reglab/statecodes huggingface dataset:
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.12 - Closing Date: Section 50(a)(6)(M)(i)

Current through Reg. 49, No. 28; July 12, 2024
An equity loan may not be closed before the 12th calendar day
				  after the later of the date that the owner submits an application for the loan
				  to the lender or the date that the lender provides the owner a copy of the
				  required consumer disclosure. One copy of the required consumer disclosure may
				  be provided to married owners. For purposes of determining the earliest
				  permitted closing date, the next succeeding calendar day after the later of the
				  date that the owner submits an application for the loan to the lender or the
				  date that the lender provides the owner a copy of the required consumer
				  disclosure is the first day of the 12-day waiting period. The equity loan may
				  be closed at any time on or after the 12th calendar day after the later of the
				  date that the owner submits an application for the loan to the lender or the
				  date that the lender provides the owner a copy of the required consumer
				  disclosure.
(1) Submission of a loan
				application to an agent acting on behalf of the lender is submission to the
				lender.
(2) A loan application may
				be submitted orally.
(3) A loan
				application may be submitted electronically in accordance with state and
				federal law governing electronic signatures and delivery of electronic
				documents. The UETA and the E-Sign Act include requirements for electronic
				signatures and delivery.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.13 - Preclosing Disclosures: Section 50(a)(6)(M)(ii)

Current through Reg. 49, No. 28; July 12, 2024
An equity loan may not be closed before one business day
				  after the date that the owner of the homestead receives a copy of the loan
				  application, if not previously provided, and a final itemized disclosure of the
				  actual fees, points, interest, costs, and charges that will be charged at
				  closing. If a bona fide emergency or another good cause exists and the lender
				  obtains the written consent of the owner, the lender may provide the preclosing
				  disclosure to the owner or the lender may modify the previously provided
				  preclosing disclosure on the date of closing.
(1) For purposes of this section, the
				"preclosing disclosure" consists of a copy of the loan application, if not
				previously provided, and a final itemized disclosure of the actual fees,
				points, interest, costs, and charges that will be charged at closing.
(2) The copy of the loan application
				submitted to the owner in satisfaction of the preclosing disclosure requirement
				must be the most current version at the time the document is delivered. The
				lender is not obligated to provide another copy of the loan application if the
				only difference from the version previously provided to the owner is
				formatting. The lender is not obligated to give another copy of the loan
				application if the information contained on the more recent application is the
				same as that contained on the application of which the owner has a
				copy.
(3) The lender must deliver
				to the owner a final itemized disclosure of the actual fees, points, interest,
				costs, and charges that will be charged at closing.
(A) For a closed-end equity loan, the lender
				may satisfy this requirement by delivering a properly completed closing
				disclosure under Regulation Z,
				RSA
				1026.19(f) and §
										RSA
				1026.38.
(B) For a home equity line of credit, the
				lender may satisfy this requirement by delivering properly completed
				account-opening disclosures under Regulation Z,
				RSA
				1026.6(a).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.14 - One Year Prohibition: Section 50(a)(6)(M)(iii)

Current through Reg. 49, No. 28; July 12, 2024
An equity loan may not be closed before the first anniversary
				  of the closing date of any other equity loan secured by the same homestead
				  property, unless the owner on oath requests an earlier closing due to a state
				  of emergency that has been declared by the president of the United States or
				  the governor as provided by law, and applies to the area where the homestead is
				  located.
(1) Section 50(a)(6)(M)(iii)
				prohibits an owner who has obtained an equity loan from:
(A) refinancing the equity loan before one
				year has elapsed since the loan's closing date; or
(B) obtaining a new equity loan on the same
				homestead property before one year has elapsed since the previous equity loan's
				closing date, regardless of whether the previous equity loan has been paid in
				full.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.15 - Location of Closing: Section 50(a)(6)(N)

Current through Reg. 49, No. 28; July 12, 2024
An equity loan may be closed only at an office of the lender,
				  an attorney at law, or a title company. The lender is anyone authorized under
				  Section 50(a)(6)(P) that advances funds directly to the owner or is identified
				  as the payee on the note.
(1) An
				equity loan must be closed at the permanent physical address of the office or
				branch office of the lender, attorney, or title company. The closing office
				must be a permanent physical address so that the closing occurs at an
				authorized physical location other than the homestead. The closing may occur in
				any area located at the permanent physical address of the lender, attorney, or
				title company (e.g., indoor office, parking lot).
(2) Any power of attorney allowing an
				attorney-in-fact to execute closing documents on behalf of the owner or the
				owner's spouse must be signed by the owner or the owner's spouse at the
				permanent physical address of an office of the lender, an attorney at law, or a
				title company. A lender may rely on an established system of verifiable
				procedures to evidence compliance with this paragraph. For example, this system
				may include one or more of the following:
(A)
				a written statement in the power of attorney acknowledging the date and place
				at which the power of attorney was executed;
(B) an affidavit or written certification of
				a person who was present when the power of attorney was executed, acknowledging
				the date and place at which the power of attorney was executed; or
(C) a certificate of acknowledgement signed
				by a notary public under Chapter 121, Civil Practice and Remedies Code,
				acknowledging the date and place at which the power of attorney was
				executed.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.16 - Rate of Interest: Section 50(a)(6)(O)

