Texas Finance Code

§ 180.153 — PROHIBITED ACTS AND PRACTICES

FI § 180.153Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 180. RESIDENTIAL MORTGAGE LOAN ORIGINATORS · Art. D. BUSINESS PRACTICES; PROHIBITED ACTS

Statute text

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An individual or other person subject to regulation under this chapter may not:

(1)employ, directly or indirectly, a scheme, device, or artifice to defraud or mislead borrowers or lenders or to defraud a person;

(2)engage in an unfair or deceptive practice toward a person;

(3)obtain property by fraud or misrepresentation;

(4)solicit or enter into a contract with a borrower that provides in substance that the individual or other person subject to this chapter may earn a fee or commission through "best efforts" to obtain a loan even though no loan was actually obtained for the borrower;

(5)solicit, advertise, or enter into a contract for specific interest rates, points, or other financing terms unless the terms are actually available at the time of soliciting, advertising, or contracting;

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Legislative history

Added by Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. 10), Sec. 1, eff. June 19, 2009.