Sec. 2602.111. DELEGATION OF POWERS AND DUTIES. (a) The plan of operation may provide that, on approval of the board and the commissioner, a power or duty of the association may be delegated to a corporation or other organization that:
(1) performs or will perform in two or more states functions similar to those of the association or its equivalent; and
(2) provides protection not substantially less favorable and effective than that provided by this chapter.
(b) A power or duty under Section 2602.101(a)(1) or (4), 2602.107, 2602.201, 2602.202, 2602.203, or 2602.205 may not be delegated under this section.
(c) The corporation or other organization shall be:
(1) reimbursed as a servicing facility would be reimbursed; and
(2) paid for its performance of any other functions of the association.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.
Section: Previous 2602.104 2602.105 2602.106 2602.107 2602.108 2602.109 2602.110 2602.111 2602.112 2602.113 2602.114 2602.115 2602.116 2602.117 2602.151 NextLast modified: September 28, 2016