Current through Reg. 49, No. 28; July 12, 2024
A lender may contract for and receive any fixed or variable
				  rate of interest authorized under statute.
(1) An equity loan that provides for interest
				must comply with constitutional and applicable law. Interest rates on certain
				first mortgages are not limited on loans subject to the federal Depository
				Institutions Deregulation and Monetary Control Act of 1980 and the Alternative
				Mortgage Transaction Parity Act. Chapter 342 of the Texas Finance Code provides
				for a maximum rate on certain secondary mortgage loans. Chapter 124 of the
				Texas Finance Code and federal law provide for maximum rates on certain
				mortgage loans made by credit unions. These statutes operate in conjunction
				with Section 50(a) and other constitutional sections.
(2) An equity loan must amortize and
				contribute to amortization of principal.
(3) The lender may contract to vary the
				scheduled installment amount when the interest rate adjusts on a variable rate
				equity loan. A variable-rate loan is a mortgage in which the lender, by
				contract, can adjust the mortgage's interest rate after closing in accordance
				with an external index.
(4) The
				scheduled installment amounts of a variable rate equity loan must be:
(A) substantially equal between each interest
				rate adjustment; and
(B) sufficient
				to cover at least the amount of interest scheduled to accrue between each
				payment date and a portion of the principal.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.17 - Authorized Lenders: Section 50(a)(6)(P)

Current through Reg. 49, No. 28; July 12, 2024
An equity loan must be made by one of the following that has
				  not been found by a federal regulatory agency to have engaged in the practice
				  of refusing to make loans because the applicants for the loans reside or the
				  property proposed to secure the loans is located in a certain area: a bank,
				  savings and loan association, savings bank, or credit union doing business
				  under the laws of this state or the United States, including a subsidiary of a
				  bank, savings and loan association, savings bank, or credit union described by
				  this section; a federally chartered lending instrumentality or a person
				  approved as a mortgagee by the United States government to make federally
				  insured loans; a person licensed to make regulated loans, as provided by
				  statute of this state; a person who sold the homestead property to the current
				  owner and who provided all or part of the financing for the purchase; a person
				  who is related to the homestead owner within the second degree of affinity and
				  consanguinity; or a person regulated by this state as a mortgage banker or
				  mortgage company.
(1) An authorized
				lender under Texas Finance Code, Chapter 341 must meet both constitutional and
				statutory qualifications to make an equity loan.
(2) For purposes of Section 50(a)(6)(P), a
				"bank, savings and loan association, savings bank, or credit union doing
				business under the laws of this state or the United States" includes a
				state-chartered financial institution described by Texas Finance Code, §
									RSA
				201.101(1)(A)-(D) that:
(A) is chartered under the laws of another
				state; and
(B) does business in
				Texas in accordance with applicable state law, including the requirements of
				Texas Finance Code, §
										RSA
				201.102.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.18 - Limitation on Application of Proceeds: Section 50(a)(6)(Q)(i)

Current through Reg. 49, No. 28; July 12, 2024
An equity loan must be made on the condition that the owner
				  of the homestead is not required to apply the proceeds of the extension of
				  credit to repay another debt except debt secured by the homestead or debt to
				  another lender.
(1) The lender may not
				require an owner to repay a debt owed to the lender, unless it is a debt
				secured by the homestead. The lender may require debt secured by the homestead
				or debt to another lender or creditor be paid out of the proceeds of an equity
				loan.
(2) An owner may apply for an
				equity loan for any purpose. An owner is not precluded from voluntarily using
				the proceeds of an equity loan to pay on a debt owed to the lender making the
				equity loan.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.20 - No Blanks in Any Instrument: Section 50(a)(6)(Q)(iii)

