: Texas Register

Texas Register

TITLE 7	BANKING AND SECURITIES
PART 8	JOINT FINANCIAL REGULATORY AGENCIES
CHAPTER 153	HOME EQUITY LENDING
RULE §153.15	Location of Closing: Section 50(a)(6)(N)
ISSUE	01/02/2004
ACTION	Final/Adopted

Preamble

Texas Admin Code Rule

An equity loan may be closed only at an office of the lender, an attorney at law, or a title company. The lender is anyone authorized under Section 50(a)(6)(P) that advances funds directly to the owner or is identified as the payee on the note.

(1)An equity loan must be closed at the permanent physical address of the office or branch office of the lender, attorney, or title company. The closing office must be a permanent physical address so that the closing occurs at an authorized physical location other than the homestead.

(2)A lender may accept a properly executed power of attorney allowing the attorney-in-fact to execute closing documents on behalf of the owner.

(3)A lender may receive consent required under Section 50(a)(6)(A) by mail or other delivery of the party's signature to an authorized physical location and not the homestead.

This agency hereby certifies that the adoption has been reviewed by legal counsel and found to be a valid exercise of the agency's legal authority.

Filed with the Office of the Secretary of State on December 19, 2003

TRD-200308714

Leslie L. Pettijohn

Commissioner

Joint Financial Regulatory Agencies

Effective date: January 8, 2004

Proposal publication date: November 7, 2003

For further information, please call: (512) 936-7640

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