Texas Finance Code

§ 156.554 — DISBURSEMENT FROM FUND

FI § 156.554Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 156. RESIDENTIAL MORTGAGE LOAN COMPANIES · Art. G. MORTGAGE GRANT FUND

Statute text

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(a)The commissioner shall approve each disbursement from the mortgage grant fund, which must be for a purpose authorized by Subsection (b).

(b)The commissioner:

(1)may provide grants in an aggregate amount of not more than $100,000 each year to an auxiliary mortgage loan activity company or another nonprofit organization for the purposes of:

(A)providing to consumers financial education relating to mortgage loans; and

(B)providing to other nonprofit organizations training in order for those organizations to provide to consumers financial education relating to mortgage loans;

(2)shall make disbursements from the fund to pay claims made under Section 156.555 that meet the requirements for payment under that section; and

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Legislative history

Acts 2023, 88th Leg., R.S., Ch. 159 (S.B. 1371), Sec. 3, eff. September 1, 2023.