Current through Reg. 49, No. 28; July 12, 2024
A home equity loan must be made on the condition that the
				  owner of the homestead not sign any instrument in which blanks are left to be
				  filled in.
(1) This Section of the
				Constitution prohibits the owner of the homestead from signing any instrument
				in which blanks are "left to be filled in". This Section is intended to
				prohibit a person other than the owner from completing one or more blanks in an
				instrument after the owner has signed the instrument and delivered it to the
				lender, thereby altering a party's obligation created in the instrument. Not
				all documents or records executed in connection with an equity loan are
				instruments, and not all blanks contained in an instrument are "blanks that are
				left to be filled in" as contemplated by this Section.
(2) As used in this Section, the term
				instrument means a document or record that creates or alters a legal obligation
				of a party. A disclosure required under state or federal law is not an
				instrument if the disclosure does not create or alter the obligation of a
				party.
(3) If at the time the owner
				signs an instrument, a blank is completed or box checked which indicates the
				owner's election to select one of multiple options offered (such as an election
				to select a fixed rate instead of an adjustable rate) and the owner therefore
				by implication has excluded the non-selected options, the instrument does not
				contain "blanks left to be filled in" when the non-selected option is left
				blank.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.22 - Copies of Documents: Section 50(a)(6)(Q)(v)

Current through Reg. 49, No. 28; July 12, 2024
At closing, the lender must provide the owner with a copy of
				  the final loan application and all executed documents that are signed by the
				  owner at closing in connection with the equity loan.
(1) One copy of these documents may be
				provided to married owners.
(2)
				This requirement does not obligate the lender to give the owner copies of
				documents that were signed by the owner prior to or after closing.
(3) A lender may provide documents
				electronically in accordance with state and federal law governing electronic
				signatures and delivery of electronic documents. The UETA and the E-Sign Act
				include requirements for electronic signatures and delivery.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.24 - Release of Lien: Section 50(a)(6)(Q)(vii)

Current through Reg. 49, No. 28; July 12, 2024
The lender must cancel and return the note to the owner and
				  give the owner a release of lien or a copy of an endorsement and assignment of
				  the lien to another lender refinancing the loan within a reasonable time after
				  termination and full payment of the loan. The lender or holder, at its option,
				  may provide the owner a release of lien or an endorsement and assignment of the
				  lien to another lender refinancing the loan.
(1) The lender will perform these services
				and provide the documents required in 50(a)(6)(Q)(vii) without
				charge.
(2) This section does not
				require the lender to record or pay for the recordation of the release of
				lien.
(3) Thirty days is a
				reasonable time for the lender to perform the duties required under this
				section.
(4) An affidavit of lost
				or imaged note, or equivalent, may be returned to the owner in lieu of the
				original note, if the original note has been lost or imaged.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.25 - Right of Rescission: Section 50(a)(6)(Q)(viii)

Current through Reg. 49, No. 28; July 12, 2024
The owner of the homestead and any spouse of the owner may,
				  within three days after the extension of credit is made, rescind the extension
				  of credit without penalty or charge.
(1) This provision gives the owner's spouse,
				who may not be in record title or have community property ownership, the right
				to rescind the transaction.
(2) The
				owner and owner's spouse may rescind the extension of credit within three
				calendar days. If the third calendar day falls on a Sunday or federal legal
				public holiday then the right of rescission is extended to the next calendar
				day that is not a Sunday or federal legal public holiday.
(3) A lender must comply with the provisions
				of the Truth-in-Lending Act permitting the borrower three business days to
				rescind a mortgage loan in applicable transactions. Lender compliance with the
				right of rescission procedures in the Truth-in-Lending Act and Regulation Z,
				satisfies the requirements of this section if the notices required by
				Truth-in-Lending and Regulation Z are given to each owner and to each owner's
				spouse.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.26 - Acknowledgment of Fair Market Value: Section 50(a)(6)(Q)(ix)

Current through Reg. 49, No. 28; July 12, 2024
The owner of the homestead and the lender must sign a written
				  acknowledgment as to the fair market value of the homestead property on the
				  date the extension of credit is made.
(1) For purposes of Section 50(a)(6)(Q)(ix),
				the phrase "on the date the extension of credit is made" modifies only the
				immediately preceding phrase "the fair market value of the homestead property,"
				in accordance with the doctrine of last antecedent.
(2) A lender may sign the written
				acknowledgment before or at closing.
(3) An authorized agent may sign the written
				acknowledgment on behalf of the lender.
(4) The owner and lender may sign the written
				acknowledgment electronically in accordance with state and federal law
				governing electronic signatures and delivery of electronic documents. The UETA
				and the E-Sign Act include requirements for electronic signatures and
				delivery.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.41 - Refinance of a Debt Secured by a Homestead: Section 50(e)

