40 Tex. Admin. Code § 175.51 - Construction of Subchapter B
(a) The purpose
of this subchapter is to implement the authority granted to the board by
Natural Resources Code, Chapter 161, Subchapter K. The board shall only make
loans under this subchapter that are secured by mortgages, deeds of trust, or
other liens.
(b) Unless otherwise
provided in this subchapter, the rules of the Veterans Land Board set forth in
TAC, Title 40, Part 5, Chapter 175, Subchapter A, relating to General Rules and
Contract Financing, shall apply to all loan transactions made by the board that
are secured by a mortgage, deed of trust, or other lien on the land to be
purchased. When applying any provision of Subchapter A to a mortgage loan
transaction, those provisions shall be construed as necessary and appropriate
for a mortgage loan transaction rather than a contract of sale transaction. The
board may, by resolution, clarify the construction of any provision of
Subchapter A in its application to a mortgage loan transaction.
(c) Any requirement of this subchapter that
is not otherwise required by the constitution or statutes of this state may be
waived on a case-by-case basis by the board. Any waiver request must be in
writing and must describe the circumstances surrounding the request, including
all of the reasons why the waiver is requested.
(d) Definitions.
(1) "Borrower" means a person presently
obligated to make payments to the board:
(A)
For a loan made, or purchased, by the board as provided by this
subchapter;
(B) For a purchase of
land from the board under a contract of sale as provided by Subchapter A,
relating to General Rules and Contract Financing, of this chapter; or
(C) For a loan or contract of sale that the
person assumed from the original borrower with the written consent of the
board.
(2) "Contract of
sale" means those transactions described in Subchapter A, relating to General
Rules and Contract Financing, in which the board takes fee title to property as
security and sells to the borrower on a contract of sale and purchase. Title is
conveyed to the borrower when all terms and conditions of the contract of sale
have been satisfied.
(3) "Lending
institution" means a bank, savings bank, savings and loan association, credit
union, trust company, mortgage bank, mortgage company, life insurance company,
or other financial institution that customarily provides service or aids in the
financing of mortgages on single-family residential housing, or a holding
company for one of those institutions.
(4) "Loan" or "mortgage loan" means a
veterans' land loan made or acquired by the board under Natural Resources Code,
Chapter 161, Subchapter K, relating to Land Loans, secured by a mortgage, deed
of trust, or other lien on the land purchased with the proceeds of the
loan.
Notes
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