reglab/housing_qa huggingface dataset:
TX Fin Code § 341.607 (2021)
2021 Texas Statutes|Finance Code|Title 4 - Regulation of Interest, Loans, and Financed Transactions|Subtitle B - Loans and Financed Transactions|Chapter 341 - General Provisions|Subchapter G. State-Licensed Residential Mortgage Loan Originator Recovery Fund|Section 341.607. Revocation of License for Payment From Fund

Sec. 341.607.  REVOCATION OF LICENSE FOR PAYMENT FROM FUND.  (a)  The commissioner may revoke a residential mortgage loan originator license issued under this subtitle on proof that the commissioner has made a payment from the fund of any amount toward satisfaction of a claim against a state-licensed residential mortgage loan originator under this subchapter.(b)  The commissioner may seek to collect from a state-licensed residential mortgage loan originator the amount paid from the fund on behalf of the originator and any costs associated with investigating and processing the claim against the fund or with collection of reimbursement for payments from the fund, plus interest at the current legal rate until the amount has been repaid in full.  Any amount, including interest, recovered by the commissioner shall be deposited to the credit of the fund.(c)  The commissioner may probate an order revoking a license under this section.(d)  A state-licensed residential mortgage loan originator on whose behalf payment was made from the fund is not eligible to receive a new license until the originator has repaid in full, plus interest at the current legal rate, the amount paid from the fund on the originator's behalf and any costs associated with investigating and processing the claim against the fund or with collection of reimbursement from the fund.(e)  This section does not limit the authority of the commissioner to take disciplinary action against a state-licensed residential mortgage loan originator for a violation of the chapter under which the license was issued or the rules adopted by the finance commission under that chapter.  The repayment in full to the fund of all obligations of a state-licensed residential mortgage loan originator does not nullify or modify the effect of any other disciplinary proceeding.|Added by Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. 10), Sec. 9, eff. June 19, 2009.|
TX Fin Code § 341.608 (2021)
2021 Texas Statutes|Finance Code|Title 4 - Regulation of Interest, Loans, and Financed Transactions|Subtitle B - Loans and Financed Transactions|Chapter 341 - General Provisions|Subchapter G. State-Licensed Residential Mortgage Loan Originator Recovery Fund|Section 341.608. Subrogation

Sec. 341.608.  SUBROGATION.  When the commissioner has paid an applicant an amount from the fund under Section 341.605, the commissioner is subrogated to all of the rights of the applicant to the extent of the amount paid.  The applicant shall assign the applicant's right, title, and interest in any subsequent judgment against the state-licensed residential mortgage loan originator up to the amount paid by the commissioner.  Any amount, including interest, recovered by the commissioner on the assignment shall be deposited to the credit of the fund.|Added by Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. 10), Sec. 9, eff. June 19, 2009.|
TX Fin Code § 341.609 (2021)
2021 Texas Statutes|Finance Code|Title 4 - Regulation of Interest, Loans, and Financed Transactions|Subtitle B - Loans and Financed Transactions|Chapter 341 - General Provisions|Subchapter G. State-Licensed Residential Mortgage Loan Originator Recovery Fund|Section 341.609. Failure to Comply With Subchapter or Rule Adopted by Finance Commission

Sec. 341.609.  FAILURE TO COMPLY WITH SUBCHAPTER OR RULE ADOPTED BY FINANCE COMMISSION.  The failure of an applicant under Section 341.605 to comply with a provision of this subchapter or a rule adopted by the finance commission relating to the fund constitutes a waiver of any rights under this subchapter.|Added by Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. 10), Sec. 9, eff. June 19, 2009.|
TX Fin Code § 341.610 (2021)
2021 Texas Statutes|Finance Code|Title 4 - Regulation of Interest, Loans, and Financed Transactions|Subtitle B - Loans and Financed Transactions|Chapter 341 - General Provisions|Subchapter G. State-Licensed Residential Mortgage Loan Originator Recovery Fund|Section 341.610. Rulemaking

Sec. 341.610.  RULEMAKING.  The finance commission may adopt rules on the commissioner's recommendation to promote a fair and orderly administration of the fund consistent with the purposes of this subchapter.|Added by Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. 10), Sec. 9, eff. June 19, 2009.|
TX Fin Code § 342.001 (2021)
2021 Texas Statutes|Finance Code|Title 4 - Regulation of Interest, Loans, and Financed Transactions|Subtitle B - Loans and Financed Transactions|Chapter 342 - Consumer Loans|Subchapter A. General Provisions; Applicability of Chapter|Section 342.001. Definitions