Current through Reg. 49, No. 28; July 12, 2024
A refinance of debt secured by a homestead and described by
				  any subsection under Subsections (a)(1)-(a)(5) of Section 50 of the Texas
				  Constitution that includes the advance of additional funds may not be secured
				  by a valid lien against the homestead unless the refinance of the debt is an
				  extension of credit described by Subsection (a)(6) of Section 50 of the Texas
				  Constitution, or the advance of all the additional funds is for reasonable
				  costs necessary to refinance such debt or for a purpose described by Subsection
				  (a)(2), (a)(3), or (a)(5) of Section 50 of the Texas Constitution.
(1) Reasonableness and necessity of costs
				relate to the type and amount of the costs.
(2) In a secondary mortgage loan, reasonable
				costs are those costs which are lawful in light of the governing or applicable
				law that authorizes the assessment of particular costs. In the context of other
				mortgage loans, reasonable costs are those costs which are lawful in light of
				other governing or applicable law.
(3) Reasonable and necessary costs to
				refinance may include reserves or impounds (escrow trust accounts) for taxes
				and insurance, if the reserves comply with applicable law.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.45 - Refinance of an Equity Loan: Section 50(f)

Current through Reg. 49, No. 28; July 12, 2024
A refinance of debt secured by the homestead, any portion of
				  which is an extension of credit described by Subsection (a)(6) of Section 50,
				  may not be secured by a valid lien against the homestead unless either the
				  refinance of the debt is an extension of credit described by Subsection (a)(6)
				  or (a)(7) of Section 50, or all of the conditions in Section 50(f)(2) are
				  met.
(1) One Year Prohibition. To meet
				the condition in Section 50(f)(2)(A), the refinance may not be closed before
				the first anniversary of the closing date of the equity loan. For purposes of
				this section, the closing date of the refinance is the date on which the owner
				signs the loan agreement for the refinance.
(2) Advance of Additional Funds. To meet the
				condition in Section 50(f)(2)(B), the refinance may not include the advance of
				any additional funds other than funds advanced to refinance a debt described by
				Subsections (a)(1) through (a)(7) of Section 50, or actual costs and reserves
				required by the lender to refinance the debt.
(A) In order to be included in the funds
				advanced for the refinance, actual costs must be identifiable, must be actually
				required by the lender to refinance the debt, and must comply with any
				applicable limitations on costs.
(B) In order to be included in the funds
				advanced for the refinance, reserves (e.g., an escrow account for taxes and
				insurance) must be actually required by the lender to refinance the debt, and
				must comply with applicable law.
(C) Amounts that the owner pays before or at
				closing (e.g., through cash, check, or electronic funds transfer) are not
				advanced by the lender, and are not subject to the limitation on the advance of
				additional funds.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.51 - Consumer Disclosure: Section 50(g)

Current through Reg. 49, No. 28; July 12, 2024
An equity loan may not be closed before the 12th day after
				  the lender provides the owner with the consumer disclosure on a separate
				  instrument.
(1) If a lender mails the
				consumer disclosure to the owner, the lender shall allow a reasonable period of
				time for delivery. A period of three calendar days, not including Sundays and
				federal legal public holidays, constitutes a rebuttable presumption for
				sufficient mailing and delivery.
(2) The lender may provide the consumer
				disclosure electronically in accordance with state and federal law governing
				electronic signatures and delivery of electronic documents. The UETA and the
				E-Sign Act include requirements for electronic signatures and
				delivery.
(3) Certain provisions of
				the consumer disclosure do not contain the exact identical language concerning
				requirements of the equity loan that have been used to create the substantive
				requirements of the loan. The consumer notice is only a summary of the owner's
				rights, which are governed by the substantive terms of the constitution. The
				substantive requirements prevail regarding a lender's responsibilities in an
				equity loan transaction. A lender may supplement the consumer disclosure to
				clarify any discrepancies or inconsistencies.
(4) A lender may rely on an established
				system of verifiable procedures to evidence compliance with this
				section.
(5) A lender whose
				discussions with the borrower are conducted primarily in Spanish for a
				closed-end loan may rely on the translation of the consumer notice developed
				under the requirements of Texas Finance Code, §
									RSA
				341.502. Such notice shall be made available
				to the public through publication on the Finance Commission's
				webpage.
(6) If the owner has
				executed a power of attorney described by §
									RSA
				153.15(2) of this title
				(relating to Location of Closing: Section 50(a)(6)(N)), then the lender may
				provide the consumer disclosure to the attorney-in-fact instead of providing it
				to the owner.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.82 - Owner Requests for HELOC Advance: Section 50(t)(1)

