Texas Natural Resources Code Title 7, Chapter 161 - Veterans Land Board

SUBCHAPTER A GENERAL PROVISIONS

SUBCHAPTER B ADMINISTRATIVE PROVISIONS

• Texas Section 161.001 - Definitions
  (a) In this chapter: (1) "Board" means the Veterans' Land Board. (2) "Commissioner" means the Commissioner of the General Land Office. (3) "Land office" means...
• Texas Section 161.011 - Veterans Land Board Designated
  The Veterans Land Board is a state agency designated to perform the governmental functions authorized in Article III, Section 49-b of the Texas Constitution. Acts...
• Texas Section 161.0111 - Sunset Provision
  The Veterans' Land Board is subject to review under Chapter 325, Government Code (Texas Sunset Act), but is not abolished under that chapter. The board...
• Texas Section 161.013 - Executive Secretary And Assistant Executive Secretary
  (a) The board shall select an executive secretary and an assistant executive secretary, each of whom shall be nominated by the commissioner and approved by...
• Texas Section 161.014 - Employees
  (a) The commissioner may employ all other employees that may be necessary for the discharge of the board's duties. The employees may include stenographers, typists,...
• Texas Section 161.015 - Compensation And Duties Of Employees
  The employees of the board shall be paid their compensation and shall perform their duties with the same rules and requirements of the general law...
• Texas Section 161.016 - Fiscal Agent
  (a) The board may designate the comptroller as the fiscal agent for payment of principal of and interest on the bonds. (b) The comptroller shall...
• Texas Section 161.017 - Meetings Of Board
  (a) When necessary, the board shall meet on the first and third Tuesdays of each month in the land office, where its session shall be...
• Texas Section 161.018 - Minutes Of Board
  Minutes of each meeting of the board shall be kept, and only those matters that actually transpire at the meeting shall be entered in the...
• Texas Section 161.019 - Depository For Papers, Records, And Archives
  Papers, records, and archives of the board shall be deposited and kept in the land office. Acts 1977, 65th Leg., p. 2656, ch. 871, art....
• Texas Section 161.020 - Purchase Of Supplies
  The board may purchase at state expense through the comptroller supplies, including stationery, stamps, printing, record books, and other things that may be needed to...
• Texas Section 161.021 - Seal
  The board shall procure and adopt a seal bearing the words "Veterans Land Board" encircled by the oak and olive branches common to other official...
• Texas Section 161.022 - Chapter Application To Successor Boards
  The provisions of this chapter shall apply to any successor of the board. Acts 1977, 65th Leg., p. 2657, ch. 871, art. I, Sec. 1,...
• Texas Section 161.023 - Training
  (a) A person who is appointed to and qualifies for office as a member of the board may not vote, deliberate, or be counted as...
• Texas Section 161.024 - Conflicts Of Interest
  (a) In this section, "Texas trade association" means a cooperative and voluntarily joined statewide association of business or professional competitors in this state designed to...
• Texas Section 161.025 - Equal Protection For Board Members
  Appointments to the board shall be made without regard to the race, color, disability, sex, religion, age, or national origin of the appointees. Added by...
• Texas Section 161.026 - Removal Of Board Member
  (a) It is a ground for removal from the board if an appointed member: (1) does not have at the time of appointment the qualifications...
• Texas Section 161.028 - Career Ladder
  (a) The executive secretary or his designee shall develop an intraagency career ladder program, one part of which shall require the intraagency posting of all...
• Texas Section 161.029 - Performance Evaluations
  (a) The executive secretary or his designee shall develop a system of annual performance evaluations based on measurable job tasks. All merit pay for board...
• Texas Section 161.030 - Audit
  The financial transactions of the board are subject to audit by the state auditor in accordance with Chapter 321, Government Code. Added by Acts 1985,...
• Texas Section 161.0301 - Internal Auditor
  An internal auditor who performs an audit function for the board shall: (1) submit to the board any parts of the applicable internal audit plan...
• Texas Section 161.031 - Equal Employment Opportunity
  (a) The executive secretary or his or her designee shall prepare and maintain a written plan to assure implementation of a program of equal employment...
• Texas Section 161.032 - Standards Of Conduct
  (a) The board shall provide to its members and employees as often as is necessary information regarding their qualifications under this chapter and their responsibilities...
• Texas Section 161.033 - Public Debate Before Board
  The board shall develop and implement policies that will provide the public with a reasonable opportunity to appear before the board and to speak on...
• Texas Section 161.034 - Complaints
  (a) The board shall maintain a system to promptly and efficiently act on complaints filed with the board. The board shall maintain information about parties...
• Texas Section 161.035 - Use Of Technology
  The board shall implement a policy requiring the board to use appropriate technological solutions to improve the board's ability to perform its functions. The policy...

