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TITLE 7 | BANKING AND SECURITIES |
PART 8 | JOINT FINANCIAL REGULATORY AGENCIES |
CHAPTER 153 | HOME EQUITY LENDING |
RULE §153.18 | Limitation on Application of Proceeds: Section 50(a)(6)(Q)(i) |
An equity loan must be made on the condition that the owner of the homestead is not required to apply the proceeds of the extension of credit to repay another debt except debt secured by the homestead or debt to another lender. |
Source Note: The provisions of this §153.18 adopted to be effective June 29, 2006, 31 TexReg 5080 |