Sec. 351.002. DEFINITIONS.In this chapter:
(1) "Property tax lender" means a person that engages in activity requiring a license under Section 351.051. The term does not include:
(A) a person who is sponsored by a licensed property tax lender to assist with or perform the acts of a property tax lender; or
(B) a person who performs only clerical functions such as delivering a loan application to a property tax lender, gathering or requesting information related to a property tax loan application on behalf of the prospective borrower or property tax lender, word processing, sending correspondence, or assembling files.
(2) "Property tax loan" means an advance of money:
(A) in connection with a transfer of lien under Section 32.06, Tax Code, or a contract under Section 32.065, Tax Code;
(B) in connection with which the person making the transfer arranges for the payment, with a property owner's written consent, of property taxes and related closing costs on behalf of the property owner in accordance with Section 32.06, Tax Code; and
(C) that is secured by a special lien against property transferred from a taxing unit to the property tax lender and which may be further secured by the lien or security interest created by a deed of trust, security deed, or other security instrument.
Added by Acts 2007, 80th Leg., R.S., Ch. 1220 (H.B. 2138), Sec. 1, eff. September 1, 2007.
Section: Previous 351.001 351.002 351.0021 351.0022 351.0023 351.003 351.004 351.005 351.006 351.007 351.008 351.009 351.010 351.011 351.051 NextLast modified: September 28, 2016