Texas Finance Code - Section 64.063. Payment Of Estimated Charges By Borrower
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§ 64.063. PAYMENT OF ESTIMATED CHARGES BY BORROWER. (a)
To enable the association to pay charges as they become due, an
association may require a borrower to pay monthly in advance, in
addition to interest or interest and principal, an amount equal to
one-twelfth of the estimated annual taxes, assessments, insurance
premiums, and other charges on the real property securing a loan.
(b) An association may increase or decrease the amount of
the loan payment as necessary to meet the charges.
(c) An association may:
(1) carry payments in trust in an account; or
(2) credit the payments to the indebtedness and
advance the money for charges as the charges become due.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 64.021 64.022 64.023 64.041 64.042 64.061 64.062 64.063 64.064 64.081 64.082 64.083 64.084 64.101 64.102
Last modified: August 10, 2007
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