs or a successor agency. Deletes existing text providing that a loan under this chapter to a veteran to finance the acquisition of a home may not exceed $45,000. (f) Authorizes the board to make more than one loan under this chapter to a veteran if all previous loans made under this chapter (Veterans' Housing Assistance Program) to the veteran have been repaid in full, and only one home is financed under this chapter by the veteran at any time. SECTION 3. Emergency clause. Effective date: upon passage.