Sec. 462.109. DELEGATION OF POWERS AND DUTIES. (a) Except as provided by Subsection (b), the plan of operation may provide that, on approval of the board and the commissioner, the association may delegate by contract any or all powers or duties of the association 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 the association's equivalent; and
(2) provides protection not substantially less favorable and effective than that provided by this chapter.
(b) The association may not delegate a power or duty under Section 462.101(a)(2), 462.151, 462.154, 462.155, or 462.302(d) under this section.
(c) The association shall:
(1) reimburse the corporation or other organization as a servicing facility would be reimbursed; and
(2) pay the corporation or other organization for the performance of any other functions of the association.
(d) A contract entered into under this section is subject to the performance standards imposed under Section 442.112.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Section: Previous 462.102 462.103 462.104 462.105 462.106 462.107 462.108 462.109 462.110 462.111 462.112 462.1121 462.113 462.114 462.151 NextLast modified: September 28, 2016