SUBCHAPTER C POWERS AND DUTIES

• Texas Section 161.036 - Negotiated Rulemaking; Alternative Dispute Resolution
  (a) The board shall develop and implement a policy to encourage the use of: (1) negotiated rulemaking procedures under Chapter 2008, Government Code, for the...
• Texas Section 161.061 - General Duties Of Board
  The board shall: (1) authorize and execute negotiable bonds as provided by law; (2) provide by resolution for use of the fund in a manner...
• Texas Section 161.062 - General Duties Of Commissioner
  The commissioner is the chairman of the board and administrator of the program as provided in Article III, Section 49-b of the Texas Constitution, and...
• Texas Section 161.063 - Rules
  (a) The board may adopt rules that are not inconsistent with this chapter and that it considers necessary or advisable. The board shall adopt rules...
• Texas Section 161.064 - Board Authority To Make Investigations
  The board may make any investigation it considers necessary relating to transactions involving land purchases or sales under this chapter. Acts 1977, 65th Leg., p....
• Texas Section 161.065 - Oaths; Books, Records, And Documents
  (a) The board is specifically authorized to administer oaths and to examine the books, records, or other documents dealing with or relating to the transactions...
• Texas Section 161.066 - Subpoena Duces Tecum
  The board may issue a subpoena duces tecum to require a person to produce books, records, or any other documents for the board's examination. Acts...
• Texas Section 161.067 - Forfeiture Of Charter And Rights
  (a) If a corporation fails or refuses to comply with the orders of the board under Sections 161.064 through 161.066 of this code, the corporation...
• Texas Section 161.068 - Form Of Instruments
  The board may prescribe the form and contents of notices, bids, applications, awards, contracts, deeds, and instruments used by the board in carrying out a...
• Texas Section 161.069 - Fees
  (a) The board shall collect the fee it considers necessary from each applicant under Subchapter G of this chapter and deposit the fee in a...
• Texas Section 161.070 - Additional Fees
  (a) The board shall set and collect, for the use of the state, reasonable fees in amounts determined by the board for services it may...
• Texas Section 161.071 - Pamphlets
  The board shall have published pamphlets containing the provisions of this chapter and rules the board desires, and these pamphlets shall be made available to...
• Texas Section 161.072 - Lease By Board
  (a) The board may lease any property that it owns on terms it considers proper. (b) A lease for agricultural and grazing purposes is subject...
• Texas Section 161.073 - Contracts With Private Entities
  The board may contract with a private entity to administer all or part of the program if it is cost effective to do so. Added...
• Texas Section 161.074 - Bond Enhancement Agreements
  (a) The board may at any time and from time to time enter into one or more bond enhancement agreements that the board determines to...
• Texas Section 161.075 - Information For Lending Institutions
  (a) In this section, "lending institution" has the meaning assigned by Section 161.502. (b) On request, the board shall provide to a lending institution information...
• Texas Section 161.076 - Memorandum Of Understanding
  (a) The board shall enter into a memorandum of understanding with the commission. The memorandum of understanding must specify the guidelines, powers, and duties necessary...
• Texas Section 161.077 - Communications Center
  (a) Based on the memorandum of understanding described by Section 161.076, the board shall operate a consolidated communications center to provide information regarding the benefits...
• Texas Section 161.078 - Website; Brochure
  (a) Based on the memorandum of understanding described by Section 161.076, the board shall integrate web services and develop a hard-copy brochure that provides in...

