Texas Finance Code

§ 343.108 — RELEASE OF LIEN AFTER PAYOFF BY MORTGAGOR

FI § 343.108Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 343. HOME LOANS · Art. B. PROVISIONS RELATING TO HOME LOANS IN GENERAL

Statute text

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(a)In this section:

(1)"Mortgage servicer," "mortgagee," and "mortgagor" have the meanings assigned by Section 51.0001, Property Code.

(2)"Release of lien" means a release of a deed of trust or other lien securing a home loan.

(b)Except as provided by Subsection (c), not later than the 60th day after the date a mortgage servicer or mortgagee, as applicable, receives the correct payoff amount for a home loan from a mortgagor, the mortgage servicer or mortgagee shall:

(1)deliver to the mortgagor a release of lien for the home loan; or

(2)file the release of lien with the appropriate county clerk's office for recording in the real property records of the county.

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Legislative history

Added by Acts 2023, 88th Leg., R.S., Ch. 303 (H.B. 219), Sec. 1, eff. September 1, 2023.