Texas Finance Code - Section 302.104. Loan To Purchase Interest In Entity With Foreign Real Property As Principal Asset
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Texas Lawyer > Finance Code > Texas Finance Code - Section 302.104. Loan To Purchase Interest In Entity With Foreign Real Property As Principal Asset
§ 302.104. LOAN TO PURCHASE INTEREST IN ENTITY WITH
FOREIGN REAL PROPERTY AS PRINCIPAL ASSET. (a) A loan the proceeds
of which are used primarily to purchase an interest in a trust or
other entity that has as its principal asset real property located
outside the United States is:
(1) not subject to Subtitle B; and
(2) subject to the interest rate limitations of
Chapter 303.
(b) For the purpose of determining the interest rate on a
loan to which this section applies, all interest contracted for,
charged, or received shall be amortized, prorated, allocated, and
spread over the full stated term of the loan.
(c) This section does not affect application of a law of
this state governing collateral that may be used to secure a loan to
which this section applies.
Amended by Acts 1999, 76th Leg., ch. 62, § 7.18(a), eff. Sept. 1,
1999.
Section: 301.001 301.002 302.001 302.002 302.101 302.102 302.103 302.104 303.001 303.002 303.003 303.004 303.005 303.006 303.007
Last modified: August 10, 2007
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