SUBCHAPTER D GENERAL OBLIGATION BONDS

• Texas Section 161.079 - Benefits Seminars
  (a) To ensure that the veterans of this state receive uniform information on all veterans benefits and services available, the board and the commission shall:...
• Texas Section 161.111 - Issuance And Sale Of Bonds; Disposition Of Proceeds
  By appropriate action, the board may provide by resolution for the issuance and sale of negotiable bonds authorized by the constitution, and the proceeds shall...
• Texas Section 161.112 - Installments
  The board, at its option, may issue bonds in one or several installments. Acts 1977, 65th Leg., p. 2659, ch. 871, art. I, Sec. 1,...
• Texas Section 161.113 - Interest Rate
  The bonds shall bear the rate or rates of interest prescribed by the board. Acts 1977, 65th Leg., p. 2659, ch. 871, art. I, Sec....
• Texas Section 161.114 - Payment And Maturity Of Bonds
  (a) The bonds shall be payable as provided by the board and shall mature serially or otherwise not later than 40 years from their date....
• Texas Section 161.115 - Form, Denomination, And Place Of Payment Of Bonds
  The board shall determine the form of the bonds, including the forms of interest coupons attached to the bonds, and shall fix the denomination or...
• Texas Section 161.116 - Manner Of Execution
  (a) The bonds shall be executed by and on behalf of the board and the state as obligations of the state in the manner provided...
• Texas Section 161.117 - Signatures And Seals
  (a) The resolution authorizing the issuance of an installment or series of bonds may prescribe the extent to which facsimile signatures and facsimile seals may...
• Texas Section 161.118 - Approval By Attorney General
  Before bonds are delivered to the purchasers, the record relating to the bonds shall be examined by the attorney general. If the record demonstrates that...
• Texas Section 161.119 - Registration With Comptroller
  After the bonds are approved by the attorney general, they shall be registered in the office of the comptroller. Acts 1977, 65th Leg., p. 2660,...
• Texas Section 161.120 - Validity Of Bonds
  (a) After the bonds are approved by the attorney general and registered with the state comptroller, they shall be held as valid and binding obligations...
• Texas Section 161.121 - Bonds As Negotiable Instruments
  Bonds issued under this chapter have and are declared to have all qualities and incidents of negotiable instruments under the laws of this state. Acts...
• Texas Section 161.123 - Notice For Bids On Bonds
  If the board authorizes the issuance of a series of bonds and decides to call for bids, it shall publish an appropriate notice at least...
• Texas Section 161.124 - Security For Bid
  The board may require bidders to accompany their bids with exchange or bank cashier's checks in an amount considered adequate by the board to be...
• Texas Section 161.125 - Sale Of Bonds
  Bonds may be sold at public or private sale at a price or prices and on terms determined by the board. Acts 1977, 65th Leg.,...
• Texas Section 161.126 - Replacement Bonds
  The board may provide for replacement of bonds that are mutilated, lost, or destroyed. Acts 1977, 65th Leg., p. 2661, ch. 871, art. I, Sec....
• Texas Section 161.127 - Refunding Bonds
  (a) The board may provide by resolution for issuance of refunding bonds for the purpose of refunding outstanding bonds issued under this chapter together with...
• Texas Section 161.128 - Bonds As Investments And Security
  (a) Bonds issued under this chapter are legal and authorized investments for banks, savings banks, trust companies, building and loan associations, insurance companies, fiduciaries, trustees,...
• Texas Section 161.129 - Taxation Of Bonds
  Bonds are exempt from any tax by the state and by cities, towns, villages, counties, school districts, and other political subdivisions and public agencies of...
• Texas Section 161.130 - Constitutional Appropriations
  (a) If during the existence of the fund or during the time general obligation bonds are payable from the fund the board determines that there...
• Texas Section 161.131 - Minority-owned Businesses
  (a) The board shall make a good faith effort to award to minority-owned businesses: (1) contracts relating to the issuance of bonds by the board...