Sec. 342.001.  DEFINITIONS.  In this chapter:(1)  "Irregular transaction" means a loan:(A)  that is payable in installments that are not consecutive, monthly, and substantially equal in amount;  or(B)  the first scheduled installment of which is due later than one month and 15 days after the date of the loan.(2)  "Regular transaction" means a loan:(A)  that is payable in installments that are consecutive, monthly, and substantially equal in amount;  and(B)  the first scheduled installment of which is due within one month and 15 days after the date of the loan.(3)  "Regulated loan license" means a consumer loan license.(4)  "Secondary mortgage loan" means a loan that is:(A)  secured in whole or in part by an interest, including a lien or security interest, in real property that is:(i)  improved by a dwelling designed for occupancy by four or fewer families;  and(ii)  subject to one or more liens, security interests, prior mortgages, or deeds of trust;  and(B)  not to be repaid before the 91st day after the date of the loan.|Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999;  Acts 1999, 76th Leg., ch. 909, Sec. 2.04, eff. Sept. 1, 1999.|
TX Fin Code § 342.002 (2021)
2021 Texas Statutes|Finance Code|Title 4 - Regulation of Interest, Loans, and Financed Transactions|Subtitle B - Loans and Financed Transactions|Chapter 342 - Consumer Loans|Subchapter A. General Provisions; Applicability of Chapter|Section 342.002. Interest Computation Methods

Sec. 342.002.  INTEREST COMPUTATION METHODS.  (a)  The scheduled installment earnings method is a method to compute an interest charge by applying a daily rate to the unpaid balance of the principal amount as if each payment will be made on its scheduled installment date.  A payment received before or after the due date does not affect the amount of the scheduled principal reduction.(b)  The true daily earnings method is a method to compute an interest charge by applying a daily rate to the unpaid balance of the principal amount. The earned finance charge is computed by multiplying the daily rate by the number of days the principal balance is outstanding.(c)  For the purposes of Subsections (a) and (b), the daily rate is 1/365th of the equivalent contract rate.(d)  Interest under the scheduled installment earnings method or true daily earnings method may not be compounded.|Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999;  Acts 1999, 76th Leg., ch. 909, Sec. 2.05, eff. Sept. 1, 1999.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 784 (S.B. 1251), Sec. 1, eff. September 1, 2013.|
TX Fin Code § 342.003 (2021)
2021 Texas Statutes|Finance Code|Title 4 - Regulation of Interest, Loans, and Financed Transactions|Subtitle B - Loans and Financed Transactions|Chapter 342 - Consumer Loans|Subchapter A. General Provisions; Applicability of Chapter|Section 342.003. Purchase From Mortgagee

Sec. 342.003.  PURCHASE FROM MORTGAGEE.  For the purposes of this chapter, a purchase from a mortgagee of an interest in a secondary mortgage loan that was made to secure that loan is treated as if it were a secondary mortgage loan.|Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999.|
TX Fin Code § 342.004 (2021)
2021 Texas Statutes|Finance Code|Title 4 - Regulation of Interest, Loans, and Financed Transactions|Subtitle B - Loans and Financed Transactions|Chapter 342 - Consumer Loans|Subchapter A. General Provisions; Applicability of Chapter|Section 342.004. Constitutional Interest; Exemption for Loan With Interest Rate of 10 Percent or Less

Sec. 342.004.  CONSTITUTIONAL INTEREST;  EXEMPTION FOR LOAN WITH INTEREST RATE OF 10 PERCENT OR LESS.  (a)  Except as otherwise fixed by law, the maximum rate of interest is 10 percent a year.(b)  A loan providing for a rate of interest that is 10 percent a year or less is not subject to this chapter.(c)  A loan described by Section 302.001(d) may provide for a delinquency charge as provided by that section without being subject to this chapter or any other provision of this subtitle.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 916, Sec. 10, eff. Sept. 1, 2001.|
TX Fin Code § 342.005 (2021)
2021 Texas Statutes|Finance Code|Title 4 - Regulation of Interest, Loans, and Financed Transactions|Subtitle B - Loans and Financed Transactions|Chapter 342 - Consumer Loans|Subchapter A. General Provisions; Applicability of Chapter|Section 342.005. Applicability of Chapter

