The constitutional amendment has changed certain options for the refinancing of home equity loans. These options include (1) lowering the cap on home equity-loan related fees from 3 percent to 2 percent but excluding certain additional fees from counting towards the cap (2) refinancing of a home equity loan with a purchase money loan (3) changing the threshold of the amount of advances on a home equity loan as long as the principal amount remains below 80% of the fair market value of the home (formerly was below 50% of market value) ; (4) allowing home equity loans against agricultural properties and; (5) establishing certain authorized lenders to make a home equity loan.
