Texas REALTORS® work for you at the capitol

Individually, Texas REALTORS® provide clients with the services they need to successfully buy and sell homes as well as commercial and investment properties. As a group, Texas REALTORS® fight for consumers' rights, like when championing homeowners-insurance reform legislation and regulation of mortgage brokers and bankers.

Texas REALTORS® have worked with lawmakers on these consumer issues over recent years:

• Homeowners insurance. High insurance costs and lack of availability are hardships for many Texas families. In fact, Texans' homeowners insurance rates have been one of the highest in the nation. REALTOR®-backed legislation has helped establish state oversight of rates, limited the use of credit scoring, restricted insurance companies' right to rescind policies, and stopped the stigmatization of properties when an appliance-related water claim is filed.
• Home equity lending. The REALTORS® group worked to see key consumer and homestead protections added to legislation allowing home equity lines of credit in Texas.
• Mortgage bankers. Texas REALTORS® urged lawmakers to implement and improve a licensing system and regulatory authority over mortgage brokers. Since then, it became apparent that mortgage bankers were not subject to the same scrutiny. This resulted in legislation requiring mortgage bankers to register with the Texas Savings and Loan Department, an important step in making mortgage bankers accountable and giving consumers a place to file grievances.

Texas REALTORS® and lawmakers have also worked together to ensure buyers were protected when home warranties (residential service contracts) conveyed with a purchase; helped curb abuses by overzealous homeowner associations; and increased the maximum size of urban homesteads from one acre to 10 acres, making it easier for many Texans to obtain home
equity loans.