Sec. 342.005.  APPLICABILITY OF CHAPTER.  Except as provided by Sections 302.001(d) and 342.004(c), a loan is subject to this chapter if the loan:(1)  provides for interest in excess of 10 percent a year;(2)  is extended primarily for personal, family, or household use to a person who is located in this state at the time the loan is made;(3)  is made by a person engaged in the business of making, arranging, or negotiating those types of loans; and(4)  either:(A)  is not secured by a lien on real property; or(B)  is described by Section 342.001(4), 342.301, or 342.456 and is predominantly payable in monthly installments.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 916, Sec. 11, eff. Sept. 1, 2001;  Acts 2001, 77th Leg., ch. 1235, Sec. 12, eff. Sept. 1, 2001.Amended by: Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 14, eff. September 1, 2019.|
TX Fin Code § 342.006 (2021)
2021 Texas Statutes|Finance Code|Title 4 - Regulation of Interest, Loans, and Financed Transactions|Subtitle B - Loans and Financed Transactions|Chapter 342 - Consumer Loans|Subchapter A. General Provisions; Applicability of Chapter|Section 342.006. Exemption for Certain Secondary Mortgage Loans

Sec. 342.006.  EXEMPTION FOR CERTAIN SECONDARY MORTGAGE LOANS.  This chapter does not apply to a secondary mortgage loan made by a seller of property to secure all or part of the unpaid purchase price.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999.|
TX Fin Code § 342.007 (2021)
2021 Texas Statutes|Finance Code|Title 4 - Regulation of Interest, Loans, and Financed Transactions|Subtitle B - Loans and Financed Transactions|Chapter 342 - Consumer Loans|Subchapter A. General Provisions; Applicability of Chapter|Section 342.007. Deferred Presentment Transaction

Sec. 342.007.  DEFERRED PRESENTMENT TRANSACTION.  The finance commission shall adopt rules providing for the regulation of deferred presentment transactions.|Added by Acts 2001, 77th Leg., ch. 1235, Sec. 13, eff. Sept. 1, 2001.|
TX Fin Code § 342.008 (2021)
2021 Texas Statutes|Finance Code|Title 4 - Regulation of Interest, Loans, and Financed Transactions|Subtitle B - Loans and Financed Transactions|Chapter 342 - Consumer Loans|Subchapter A. General Provisions; Applicability of Chapter|Section 342.008. Attempt to Evade Law

Sec. 342.008.  ATTEMPT TO EVADE LAW.  A person who is a party to a deferred presentment transaction may not evade the application of this subtitle or a rule adopted under this subchapter by use of any device, subterfuge, or pretense.  Characterization of a required fee as a purchase of a good or service in connection with a deferred presentment transaction is a device, subterfuge, or pretense for the purposes of this section.|Added by Acts 2001, 77th Leg., ch. 1235, Sec. 13, eff. Sept. 1, 2001.|
TX Fin Code § 342.009 (2021)
2021 Texas Statutes|Finance Code|Title 4 - Regulation of Interest, Loans, and Financed Transactions|Subtitle B - Loans and Financed Transactions|Chapter 342 - Consumer Loans|Subchapter A. General Provisions; Applicability of Chapter|Section 342.009. Return of Property in Sale-Leaseback Transaction

Sec. 342.009.  RETURN OF PROPERTY IN SALE-LEASEBACK TRANSACTION.  The seller in a sale-leaseback agreement may terminate the agreement at any time by returning the property to the buyer in substantially the same condition as when the agreement was entered, less reasonable wear.  On return of the property the seller is liable only for rental and other allowed charges under the agreement accruing before the date of the return.|Added by Acts 2001, 77th Leg., ch. 1235, Sec. 13, eff. Sept. 1, 2001.|
TX Fin Code § 342.051 (2021)
2021 Texas Statutes|Finance Code|Title 4 - Regulation of Interest, Loans, and Financed Transactions|Subtitle B - Loans and Financed Transactions|Chapter 342 - Consumer Loans|Subchapter B. Authorized Activities; License|Section 342.051. License Required

