Texas Finance Code

§ 347.258 — DEPOSIT AMOUNTS PAID FOR TAXES OR INSURANCE

FI § 347.258Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 347. MANUFACTURED HOME CREDIT TRANSACTIONS · Art. F. PAYMENT OF INSURANCE AND TAXES

Statute text

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(a)This section applies to amounts received in installments by a creditor for the payment of ad valorem taxes or insurance premiums.

(b)The creditor shall deposit and hold the amount in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency.

(c)The creditor shall use the amount to pay the ad valorem taxes or insurance on the manufactured home, as appropriate.

(d)The creditor may not charge an amount for:

(1)holding or paying an amount received;

(2)analyzing the account in which the amount is deposited; or

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Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.