Source: http://www.dob.texas.gov/exec/faq.htm
Timestamp: 2013-06-20 09:15:21
Document Index: 635142570

Matched Legal Cases: ['§151', '§33', '§ 151', '§ 151', '§ 151', '§ 33']

Fees | Personal Information | Identity Theft | My Bank Account
Loans | Home Equity Loans | Dormant/Inactive | Miscellaneous
Question: Electronic conversion – what is it?
Answer: No. However, there are requirements under the Federal Real Estate Settlement Procedures Act (RESPA) (12 USC Section 2601) for minimum disclosures on certain mortgage loans. This includes a Good Faith Estimate of the amount or range for each settlement charge the borrower is likely to incur no later than three (3) business days after the written loan application is received. No fee may be charged for the preparation of the Truth-in-Lending form, Uniform Settlement Statement, or the initial and annual escrow account statements. Note that second lien residential mortgages are heavily restricted.
Answer: Yes. RESPA generally limits escrow funds at settlement to the amount that would bring the accrual of taxes and insurance current to the date of the first full payment plus one-sixth of the amount of such charges to be paid during the following 12 months (i.e., a two month cushion). Please see the U.S. Housing and Urban Development for more information.
Answer: The Department does not
maintain a list of registered agents for its regulated entities.
Secretary of State’s Corporations Division
at 512-463-5555 for registered agent service of process inquiries.
Question: How can I get a determination
that my existing or proposed business does not need a money transmission license? Answer: We frequently receive inquiries asking
whether a person needs a money transmission license. If you
receive funds in any manner, and make an equivalent amount available
at a later time or in a different location, you are likely conducting
money transmission.1 If when you perform this activity, an individual
or entity in Texas is involved in any portion of a transaction,
you likely need a money transmission license.2
If you send an inquiry to the Department seeking a determination
that your business activity does not constitute money transmission,
please include the following, at a minimum:
a detailed analysis of how your business is conducted;
the identity of all parties to the transaction; a description of the parties named in 2 above, their respective
rights, obligations and liabilities including contracts executed
an explanation of the funds receipt, transfer and settlement
process (we find a flow of funds chart useful);
a copy of all contracts and terms and conditions customers
the account styling, name and institution where customer funds
are held including who has access to the funds and on whose financial
statements the account is reflected;
the extent to which and circumstances in which your business
holds or has access to customer funds;
the name of the entity responsible for Bank Secrecy Act and
the name of the entity responsible for a defalcation of consumer
if claiming an exclusion under Finance Code §151.003(3)3, all
documents required under 7 TAC §33.34.
General's Office. For further information contact:
1 Please see
Texas Finance Code § 151.301(b)(4) for the definition of money
transmission, available at http://www.statutes.legis.state.tx.us/Docs/FI/htm/FI.151.htm#151.301
2 Please see Texas Finance Code § 151.302, available at http://www.statutes.legis.state.tx.us/Docs/FI/htm/FI.151.htm#151.302
3 Please see Texas Finance Code § 151.003, available at http://www.statutes.legis.state.tx.us/Docs/FI/htm/FI.151.htm#151.003 4 Please see Texas Administrative Code § 33.3, available at http://info.sos.state.tx.us/pls/pub/readtac$ext.ViewTAC?tac_view=4&ti=7&pt=2&ch=33 Perpetual Care Cemeteries