Current through Reg. 49, No. 28; July 12, 2024
A home equity line of credit (HELOC) is a form of an open-end
				  account that may be debited from time to time, under which credit may be
				  extended from time to time and under which the owner requests advances, repays
				  money, and reborrows money. Any owner who is also a named borrower on the HELOC
				  may request an advance. A HELOC agreement may contain provisions that restrict
				  which borrowers may request an advance or require all borrowers to consent to
				  the request.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.84 - Restrictions on Devices and Methods to Obtain a HELOC Advance: Section 50(t)(3)

Current through Reg. 49, No. 28; July 12, 2024
A HELOC is a form of an open-end account that may be debited
				  from time to time, under which credit may be extended from time to time and
				  under which an owner is prohibited from using a credit card, debit card, or
				  similar device, or preprinted check unsolicited by the borrower to obtain a
				  HELOC advance.
(1) A lender may offer
				one or more non-prohibited devices or methods for use by the owner to request
				an advance. Permissible methods include contacting the lender directly for an
				advance, telephonic fund transfers, and electronic fund transfers. Examples of
				devices that are not prohibited include prearranged drafts, preprinted checks
				requested by the borrower, or written transfer instructions. Regardless of the
				permissible method or device used to obtain a HELOC advance, the amount of the
				advance must comply with:
(A) the advance
				requirements in Section 50(t)(2); and
(B) the loan to value limits in Section
				50(t)(5).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.85 - Time the Extension of Credit is Established: Section 50(t)(4)

Current through Reg. 49, No. 28; July 12, 2024
(a) A HELOC is a
				form of an open-end account that may be debited from time to time, under which
				credit may be extended from time to time and under which fees described in
				Section 50(a)(6)(E) are charged and collected only at the time the extension of
				credit is established and no fee is charged or collected in connection with any
				debit or advance.
(b) For the
				purpose of this section, the time the extension of credit is established for a
				HELOC refers to the date of closing.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.86 - Maximum Principal Amount Extended under a HELOC: Section 50(t)(5)

Current through Reg. 49, No. 28; July 12, 2024
A HELOC is a form of an open-end account that may be debited
				  from time to time, under which credit may be extended from time to time and
				  under which the maximum principal amount that may be extended under the
				  account, when added to the aggregated total of the outstanding principal
				  balances of all indebtedness secured by the homestead on the date the extension
				  of credit is established, cannot exceed 80 percent of the fair market value of
				  the homestead on the date the extension of credit is made.
(1) At the time the initial or subsequent
				advance is made, the principal amount of the advance must comply with Section
				50(t)(5). The following amounts when added together must be equal to or less
				than 80 percent of the fair market value:
(A)
				the amount of the advance;
(B) the
				amount of the principal balance of the HELOC at the time of the advance;
				and
(C) the principal balance
				outstanding of all other debts secured by the homestead on the date of the
				closing of the HELOC.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.88 - Repayment Terms of a HELOC: Section 50(t)(8)

Current through Reg. 49, No. 28; July 12, 2024
(a) A HELOC is a form of an open-end account
				that may be debited from time to time, under which credit may be extended from
				time to time and under which repayment is to be made in regular periodic
				installments, not more often than every 14 days and not less often than
				monthly, beginning not later than two months from the date the extension of
				credit is established, and during the period during which the owner may request
				advances, each installment equals or exceeds the amount of accrued interest;
				and after the period during which the owner may request advances, installments
				are substantially equal.
(b)
				Repayment of a HELOC is not required to begin until two months after the
				initial advance. For example, if an advance is not made at the time of closing,
				the repayment period is not required to begin until after the first advance. If
				there is no outstanding balance, then a payment is not required.
(c) Nothing in this section prohibits a
				borrower from voluntarily making payments on a schedule that is more frequent
				or earlier than is required by a lender.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.91 - Adequate Notice of Failure to Comply

Current through Reg. 49, No. 28; July 12, 2024
(a) A
				borrower notifies a lender or holder of its alleged failure to comply with an
				obligation by taking reasonable steps to notify the lender or holder of the
				alleged failure to comply. The notification must include a reasonable:
(1) identification of the borrower;
(2) identification of the loan; and
(3) description of the alleged failure to
				comply.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.92 - Counting the 60-Day Cure Period

Current through Reg. 49, No. 28; July 12, 2024
(a)
				For purposes of Section 50(a)(6)(Q)(x), the day after the lender or holder
				receives the borrower's notification is day one of the 60-day period. All
				calendar days thereafter are counted up to day 60. If day 60 is a Sunday or
				federal legal public holiday, the period is extended to include the next day
				that is not a Sunday or federal legal public holiday.
(b) If the borrower provides the lender or
				holder inadequate notice, the 60-day period does not begin to run.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.93 - Methods of Notification

