Texas Finance Code Title 4, Chapter 351 - Property Tax Lenders
SUBCHAPTER A GENERAL PROVISIONS
- Texas Section 351.001 - Short Title
This chapter may be cited as the Property Tax Lender License Act. Added by Acts 2007, 80th Leg., R.S., Ch. 1220 (H.B. 2138), Sec. 1,...
- Texas Section 351.002 - Definitions
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...
- Texas Section 351.0021 - Authorized Charges
(a) The contract between a property tax lender and a property owner may require the property owner to pay the following costs after closing: (1)...
- Texas Section 351.0022 - Waiver Prohibited
Except as specifically permitted by this chapter or Chapter 32, Tax Code, a property owner may not waive or limit a requirement imposed on a...
- Texas Section 351.0023 - Solicitation Of Loans; Notice
(a) A property tax lender who solicits property tax loans by mail, e-mail, or other print or electronic media shall include on the first page...
- Texas Section 351.003 - Secondary Market Transactions
(a) Except as provided by Subsection (b), this chapter does not prohibit a property tax lender from receiving compensation from a party other than the...
- Texas Section 351.004 - Affiliated Business Arrangements
A property tax lender may conduct business under this chapter in an office, office suite, room, or place of business in which any other business...
- Texas Section 351.005 - Application Of Tax Code
This chapter does not affect the application of Section 32.06 or 32.065, Tax Code. Added by Acts 2007, 80th Leg., R.S., Ch. 1220 (H.B. 2138),...
- Texas Section 351.006 - Enforcement
(a) In addition to any other applicable enforcement provisions, Subchapters E, F, and G, Chapter 14, apply to a violation of this chapter or Section...
- Texas Section 351.007 - Rules
The finance commission may adopt rules to ensure compliance with this chapter and Sections 32.06 and 32.065, Tax Code. Added by Acts 2007, 80th Leg.,...
- Texas Section 351.008 - Examination Of Lenders; Access To Records
(a) The commissioner or the commissioner's representative shall, at the times the commissioner or the representative considers necessary: (1) examine each place of business of...
- Texas Section 351.009 - General Investigation
(a) To discover a violation of this chapter or Section 32.06 or 32.065, Tax Code, or to obtain information required under this chapter or Section...
- Texas Section 351.010 - Refusal To Allow Examination Or Inspection
A property tax lender who fails or refuses to permit an examination or investigation authorized by this subchapter violates this chapter. The failure or refusal...
SUBCHAPTER B AUTHORIZED ACTIVITIES; LICENSE
- Texas Section 351.011 - Verification Of Net Assets
If the commissioner questions the amount of a property tax lender's net assets, the commissioner may require certification by an independent certified public accountant that:...
- Texas Section 351.051 - License Required
(a) A person must hold a license issued under this chapter to: (1) engage in the business of making, transacting, or negotiating property tax loans;...
- Texas Section 351.0515 - Residential Mortgage Loan Originator License Required
(a) In this section, "Nationwide Mortgage Licensing System and Registry" and "residential mortgage loan originator" have the meanings assigned by Section 180.002. (b) Unless exempt...
- Texas Section 351.052 - Issuance Of More Than One License For Property Tax Lender
(a) The commissioner may issue more than one license to a property tax lender on compliance with this chapter for each license. (b) A person...
- Texas Section 351.053 - Area Of Business; Property Tax Loans By Mail
(a) A property tax lender is not limited to making property tax loans to residents of the community in which the office for which the...
SUBCHAPTER C APPLICATION FOR AND ISSUANCE OF LICENSE
- Texas Section 351.054 - Notice To Taxing Unit
(a) A transferee of a tax lien must include with the sworn document executed by the borrower and filed with the collector of a taxing...
- Texas Section 351.101 - Application Requirements
(a) The application for a license under this chapter must: (1) be under oath; (2) give the approximate location from which business is to be...
- Texas Section 351.102 - Bond
(a) If the commissioner requires, an applicant for a license under this chapter shall file with the application a bond that is: (1) in an...
- Texas Section 351.103 - Investigation Of Application
On the filing of an application and, if required, a bond, and on payment of the required fees, the commissioner shall conduct an investigation to...
- Texas Section 351.104 - Approval Or Denial Of Application
(a) The commissioner shall approve the application and issue to the applicant a license to make property tax loans under this chapter if the commissioner...
SUBCHAPTER D LICENSE
- Texas Section 351.105 - Disposition Of Fees On Denial Of Application
If the commissioner denies the application, the commissioner shall retain the investigation fee and shall return to the applicant the license fee submitted with the...
- Texas Section 351.151 - Name And Place On License
(a) A license must state: (1) the name of the license holder; and (2) the address of the office from which the business is to...
- Texas Section 351.152 - License Display
A license holder shall display a license at the place of business provided on the license. Added by Acts 2007, 80th Leg., R.S., Ch. 1220...
- Texas Section 351.153 - Minimum Assets For License
A license holder shall maintain for each office for which a license is held net assets of at least $25,000 that are used or readily...
- Texas Section 351.154 - Annual License Fee
Not later than December 1, a license holder shall pay to the commissioner for each license held an annual fee for the year beginning the...
- Texas Section 351.155 - Expiration Of License On Failure To Pay Annual Fee
If the annual fee for a license is not paid before the 16th day after the date on which the written notice of delinquency of...
- Texas Section 351.156 - License Suspension Or Revocation
After notice and a hearing the commissioner may suspend or revoke a license if the commissioner finds that: (1) the license holder failed to pay...
- Texas Section 351.157 - Corporate Charter Forfeiture
(a) A license holder who violates this chapter is subject to revocation of the holder's license and, if the license holder is a corporation, forfeiture...
- Texas Section 351.158 - License Suspension Or Revocation Filed With Public Records
The decision of the commissioner on the suspension or revocation of a license and the evidence considered by the commissioner in making the decision shall...
- Texas Section 351.159 - Reinstatement Of Suspended License; Issuance Of New License After Revocation
The commissioner may reinstate a suspended license or issue a new license on application to a person whose license has been revoked if at the...
- Texas Section 351.160 - Surrender Of License
A license holder may surrender a license issued under this chapter by delivering to the commissioner: (1) the license; and (2) a written notice of...
- Texas Section 351.161 - Effect Of License Suspension, Revocation, Or Surrender
(a) The suspension, revocation, or surrender of a license issued under this chapter does not affect the obligation of a contract between the license holder...
- Texas Section 351.162 - Moving An Office
(a) A license holder shall give written notice to the commissioner before the 30th day preceding the date the license holder moves an office from...
- Texas Section 351.163 - Transfer Or Assignment Of License
A license may be transferred or assigned only with the approval of the commissioner. Added by Acts 2007, 80th Leg., R.S., Ch. 1220 (H.B. 2138),...
- Texas Section 351.164 - Reporting Requirement
(a) Each year, a license holder shall file with the commissioner a report that contains relevant information concerning its transactions conducted under this chapter. (b)...
Last modified: September 28, 2016