SUBCHAPTER E VETERANS' LAND FUND

• Texas Section 161.132 - Women-owned Businesses
  (a) The board shall make a good faith effort to award to women-owned businesses: (1) contracts relating to the issuance of bonds by the board...
• Texas Section 161.171 - Money And Land Included In Fund
  (a) The veterans' land fund shall include: (1) land purchased by the board from money in the fund; (2) money attributable to general obligation bonds...
• Texas Section 161.173 - Investment Of Money In Fund
  (a) Money in the fund that is not immediately committed to paying principal of and interest on the bonds, to the purchase of land, or...
• Texas Section 161.1731 - Custody And Investment Of Assets Pending Transactions
  With the approval of the comptroller, the board, in managing the assets of the fund, pending the completion of an investment transaction, may: (1) select...
• Texas Section 161.1732 - Lending Securities
  (a) In managing the assets of the fund, the board may: (1) select one or more commercial banks, depository trust companies, or other entities to...
• Texas Section 161.174 - Use Of Fund To Pay Principal And Interest
  The principal of and interest on bonds issued by the board shall be paid from money in the fund as provided by the constitutional provision...
• Texas Section 161.175 - Use Of Fund To Pay Expenses Related To The Land
  (a) The board may use money in the fund attributable to bonds that have been issued and sold to pay: (1) expenses of surveying and...
• Texas Section 161.176 - Use Of Fund To Pay Bond Expenses
  The board may use money in the fund attributable to bonds issued and sold to pay: (1) legal fees and fees for financial advice necessary...
• Texas Section 161.177 - Purchase And Destruction Of Bonds
  (a) The board may use money in the fund to purchase on the open market any bonds it has issued and sold, and the debt...
• Texas Section 161.178 - Disposal Of Excess Funds
  Subject to the provisions of the constitution: (a) Money in the fund that is not spent for the purposes provided in this chapter shall remain...
• Texas Section 161.179 - Sale Of Land And Land Contracts
  Notwithstanding any other provision of this chapter, the board may sell at public or private sale, with or without public bidding, any or all of...

