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)(No change.) (2)Any [A lender may accept a properly executed] power of attorney allowing an [the] attorney-in-fact to execute closing documents on behalf of the owner or the owner's spouse must be signed by the owner or the owner's spouse at an office of the lender, an attorney at law, or a title company. A lender may rely on an established system of verifiable procedures to evidence compliance with this paragraph. For example, this system may include one or more of the following: (A)a written statement in the power of attorney acknowledging the date and place at which the power of attorney was executed; (B)an affidavit or written certification of a person who was present when the power of attorney was executed, acknowledging the date and place at which the power of attorney was executed; or (C)a certificate of acknowledgement signed by a notary public under Chapter 121, Civil Practice and Remedies Code, acknowledging the date and place at which the power of attorney was executed. (3)The [A lender may receive] consent required under Section 50(a)(6)(A) must be signed by the owner and the owner's spouse, or an attorney-in-fact described by paragraph (2) of this subsection, at an office of the lender, an attorney at law, or a title company [by mail or other delivery of the party's signature to an authorized physical location and not the homestead].
The agency certifies that legal counsel has
reviewed the proposal and found it to be within the state agency's
legal authority to adopt.
Filed with the Office
of the Secretary of State on June 20, 2014
TRD-201402855 Leslie L. Pettijohn
Consumer Credit Commissioner
Joint Financial Regulatory Agencies
Earliest possible date of adoption: August 3, 2014
For further information, please call: (512) 936-7640
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