Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 75 - SAVINGS BANKS › Subchapter D - LOANS, INVESTMENTS, SAVINGS, AND DEPOSITS › Division 1 - AUTHORIZED LOANS AND INVESTMENTS › Section 75.301 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
As used in this division, the following words and terms
						are assigned the following meanings, unless the context clearly indicates
						otherwise.
(1) Commercial real
					 estate--Land on which structures or improvements do not qualify the property as
					 residential real estate are located.
(2) Home--A structure designed and used as a
					 residence by one family, or a structure designed and used for occupancy for one
					 to four family units. The term also includes common areas around town houses or
					 condominium units which are incidental to ownership of the residence.
(3) Home improvement loan--Any loan made for
					 the improvement, maintenance, repair, modernization, or equipment of a
					 home.
(4) Interim construction
					 loan--A loan made to finance the improvement of or the building of residential
					 or commercial structures on developed building sites, and may include the
					 acquisition of such developed building sites. This term does not include home
					 improvement loans.
(5) Manufactured
					 home--A structure, transportable in one or more sections, which in the
					 traveling mode is 8 feet or more in width or and 40 feet or more in length, or
					 when erected on site, is 400 or more square feet, and which is built on a
					 permanent chassis and designed to be used as a dwelling with or without a
					 permanent foundation when connected to the required utilities, and includes the
					 plumbing, heating, air conditioning, and electrical systems.
(6) One borrower--Any person or entity that
					 is, or that upon the making of a loan will become, obligor on a loan or
					 guarantor of a loan; nominees of such obligor; all persons, trusts, syndicates,
					 partnerships, and corporations of which such obligor is a nominee, a
					 beneficiary, a member, a general partner, a limited partner owning an interest
					 of 10% or more (based on the value of their contribution), or a record or
					 beneficial stockholder owning 10% or more of the capital stock; and if such
					 obligor is a trust, syndicate, partnership, or corporation, all trusts,
					 syndicates, partnerships, and corporations of which any beneficiary, member,
					 general partner, limited partner owning an interest of 10% or more, or record
					 or beneficial stockholder owning 10% or more of the capital stock, is also a
					 beneficiary, member, general partner, limited partner owning an interest of 10%
					 of more, or record or beneficial stockholder owning 10% or more of the capital
					 stock of such obligor. In the case of a loan that has been assumed by a third
					 party with the consent of the lending institution, the former debtor will not
					 be deemed an obligor.
(7) Personal
					 property--Tangible and intangible property that is not real property, including
					 the following items as defined in the Texas Business and Commerce Code:
					 consumer goods, equipment, farm products, inventory, accounts, instruments,
					 chattel paper, documents, general intangibles, cash proceeds, and non-cash
					 proceeds.
(8) Residential real
					 estate--Land on which a house, a home, or an apartment house is located,
					 including combinations of farm residences and commercial farm real
					 estate.
(9) Unimproved real
					 estate--Land which has no substantial improvements or utilities. All other real
					 estate will be considered either residential real estate or commercial real
					 estate.