Texas Register, Volume 38, Number 27, Pages 4243-4444, July 5, 2013 Page: 4,270
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sion to adopt rules to ensure compliance with Texas Finance
Code, Chapter 351 and Texas Tax Code, 32.06.
Additionally, new 89.208, concerning Advertising, is proposed
under Texas Finance Code, 351.0023 (Acts 2013, 83rd Legisla-
ture, effective May 29, 2013), which authorizes the commission
to adopt rules to implement and enforce the statute regarding
the solicitation and notification of property tax loans.
The statutory provisions affected by the proposal are contained
in Texas Finance Code, Chapter 351, and Texas Tax Code,
32.06 and 32.065.
89.206. Application for Exemption.
(a) For an individual to apply for exemption from licensing un-
der this chapter as a qualifying individual under Texas Finance Code,
351.051(c)(2) [(Ats 2,97 80th Leg- eh- 1220)], the individual must
provide a signed, dated, and notarized affidavit containing the follow-
ing:
(1) - (4) (No change.)
(5) a sworn statement that the individual is someone who:
(A) is related to the property owner within the second
degree of consanguinity or affinity, as determined under Texas Gov-
ernment Code, Chapter 573 [is making a property tax loan from the
individual's own funds to a spouse former spouse or persons in the
lineal tine oofensangi of the individual lending the money]; or
(B) (No change.)
(b) - (c) (No change.)
89.207. Files and Records Required.
Each licensee must maintain records with respect to each property tax
loan made under Texas Finance Code, Chapter 351 and Texas Tax
Code, 32.06 and 32.065, and make those records available for ex-
amination under Texas Finance Code, 351.008. The records required
by this section may be maintained by using either a paper or manual
recordkeeping system, electronic recordkeeping system, optically im-
aged recordkeeping system, or a combination of the preceding types of
systems, unless otherwise specified by statute or regulation. If federal
law requirements for record retention are different from the provisions
contained in this section, the federal law requirements prevail only to
the extent of the conflict with the provisions of this section.
(1) Required records. A licensee must maintain the follow-
ing items:
(A) - (B) (No change.)
(C) Advertising and solicitation records, including ex-
amples of all written and electronic communications soliciting loans
(including scripts of radio and television broadcasts, and reproductions
of billboards and signs not at the licensed place of business) for a period
of not less than one year from the date of use or until the next exami-
nation by OCCC staff, whichever is later, in order to show compliance
with Texas Finance Code, 341.403 and 351.0023;
(D)- (E) (No change.)
(2) (No change.)
(3) Property tax loan transaction file. A licensee must
maintain a paper or imaged copy of a property tax loan transaction file
for each individual property tax loan or be able to produce the same
information within a reasonable amount of time. The property tax
loan transaction file must contain documents that show the licensee's
compliance with applicable law, including Texas Finance Code,
Chapter 351; Texas Tax Code, 32.06 and 32.065, and any applicablestate and federal statutes and regulations. If a substantially equivalent
electronic record for any of the following documents exists, a paper
copy of the record does not have to be included in the property tax
loan transaction file if the electronic record can be accessed upon
request. The property tax loan transaction file must include copies of
the following records or documents, unless otherwise specified:
(A) - (B) (No change.)
(C) Copies of any requests for payoff statements re-
ceived by the licensee or its agent under Texas Tax Code, 32.06(a-6)
and 89.801 of this title (relating to Requests for Payoff Statements);
(D) [(-0)] Copies [If eqeste, copies] of any payoff
statements issued by the licensee or its agent as required by Texas Tax
Code, 32.06(a-6) and (f-3), [32.t06(f3) and] 89.603 of this title (re-
lating to Fee for Payoff Statement or for Information on Current Bal-
ance Owed), and 89.802 of this title (relating to Payoff Statements);
(E) Copies of any notifications issued by the licensee or
its agent that a request for a payoff statement was deficient, or that a
payoff statement was returned undeliverable, as required by 89.802(j)
and (k) of this title;
(F) [(D)] If the property tax loan is delinquent for 90
consecutive days, a notice of delinquency as required by Texas Tax
Code, 32.06(f) including evidence that the notice was sent by certified
mail;
(G) [(E)] If received by the licensee, a copy of the notice
of delinquency to the licensee from the mortgage servicer or holder of
the first lien as specified by Texas Tax Code, 32.06(f-1) and 89.505 of
this title (relating to Requirements for Notice of Delinquency to Trans-
feree) and 89.506 of this title;
(H) [(F)] If the property tax loan is paid off or otherwise
satisfied, a copy of the release of lien as required by Texas Tax Code,
32.06(b);
(I) [(G)] If fees are assessed, charged, or collected after
closing, copies of the receipts, invoices, checks or other records sub-
stantiating the fees as authorized by Texas Finance Code, 351.0021
and Texas Tax Code, 32.06(e-1) including the following:
(i) if the licensee acquires collateral protection in-
surance, a copy of the insurance policy or certificate of insurance and
the notice required by Texas Finance Code, 307.052; and
(ii) receipts or invoices along with proof of payment
for attorney's fees assessed, charged, and collected under Texas Finance
Code, 351.0021(a)(4) and (5) [35 .0024(a(5')];
(J) [(4)] Copies of any collection letters or notices sent
by the licensee or its agent to the borrower;
(K) [()] For a property tax loan where any separate dis-
closures or notices have been given, copies of the disclosures and no-
tices sent;
(L) [(J)] For property tax loan transactions involving a
foreclosure or attempted foreclosure, the following records required by
Texas Tax Code, Chapters 32 and 33:
(i) For transactions involving judicial foreclosures
under Texas Tax Code, 32.06(c) [ .32.0 ( Qt )]:
(I) any records pertaining to a judicial foreclo-
sure including records from the licensee's attorneys, the court, or the
borrower or borrower's agent;
(II) if sent by a non-salaried attorney of the
licensee, any notice to cure the default sent to the property owner38 TexReg 4270 July 5, 2013 Texas Register
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Texas. Secretary of State. Texas Register, Volume 38, Number 27, Pages 4243-4444, July 5, 2013, periodical, July 5, 2013; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth326801/m1/28/: accessed April 25, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.