Sec. 342.051.  LICENSE REQUIRED.  (a)  A person must hold a license issued under this chapter to:(1)  engage in the business of making, transacting, or negotiating loans subject to this chapter;  or(2)  contract for, charge, or receive, directly or indirectly, in connection with a loan subject to this chapter, a charge, including interest, compensation, consideration, or another expense, authorized under this chapter that in the aggregate exceeds the charges authorized under other law.(b)  A person may not use any device, subterfuge, or pretense to evade the application of this section.(c)  A person is not required to obtain a license under Subsection (a) if the person is:(1)  a bank, savings bank, or savings and loan association organized under the laws of the United States or under the laws of the institution's state of domicile; or(2)  subject to Chapter 651, Insurance Code.(c-1)  A person who is licensed or registered under Chapter 156 or 157 is not required to obtain a license under this section to make, negotiate, or transact a residential mortgage loan, as defined by Section 180.002.(d)  An insurance agent licensed under Subchapter B, C, D, or E, Chapter 4051, Insurance Code, is not required to obtain a license to negotiate or arrange a loan on behalf of a bank, savings bank, or savings and loan association provided that the insurance agent or the bank, savings bank, or savings and loan association does not make the provision of insurance a condition to apply for or obtain a loan or service from the bank, savings bank, or savings and loan association.(e)  An electronic return originator who is an authorized Internal Revenue Service e-file provider is not required to obtain a license to make, negotiate, or transact a loan that is based on a person's federal income tax refund on behalf of a bank, savings bank, savings and loan association, or credit union.(f)  Repealed by Acts 2011, 82nd Leg., R.S., Ch. 655, Sec. 65(a)(15), eff. September 1, 2011.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999.  Amended by Acts 1999, 76th Leg., ch. 909, Sec. 2.06, eff. Sept. 1, 1999;  Acts 2001, 77th Leg., ch. 604, Sec. 1, eff. Sept. 1, 2001.Amended by: Acts 2005, 79th Leg., Ch. 728 (H.B. 2018), Sec. 11.116, eff. September 1, 2005.Acts 2007, 80th Leg., R.S., Ch. 905 (H.B. 2783), Sec. 13, eff. September 1, 2007.Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 64, eff. September 1, 2011.Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 65(a)(15), eff. September 1, 2011.|
TX Fin Code § 342.0515 (2021)
2021 Texas Statutes|Finance Code|Title 4 - Regulation of Interest, Loans, and Financed Transactions|Subtitle B - Loans and Financed Transactions|Chapter 342 - Consumer Loans|Subchapter B. Authorized Activities; License|Section 342.0515. Residential Mortgage Loan Originator Activities

Sec. 342.0515.  RESIDENTIAL MORTGAGE LOAN ORIGINATOR ACTIVITIES.  (a)  In this section, "Nationwide Mortgage Licensing System and Registry" and "residential mortgage loan originator" have the meanings assigned by Section 180.002.(b)  Unless exempt under Section 180.003, or acting under the temporary authority described under Section 180.0511, an individual who acts as a residential mortgage loan originator in the making, transacting, or negotiating of a loan subject to this chapter must:(1)  be individually licensed to engage in that activity under this chapter;(2)  be enrolled with the Nationwide Mortgage Licensing System and Registry as required by Section 180.052; and(3)  comply with other applicable requirements of Chapter 180 and rules adopted under that chapter.(c)  Subject to Section 14.112, the finance commission shall adopt rules establishing procedures for issuing, renewing, and enforcing an individual license under this section. In adopting rules under this subsection, the finance commission shall ensure that:(1)  the minimum eligibility requirements for issuance of an individual license are the same as the requirements of Section 180.055;(2)  the minimum eligibility requirements for renewal of an individual license are the same as the requirements of Section 180.059; and(3)  the applicant pays:(A)  an investigation fee in a reasonable amount determined by the commissioner; and(B)  a license fee in an amount determined as provided by Section 14.107.(d)  The finance commission may adopt rules under this chapter as required to carry out the intentions of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (Pub. L. No. 110-289).|Added by Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. 10), Sec. 10, eff. June 19, 2009.Amended by: Acts 2019, 86th Leg., R.S., Ch. 695 (S.B. 2330), Sec. 4, eff. November 24, 2019.Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 15, eff. September 1, 2019.|
TX Fin Code § 342.052 (2021)
2021 Texas Statutes|Finance Code|Title 4 - Regulation of Interest, Loans, and Financed Transactions|Subtitle B - Loans and Financed Transactions|Chapter 342 - Consumer Loans|Subchapter B. Authorized Activities; License|Section 342.052. Issuance of More Than One License for a Person