SUBCHAPTER F PURCHASE, SALE, AND OTHER DISPOSITION OF LAND

• Texas Section 161.180 - Temporary Transfers
  Amounts temporarily transferred from the fund to the veterans' housing assistance fund or the veterans' housing assistance fund II under the Texas Constitution shall be...
• Texas Section 161.2111 - Report To Bond Review Board
  With respect to purchases made under this chapter, the Veterans' Land Board shall file annually with the Bond Review Board a report on the performance...
• Texas Section 161.212 - Appraisal
  (a) Before purchasing land under the provisions of this chapter, the board shall have an appraisal of the property made to determine its value. (b)...
• Texas Section 161.213 - Sworn Report
  (a) Before the board purchases land under Section 161.211 of this code or Subchapter G of this chapter, it shall require the seller to execute...
• Texas Section 161.214 - Title
  (a) Before making payment for land, the board shall have the title of the property sought to be purchased examined and may require for this...
• Texas Section 161.215 - Purchase Of Land
  Land purchased by the board shall be acquired at the lowest price that can be obtained in the opinion of the board, taking into consideration...
• Texas Section 161.216 - Cost Of Land Sold By Board
  Except for forfeited land that may be resold by the board at less than actual cost under Section 161.319 of this code, land shall not...
• Texas Section 161.217 - Appointment Of Local Committee
  The commissioners court of each county in the state shall appoint a committee composed of three resident real property owners of the county. Acts 1977,...
• Texas Section 161.218 - Work Of Local Committee
  (a) A person who considers himself an eligible veteran under this chapter and who desires to benefit under this chapter shall submit to the local...
• Texas Section 161.219 - Board Investigation
  (a) The board may make inquiries and investigations it considers proper to determine the veteran's eligibility and qualifications and shall obtain from the veteran a...
• Texas Section 161.220 - Exemption
  The provisions of Sections 161.217 through 161.219 of this code do not apply to sales under Sections 161.175, 161.231 through 161.234, and 161.319 of this...
• Texas Section 161.221 - Initiation Of Sale
  The sale of land by the board may be properly initiated by contract of sale and purchase, and the contract shall be recorded in the...
• Texas Section 161.222 - Purchase Payments
  (a) The purchaser shall make an initial payment in an amount set by the board's rules for land sold under this chapter. (b) The balance...
• Texas Section 161.223 - Board To Specify Terms
  The board may specify in each individual case the terms of the contract entered into with the purchaser as long as they are not contrary...
• Texas Section 161.224 - Time Limit On Transfer
  (a) No property sold under this chapter may be transferred, sold, or conveyed in whole or part until the original veteran purchaser has enjoyed possession...
• Texas Section 161.225 - Sale To A Nonveteran
  If the sale is made to a person other than a qualified Texas veteran, the assignee and all subsequent assignees shall assume an interest rate...
• Texas Section 161.226 - Disposition Of Land That Is Paid For
  Property sold under this chapter may be transferred, sold, or conveyed at any time after the entire indebtedness due to the board has been paid....
• Texas Section 161.227 - Lease Of Land
  (a) No land purchased under this chapter may be leased by the purchaser for a term of more than 10 years except as follows: (1)...
• Texas Section 161.228 - Conditions Of Leases
  While the veteran is indebted to the board for land purchased, if he executes or there exists a lease or contract of sale of oil,...
• Texas Section 161.229 - Deeds
  (a) When the entire indebtedness due the state under the contract of sale is paid, the chairman of the board shall execute a deed under...
• Texas Section 161.230 - Death Of Purchaser
  (a) If the purchaser of the land dies while indebted to the board under a contract, his rights, acquired under this chapter and the contract...
• Texas Section 161.231 - Subdividing Land
  Land acquired by the board may be subdivided for sale into tracts of the size the board may consider advisable. Acts 1977, 65th Leg., p....
• Texas Section 161.232 - Conditions For Sale Of Land
  Land acquired and subdivided under Sections 161.175, 161.231, 161.233, and 161.234 of this code shall be offered for sale according to rules adopted by the...
• Texas Section 161.233 - Down Payment
  (a) The sale price of land sold under Sections 161.175 and 161.231, 161.232, and 161.234 of this code may include the addition of the expenses...
• Texas Section 161.234 - Sale To Other Purchasers
  The provisions of Sections 161.175 and 161.231 through 161.233 of this code notwithstanding, land acquired and subdivided under these sections that has first been offered...
• Texas Section 161.235 - Rights Of Surviving Spouse
  If an eligible Texas veteran dies after he has filed with the board an application and contract of sale to purchase through the board the...
• Texas Section 161.236 - Number Of Tracts Purchased
  The board may promulgate rules to determine the number of tracts of land that a veteran may purchase under this chapter. Acts 1977, 65th Leg.,...

SUBCHAPTER G PURCHASE AND SALE OF SELECTED LAND

• Texas Section 161.237 - Exemption From Certain Real Estate Transaction Laws
  (a) Unless the statute specifically states that the statute applies to the board, the following statutes do not apply to the board: (1) a statute...
• Texas Section 161.281 - Selection Of Land
  (a) If a veteran desires a particular tract of land located in this state, on proper showing of eligibility to benefits under this chapter, he...
• Texas Section 161.282 - Processing Applications
  As far as practical, applications shall be processed in the order in which they are received by the board. Acts 1977, 65th Leg., p. 2670,...
• Texas Section 161.283 - Purchase By Board
  (a) If the board is satisfied with the value and desirability of the property selected by the veteran, it may purchase the land from its...
• Texas Section 161.284 - Appraisal And Title
  The board shall have an appraisal of the property made as it considers necessary to determine the value and, before consummating the purchase, shall satisfy...
• Texas Section 161.285 - Separate Transactions
  (a) No transaction under this chapter may be considered together with any other transaction to constitute a block deal between the state and two or...
• Texas Section 161.286 - Purchase Preference
  (a) The property acquired by the board becomes a part of the fund, but the veteran who has selected the land has a preference right...
• Texas Section 161.287 - Rules Governing Sale
  The rules governing the sale of land under this subchapter are governed by the provisions of this chapter relating to sale of land generally by...