Current through Reg. 49, No. 28; July 12, 2024
(a) At
				closing, the lender or holder may make a reasonably conspicuous designation in
				writing of the location where the borrower may deliver a written or oral notice
				of a violation under 50(a)(6)(Q)(x). The designation may include a mailing
				address, physical address, and telephone number. In addition, the lender or
				holder may designate an email address or other point of contact for delivery of
				a notice.
(b) If the lender or
				holder chooses to change the designated delivery location as provided in
				subsection (a) of this section, the address change does not become effective
				until the lender or holder sends conspicuous written notice of the address
				change to the borrower.
(c) The
				borrower may always deliver written notice to the registered agent of the
				lender or holder even if the lender or holder has named a delivery
				location.
(d) If the lender or
				holder does not designate a location where the borrower may deliver a notice of
				violation, the borrower may deliver the notice to any physical address or
				mailing address of the lender or holder.
(e) Delivery of the notice by borrower to
				lender or holder's designated delivery location or registered agent by
				certified mail return receipt or other carrier delivery receipt, signed by the
				lender or holder, constitutes a rebuttable presumption of receipt by the lender
				or holder.
(f) If the borrower opts
				for a location or method of delivery other than set out in subsection (e), the
				borrower has the burden of proving that the location and method of delivery
				were reasonably calculated to put the lender or holder on notice of the
				default.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.94 - Methods of Curing a Violation Under Section 50(a)(6)(Q)(x)(a) - (e)

Current through Reg. 49, No. 28; July 12, 2024
(a) The lender or
				holder may correct a failure to comply under Section 50(a)(6)(Q)(x)(a) - (e),
				on or before the 60th day after the lender or holder receives the notice from
				an owner, if the lender or holder delivers required documents, notices,
				acknowledgements, or pays funds by:
(1)
				placing in the mail, placing with other delivery carrier, or delivering in
				person the required documents, notices, acknowledgements, or funds;
(2) crediting the amount to borrower's
				account; or
(3) using any other
				delivery method that the borrower agrees to in writing after the lender or
				holder receives the notice.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.95 - Cure a Violation Under Section 50(a)(6)(Q)(x)

Current through Reg. 49, No. 28; July 12, 2024
(a) If the lender or holder timely corrects a
				violation of Section 50(a)(6) as provided in Section 50(a)(6)(Q)(x), then the
				violation does not invalidate the lien.
(b) A lender or holder who complies with
				Section 50(a)(6)(Q)(x) to cure a violation before receiving notice of the
				violation from the borrower receives the same protection as if the lender had
				timely cured after receiving notice.
(c) A borrower's refusal to cooperate fully
				with an offer that complies with Section 50(a)(6)(Q)(x) to modify or refinance
				an equity loan does not invalidate the lender's protection for correcting a
				failure to comply.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 153 - HOME EQUITY LENDING › Section 153.96 - Correcting Failures Under Section 50(a)(6)(Q)(x)(f)

Current through Reg. 49, No. 28; July 12, 2024
(a) To correct a failure to comply under
				Section 50(a)(6)(Q)(x)(f), on or before the 60th day after the lender or holder
				receives the notice from the borrower the lender or holder may:
(1) refund or credit the $1,000 to the
				account of the borrower; and
(2)
				make an offer to modify or an offer to refinance the extension of credit on the
				terms provided in Section 50(a)(6)(Q)(x)(f) by placing the offer in the mail,
				other delivery carrier, or delivering the offer in person to the
				owner.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 155 - PAYOFF STATEMENTS › Subchapter A - FORM AND DELIVERY › Section 155.1 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
"Home loans" has the same meaning as that found in Texas
					 Finance Code §
										RSA
					 343.001.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 155 - PAYOFF STATEMENTS › Subchapter A - FORM AND DELIVERY › Section 155.2 - Payoff Statement Form

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Requests made pursuant to this chapter shall be in writing and submitted to the
				  mortgage servicer by mail, email, or fax . If the mortgage servicer has
				  designated a specific mailing address, email address, fax number, and/or a
				  specific representative to receive requests made pursuant to this chapter, then
				  requests shall be submitted in accordance with such designation. Requests for a
				  payoff statement shall, at a minimum, include the following:
(1) Name of the mortgagor;
(2) Physical address of the underlying
				  collateral of the loan, or a legal description of the property; and
(3) Proposed closing date of the
				  loan.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 8 - JOINT FINANCIAL REGULATORY AGENCIES › Chapter 155 - PAYOFF STATEMENTS › Subchapter A - FORM AND DELIVERY › Section 155.3 - Time of Delivery of Payoff Statement

