Sec. 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, Sec. 1, eff. Sept. 1, 1997.
Section: Previous 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 NextLast modified: September 28, 2016