Texas Register
TITLE 7 BANKING AND SECURITIES
PART 8JOINT FINANCIAL REGULATORY AGENCIES
CHAPTER 153HOME EQUITY LENDING
RULE §153.15Location of Closing: Section 50(a)(6)(N)
ISSUE 11/07/2003
ACTION Proposed
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 the authorized office.

This agency hereby certifies that the proposal has been reviewed by legal counsel and found to be within the agency's legal authority to adopt.

Filed with the Office of the Secretary of State on October 24, 2003

TRD-200307197

Leslie L. Pettijohn

Commissioner

Joint Financial Regulatory Agencies

Earliest possible date of adoption: December 7, 2003

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

 

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