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Texas Proposition 6, Reverse Mortgage Loans (September 2003)

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Texas Constitution
Seal of Texas.svg.png
3 (1-43)3 (44-49)3 (50-67)

Texas Proposition 6, 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.

Proposition 6/HJR 23 authorized qualified homeowners to refinance home equity loans with reverse mortgage loans.

Election results

Proposition 6
Approveda Yes 958,293 70.9%

Proposition 6 was described on the ballot as "The constitutional amendment permitting refinancing of a home equity loan with a reverse mortgage."

Text of measure

The short ballot summary voters saw on their ballot read: "The constitutional amendment permitting refinancing of a home equity loan with a reverse mortgage."[1]

Constitutional changes

Proposition 6 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

External links

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