40 Tex. Admin. Code § 175.56 - Fees, Loan Amount, Interest Rate, and Down Payment

(a) In addition to the fees described in §175.17, relating to Fees and Deposits, of this chapter, the board shall collect a fee for the preparation, review, or approval of any document relating to a loan made under this subchapter, including but not limited to the following:

(1) notes;

(2) deeds of trust;

(3) subordination agreements;

(4) transfers and/or assignments of liens; or

(5) release of liens.

(b) No fee may be charged in connection with a loan made under this subchapter to a borrower by a third party that has not been approved by the board. Fees and expenses approved by the board may be made a part of the borrower's loan installment payments.

(c) The board will specify the terms and conditions of the loan for each transaction.

(d) Each loan shall bear a rate of interest designated by the board.

(e) Each loan shall not exceed 30 years in duration.

(f) The chairman, in compliance with § 175.6 and § 175.55 of this chapter, shall set the amount of the down payment required of borrowers. This down payment shall be paid to the closing agent at or before closing.

Notes

40 Tex. Admin. Code § 175.56

The provisions of this §175.56 adopted to be effective January 8, 2002, 27 TexReg 286; amended to be effective March 18, 2008, 33 TexReg 2319