Current through Reg. 49, No. 28; July 12, 2024
A mortgage servicer shall deliver a payoff statement
					 required under §
										RSA 155.2
					 of this title (relating to Payoff Statement Form) to the title company by the
					 eighth business day after the date the request is received unless federal law
					 requires a shorter response time.
Texas Administrative Code › Title 10 - COMMUNITY DEVELOPMENT › Part 1 - TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS › Chapter 1 - ADMINISTRATION › Subchapter A - GENERAL POLICIES AND PROCEDURES › Section 1.1 - Reasonable Accommodation Requests to the Department

Current through Reg. 49, No. 28; July 12, 2024
(a) Purpose. The purpose of this section is
				  to establish the procedures by which a Requestor may ask that a Reasonable
				  Accommodation is made to the Department. For rules governing the handling of
				  reasonable accommodation requests and responsibilities of entities receiving
				  funds or resources from the Department see Subchapter B, §
										RSA
				  1.204 of this Chapter, relating to Reasonable
				  Accommodations. This rule is statutorily authorized by Tex. Gov't Code,
				  RSA
				  2306.066(e),
				  which requires the Executive Director to prepare a written plan to provide
				  persons with disabilities an opportunity to participate in the Department's
				  programs, and in accordance with the Fair Housing Act, and other federal and
				  state civil rights laws.
(b)
				  Definitions. The following words and terms, when used in this section, shall
				  have the following meanings, unless the context clearly indicates otherwise.
(1) Board--The Governing Board of the Texas
				  Department of Housing and Community Affairs.
(2) Disability--A physical or mental
				  impairment that substantially limits one or more major life activities; or
				  having a record of such an impairment; or being regarded as having such an
				  impairment. Included in this meaning is the term handicap as defined in the
				  Fair Housing Act, or the term disability as defined in the Americans with
				  Disabilities Act.
(3) Fair Housing
				  Act--Fair Housing Act of 1968, also known as Title VIII of the Civil Rights Act
				  of 1968.
(4) Program Manager or
				  Director--Department staff member supervising the division or area of a
				  division containing the program for which a Reasonable Accommodation is being
				  requested.
(5) Reasonable
				  Accommodation--An accommodation and/or modification that is an alteration,
				  change, exception, or adjustment to a program, policy, service, building, or
				  dwelling unit, that will allow a qualified person with a Disability to:
(A) Participate fully in a program;
(B) Take advantage of a service;
(C) Live in a dwelling; or
(D) Use and enjoy a dwelling.
(6) Requestor--Includes
				  applicants, members of the public, clients of Department programs, program
				  participants, or their representatives.
(7) Section 504--Section 504 of the
				  Rehabilitation Act of 1973, as amended.
Texas Administrative Code › Title 10 - COMMUNITY DEVELOPMENT › Part 1 - TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS › Chapter 1 - ADMINISTRATION › Subchapter A - GENERAL POLICIES AND PROCEDURES › Section 1.2 - Department Complaint Process

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Purpose. The purpose of this section is to establish the procedures by which
				  complaints are filed with the Department and how the Department handles those
				  complaints under Department jurisdiction in compliance with Tex. Gov't Code
				  §
										RSA
				  2306.066, Tex. Gov't Code, Chapter 2105,
				  Subchapter C, and
				  24 CFR §
											91.115(h), as
				  applicable.
(b) Definitions. The
				  following words and terms, when used in this section, shall have the following
				  meanings, unless the context clearly indicates otherwise.
(1) Complainant--A Person filing a
				  Complaint.
(2) Complaint--A
				  complaint submitted to the Department in writing (via mailed letter, fax,
				  email, or submitted online through the Department website) from a person that
				  believes the Department has the authority to resolve the issue.
(3) Complaint Coordinator--Department
				  employee designated by the Executive Director or their designee to monitor the
				  Public Complaint System and coordinate activities related to
				  complaints.
(4) Complaint
				  Liaison--The Department employee(s) designated by each division or program to
				  handle each division or program's complaint-related issues.
(5) Department--The Texas Department of
				  Housing and Community Affairs.
(6)
				  Person--Any individual, other than an employee of the Department, and any
				  partnership, corporation, association, governmental subdivision, or public or
				  private organization of any character.
(7) Public Complaint
				  System--Department-created system used to track complaints received by the
				  Department.
Texas Administrative Code › Title 10 - COMMUNITY DEVELOPMENT › Part 1 - TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS › Chapter 1 - ADMINISTRATION › Subchapter A - GENERAL POLICIES AND PROCEDURES › Section 1.3 - Sick Leave Pool and Family Leave Pool

