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TITLE 7 | BANKING AND SECURITIES |
PART 8 | JOINT FINANCIAL REGULATORY AGENCIES |
CHAPTER 153 | HOME EQUITY LENDING |
RULE §153.86 | Maximum Principal Amount Extended under a HELOC: Section 50(t)(5) |
A HELOC is a form of an open-end account that may be debited from time to time, under which credit may be extended from time to time and under which the maximum principal amount that may be extended under the account, when added to the aggregated total of the outstanding principal balances of all indebtedness secured by the homestead on the date the extension of credit is established, cannot exceed 80 percent of the fair market value of the homestead on the date the extension of credit is made. |
Source Note: The provisions of this §153.86 adopted to be effective March 11, 2004, 29 TexReg 2306; amended to be effective March 29, 2018, 43 TexReg 1839 |