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Texas Home Equity Loans, Proposition 16 (September 2003)

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The Texas Home Equity Loans Amendment, also known as Proposition 16, was on the September 13, 2003 ballot in Texas as a legislatively-referred constitutional amendment, where it was approved. The measure allowed home equity lines of credit and allowed refinancing of a home equity loan with a reverse mortgage loan.[1][2]

Election results

Texas Proposition 16 (September 2003)
ResultVotesPercentage
Approveda Yes 862,009 65.42%
No455,70734.58%

Election results via: Legislative Reference Library of Texas

Text of measure

The text of the measure can be read here.

Constitutional changes

Proposition 16 amended §Section 50 of 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.

See also

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References


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