Texas Finance Code

§ 342.454 — RETURN OF INSTRUMENTS TO BORROWER ON REPAYMENT

FI § 342.454Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 342. CONSUMER LOANS · Art. J. AUTHORIZED LENDER'S DUTIES AND AUTHORITY

Statute text

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Within a reasonable time after a loan is repaid in full or an open-end account is terminated according to the terms of the contract, a lender shall cancel and return to a borrower any instrument, including a note, assignment, security agreement, or mortgage that:

(1)secured the loan; and

(2)does not secure another indebtedness of the borrower to the lender.

Legislative history

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.19, eff. Sept. 1, 1999. Amended by Acts 1999, 76th Leg., ch. 909, Sec. 2.18, eff. Sept. 1, 1999.