SUBCHAPTER H FORFEITURE

• Texas Section 161.288 - Refund
  If the title to the land is not approved and accepted by the board, any amount paid to the board or the board's designee in...
• Texas Section 161.311 - Board Judge Of Forfeiture
  The board is the sole judge of forfeiture of any purchase contract under this chapter and any person availing himself of the provisions of this...
• Texas Section 161.312 - Forfeiture By Board
  (a) If a portion of the principal of or interest on any sale is not paid when due, or if the provisions of this chapter,...
• Texas Section 161.313 - Correction Of Reason For Forfeiture
  If the person corrects or cures the reason for forfeiture within the 30-day notice period, the board shall not enter an order of forfeiture. Acts...
• Texas Section 161.314 - Time Of Forfeiture
  The forfeiture is effective at the time the board meets and adopts a resolution directing its chairman to endorse on the wrapper that contains the...
• Texas Section 161.315 - Notice To County Clerk
  Notice of the board's action in forfeiting the original contract shall be mailed to the county clerk of the county in which the land is...
• Texas Section 161.316 - Effect Of Forfeiture On Leases
  On forfeiture, the full title to the land, including both surface and mineral estates, shall revest in the board, and the board shall recognize and...
• Texas Section 161.317 - Reinstatement Of Purchase
  (a) If a sale is forfeited and the title to the land revested in the fund, the original purchaser or the original purchaser's vendee is...
• Texas Section 161.318 - Resale Of Land
  Land included in a forfeited contract is subject to resale under Section 161.319 of this code. Acts 1977, 65th Leg., p. 2672, ch. 871, art....
• Texas Section 161.319 - Resale Of Forfeited Land
  (a) Resale of forfeited land under this chapter may be made to the highest bidder under terms and conditions and at the time and in...
• Texas Section 161.320 - Late Payments; Default Interest Rate
  (a) The board may impose charges for late payments. (b) In addition to charging for late payments under Subsection (a), the board may set and...
• Texas Section 161.321 - Vacating Premises
  If the board declares a forfeiture under a purchase contract, the purchaser shall vacate the premises within 45 days after the date of the letter...
• Texas Section 161.322 - Enforcement Of Forfeiture And Protection Of Rights
  The board, by and through the attorney general, shall institute legal proceedings that are necessary to enforce the forfeiture or to recover the full amount...
• Texas Section 161.323 - Liability
  The liability of the original veteran purchaser and any subsequent assignee or assignees of the veteran are joint and several, but the original veteran purchaser...

SUBCHAPTER I INSURANCE

• Texas Section 161.324 - Defenses In Lawsuits
  After obtaining the permission of the legislature, in any action brought in the courts against the state involving the title to a tract of land...
• Texas Section 161.361 - Definition
  In this subchapter, "person purchasing land under the program" means a person or a person's successor or assign who buys land from the board under...
• Texas Section 161.362 - Insurance Requirement
  (a) Persons purchasing land under the program shall carry insurance on the improvements on the property in an amount that the board considers necessary. Failure...
• Texas Section 161.363 - Insurance Contract
  The board may enter into a contract or agreement with one or more insurance companies authorized to do business in this state to provide life,...
• Texas Section 161.366 - Insurance Not Mandatory
  It is not mandatory that a person purchasing land under the program accept the offer of the insurance coverage, and refusal by the person to...
• Texas Section 161.368 - Collection Of Premium
  The board may collect or provide for collection of the insurance premium in a reasonable manner. Acts 1977, 65th Leg., p. 2674, ch. 871, art....
• Texas Section 161.370 - Cancellation By Insurer
  The contract or agreement shall not prohibit cancellation by the insurer of the entire contract on reasonable notice to the board but shall prohibit cancellation...