Current through Reg. 49, No. 28; July 12, 2024
(a) A sick leave pool is established to help
				  alleviate hardship caused to an employee and employee's immediate family if a
				  catastrophic illness or injury forces the employee to exhaust all accrued paid
				  leave time earned by that employee and to lose compensation from the
				  state.
(b) A family leave pool is
				  established to help alleviate hardship caused to an employee and employee's
				  immediate family if they are caring for a seriously ill family member or the
				  employee, including pandemic-related illnesses or complications caused by a
				  pandemic or are bonding with and caring for children during a child's first
				  year following birth, adoption, or foster placement which forces the employee
				  to exhaust all accrued paid leave time earned by that employee and to lose
				  compensation from the state.
(c)
				  The Department's Human Resources Director is designated as the pool
				  administrator to both pools.
(d)
				  The pool administrator will recommend a policy, operating procedures, and forms
				  for the administration of this section to the Executive Director for inclusion
				  in the Department's Personnel Policies and Procedures Manual.
(e) Operation of both pools shall be
				  consistent with Tex. Gov't Code, Chapter 661, as amended.
Texas Administrative Code › Title 10 - COMMUNITY DEVELOPMENT › Part 1 - TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS › Chapter 1 - ADMINISTRATION › Subchapter A - GENERAL POLICIES AND PROCEDURES › Section 1.4 - Protest Procedures for Contractors

Current through Reg. 49, No. 28; July 12, 2024
(a) Purpose. The purpose of this rule
				  provides for the Department's compliance with 34 TAC Chapter 20, Subchapter F,
				  Division 3, the rules of the Texas Comptroller of Public Accounts addressing
				  procurement, which require state agencies to adopt protest procedures
				  consistent with the Comptroller's procedures.
(b) Definitions. The following words and
				  terms, when used in this subchapter, shall have the following meanings, unless
				  the context clearly indicates otherwise.
(1)
				  Board--The Governing Board of the Department.
(2) Department--The Texas Department of
				  Housing and Community Affairs.
(3)
				  Interested Parties--All vendors who have submitted bids or proposals for the
				  contract involved. A list of interested parties is available upon request from
				  the Department.
(4) Protest--A
				  written objection submitted to the Department by any actual or prospective
				  bidder, offeror, or contractor who is aggrieved in connection with the
				  solicitation, evaluation, or award of a procurement contract by the
				  Department.
Texas Administrative Code › Title 10 - COMMUNITY DEVELOPMENT › Part 1 - TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS › Chapter 1 - ADMINISTRATION › Subchapter A - GENERAL POLICIES AND PROCEDURES › Section 1.5 - Waiver Applicability in the Case of State or Federally Declared Disasters

Current through Reg. 49, No. 28; July 12, 2024
(a) When the
				  federal government has provided the Department a waiver, suspension, or
				  contract amendment of a federal programmatic regulation, federal statute, or
				  contract term in response to a state or federally declared disaster, and the
				  requirement waived, suspended, or amended had been codified in this title, the
				  Executive Director or designee may waive, suspend, or modify the rule within
				  this title, if:
(1) the Executive Director or
				  designee has determined that not doing so may negatively affect the health,
				  safety, or welfare of program recipients;
(2) such waiver, suspension, or modification
				  to the rule within this title is clearly related to the federally provided
				  waiver, suspension, or modification; and
(3) such waiver or suspension would not have
				  negatively affected the selection of an award of Department
				  resources.
Texas Administrative Code › Title 10 - COMMUNITY DEVELOPMENT › Part 1 - TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS › Chapter 1 - ADMINISTRATION › Subchapter A - GENERAL POLICIES AND PROCEDURES › Section 1.6 - Historically Underutilized Businesses

Current through Reg. 49, No. 28; July 12, 2024
It is the policy of the Department to encourage the use of
					 Historically Underutilized Businesses ("HUB") in the Department"s procurement
					 processes. The purpose of the HUB program is to promote full and equal business
					 opportunities for all businesses in an effort to remedy disparity in state
					 procurement and contracting in accordance with the HUB goals specified in the
					 2009 State of Texas Disparity Study. As required by Tex. Gov't Code §
										RSA 2161.003, the
					 Department adopts the Texas Comptroller of Public Accounts ("Comptroller") HUB
					 Program rules at 34 TAC §§
										RSA
					 20.281-
					 RSA
					 20.298 (relating to Historically
					 Underutilized Business Program, and as may be amended by the Comptroller so far
					 as the amendments are implementing Tex. Gov't Code §
										RSA 2161.003), which
					 describe the minimum steps and requirements to be undertaken by the Comptroller
					 and state agencies to fulfill the state's HUB policy, and attain aspirational
					 goals identified in the Texas Disparity Study.