Texas Business & Commerce Code

§ 21.101 — RESTRICTIONS ON CHARGE OR RECEIPT OF CONSIDERATION

BC § 21.101Title 2. COMPETITION AND TRADE PRACTICES · Ch. 21. REGULATION OF CERTAIN RESIDENTIAL FORECLOSURE CONSULTING SERVICES · Art. C. LIMITATIONS, PROHIBITIONS, AND DUTIES REGARDING SERVICES

Statute text

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A foreclosure consultant may not:

(1)charge or receive compensation until the foreclosure consultant has fully performed each service the foreclosure consultant has contracted to perform or has represented the foreclosure consultant can or will perform unless the foreclosure consultant has obtained a surety bond or established and maintained a surety account for each location at which the foreclosure consultant conducts business in the manner that Subchapter E, Chapter 393, Finance Code, provides for credit services organizations; or

(2)receive any consideration from a third party in connection with foreclosure consulting services provided to the homeowner of a residence in foreclosure unless the consideration is fully disclosed in writing to the homeowner.

Legislative history

Added by Acts 2011, 82nd Leg., R.S., Ch. 902 (S.B. 767), Sec. 1, eff. September 1, 2011.