SUBCHAPTER J PENALTIES

• Texas Section 161.371 - Termination Of Individual Coverage
  (a) Individual insurance coverage may be terminated for any person on terms agreed to by the insurer and the board. (b) Repealed by Acts 2003,...
• Texas Section 161.401 - Penalty For Certain Transactions
  Any person, seller, veteran, or appraiser who knowingly makes, utters, publishes, passes, or uses any false, fictitious, or forged paper, document, contract, affidavit, application, assignment,...
• Texas Section 161.402 - Penalty Relating To Certain Purchases, Sales, And Resales Of Land
  A person who knowingly files a false, fictitious, or forged paper, document, contract, affidavit, application, assignment, or other instrument in writing relating to the purchase,...

SUBCHAPTER K LAND LOANS

• Texas Section 161.403 - Penalty For Defrauding Veteran And State
  A person who defrauds a veteran of his rights and benefits under this chapter by an act of fraud, duress, deceit, coercion, or misrepresentation or...
• Texas Section 161.501 - Purpose Of Subchapter; Construction
  The purpose of this subchapter is to authorize the board to provide loans to veterans for the purchase of land that are secured by a...
• Texas Section 161.502 - Definitions
  In this subchapter: (1) "Lending institution" means a bank, savings bank, savings and loan association, credit union, trust company, mortgage banker, mortgage company, life insurance...
• Texas Section 161.503 - Loans
  (a) In addition to purchasing land under Subchapters F and G, the board shall make or acquire loans with money from the fund to finance...
• Texas Section 161.504 - Eligibility For Loan
  (a) To qualify for a loan under this subchapter, a person must be a veteran at the time the person applies for the loan. If...
• Texas Section 161.505 - Security For Loan
  A disbursement of money on a loan may not be made unless the loan is secured by a mortgage, deed of trust, or other lien...
• Texas Section 161.506 - Initial Payment Or Equity
  The board may require an initial payment on a loan or may require an investment in the land by the loan recipient in an amount...
• Texas Section 161.507 - Loan Payments
  (a) The final principal payment on a loan shall be made not later than the 40th anniversary of the date of the loan. (b) The...
• Texas Section 161.508 - Fees; Interest
  (a) All fees to be charged to a person who receives a loan must be approved by the board. (b) Any fees or expenses incurred...
• Texas Section 161.509 - Late Payments; Default Interest Rate
  (a) The board may impose charges for late payments. (b) In addition to charging for late payments under Subsection (a), the board may set and...
• Texas Section 161.510 - Combination With Certain Home Loans
  The board may: (1) permit a person to combine a loan made under this subchapter with: (A) a housing assistance loan made under Chapter 162...
• Texas Section 161.511 - Time Limit On Transfer Of Land
  (a) Except as provided by Subsection (c), a recipient of a loan may not lease, sell, or otherwise transfer in whole or part land or...
• Texas Section 161.512 - Increase In Interest Rate; Accelerated Repayment
  If a recipient of a loan does not comply with the requirements of Section 161.511(a) and the board does not waive the three-year period prescribed...
• Texas Section 161.513 - Foreclosure And Resale
  The board shall adopt rules providing procedures governing foreclosure of a lien securing a loan. Added by Acts 2001, 77th Leg., ch. 333, Sec. 2,...
• Texas Section 161.514 - Sale Of Loans
  (a) The board may sell at public or private sale, with or without public bidding, any or all of the loans made under this subchapter....
• Texas Section 161.515 - Certain Rights, Benefits, Conditions, And Obligations Prohibited
  In making rules and administering this subchapter, the board may not impose on or grant a loan recipient or a transferee under Section 161.511 a...

Last modified: September 28, 2016