Texas Finance Code 64.002 – Content of Rules
Terms Used In Texas Finance Code 64.002
- Appraisal: A determination of property value.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Rules adopted under this subchapter may include provisions governing:
(1) types of loans an association may originate, make, or sell;
(2) conditions under which an association may originate, make, or sell a loan;
(3) conditions under which an association may purchase or participate in a loan made by another lender;
(4) conditions for servicing a loan for another lender;
(5) conditions under which an association may lend money on the security of a loan made by another lender;
(6) conditions under which an association may pledge a loan held by the association as collateral for money borrowed by the association;
(7) conditions under which an association may invest in securities and debt instruments;
(8) documentation that an association must have in the association’s loan files when the association funds, purchases, or participates in a loan;
(9) the form and content of statements of expenses, fees, and other charges paid, or required to be paid, by a borrower;
(10) title information required to be maintained in force;
(11) insurance coverage required to be provided by a borrower for property that secures a loan;
(12) appraisal reports;
(13) financial statements of borrowers;
(14) fees or other compensation that may be paid to an officer, director, employee, affiliated person, consultant, or third party in connection with procuring a loan for an association;
(15) conditions under which an association may advance money to pay taxes, assessments, insurance premiums, and similar charges for the protection of the association’s interest in property securing a loan;
(16) terms under which an association may acquire and deal in real property;
(17) valuation on an association’s books of real property held by the association;
(18) terms governing an association’s investment in a subsidiary corporation;
(19) powers that may be exercised by a subsidiary of an association; and
(20) any other matter necessary for proper administration of transactions conducted by an association.