Sec. 342.052.  ISSUANCE OF MORE THAN ONE LICENSE FOR A PERSON.  (a)  The commissioner may issue more than one license to a person on compliance with this chapter for each license.(b)  A person who is required to hold a license under this chapter must hold a separate license for each office at which loans are made, negotiated, serviced, held, or collected under this chapter.(c)  A license is not required under this chapter for a place of business:(1)  devoted to accounting or other recordkeeping;  and(2)  at which loans are not made, negotiated, serviced, held, or collected under this chapter or Chapter 346.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999.  Amended by Acts 1999, 76th Leg., ch. 909, Sec. 2.07, eff. Sept. 1, 1999.|
TX Fin Code § 342.053 (2021)
2021 Texas Statutes|Finance Code|Title 4 - Regulation of Interest, Loans, and Financed Transactions|Subtitle B - Loans and Financed Transactions|Chapter 342 - Consumer Loans|Subchapter B. Authorized Activities; License|Section 342.053. Area of Business; Loans by Mail or Online

Sec. 342.053.  AREA OF BUSINESS; LOANS BY MAIL OR ONLINE.  (a)  A lender is not limited to making loans to residents of the community in which the office for which the license or other authority is granted.(b)  A lender may make, negotiate, arrange, and collect loans by mail or online from a licensed office.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999.Amended by: Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 16, eff. September 1, 2019.Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 17, eff. September 1, 2019.|
TX Fin Code § 342.101 (2021)
2021 Texas Statutes|Finance Code|Title 4 - Regulation of Interest, Loans, and Financed Transactions|Subtitle B - Loans and Financed Transactions|Chapter 342 - Consumer Loans|Subchapter C. Application for and Issuance of License|Section 342.101. Application Requirements

Sec. 342.101.  APPLICATION REQUIREMENTS.  (a)  The application for a license under this chapter must:(1)  be under oath;(2)  give the approximate location from which business is to be conducted;(3)  identify the business's principal parties in interest;  and(4)  contain other relevant information that the commissioner requires for the findings required under Section 342.104.(b)  On the filing of one or more license applications, the applicant shall pay to the commissioner an investigation fee of $200.(c)  On the filing of each license application, the applicant shall pay to the commissioner a license fee in an amount determined as provided by Section 14.107.|Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999;  Acts 2001, 77th Leg., ch. 1235, Sec. 14, eff. Sept. 1, 2001.Amended by: Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 18, eff. September 1, 2019.|
TX Fin Code § 342.102 (2021)
2021 Texas Statutes|Finance Code|Title 4 - Regulation of Interest, Loans, and Financed Transactions|Subtitle B - Loans and Financed Transactions|Chapter 342 - Consumer Loans|Subchapter C. Application for and Issuance of License|Section 342.102. Bond

Sec. 342.102.  BOND.  (a)  If the commissioner requires, an applicant for a license under this chapter shall file with the application a bond that is:(1)  in an amount not to exceed the total of:(A)  $50,000 for the first license;  and(B)  $10,000 for each additional license;(2)  satisfactory to the commissioner;  and(3)  issued by a surety company qualified to do business as a surety in this state.(b)  The bond must be in favor of this state for the use of this state and the use of a person who has a cause of action under this chapter against the license holder.(c)  The bond must be conditioned on:(1)  the license holder's faithful performance under this chapter and rules adopted under this chapter; and(2)  the payment of all amounts that become due to the state or another person under this chapter during the period for which the bond is given.(d)  The aggregate liability of a surety to all persons damaged by the license holder's violation of this chapter may not exceed the amount of the bond.|Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999;  Acts 1999, 76th Leg., ch. 909, Sec. 2.08, eff. Sept. 1, 1999.Amended by: Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 19, eff. September 1, 2019.|
TX Fin Code § 342.103 (2021)
2021 Texas Statutes|Finance Code|Title 4 - Regulation of Interest, Loans, and Financed Transactions|Subtitle B - Loans and Financed Transactions|Chapter 342 - Consumer Loans|Subchapter C. Application for and Issuance of License|Section 342.103. Investigation of Application

Sec. 342.103.  INVESTIGATION OF APPLICATION.  On the filing of an application and, if required, a bond, and on payment of the required fees, the commissioner shall conduct an investigation to determine whether to issue the license.|Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999.|