Texas Finance Code

§ 64.061 — ADVANCES PAID BY ASSOCIATION

FI § 64.061Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part B. SAVINGS AND LOAN ASSOCIATIONS · Ch. 64. LOANS AND INVESTMENTS · Art. D. CHARGES RELATING TO REAL PROPERTY LOANS

Statute text

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(a)An association may pay taxes, assessments, insurance premiums, and similar charges for the protection of the association's interest in property that secures a real property loan of the association.

(b)A payment under Subsection (a) is an advance, and the association may:

(1)carry the payment on the association's books as an asset of the association for which the association may charge interest; or

(2)add the payment to the unpaid balance of the loan to which it applies as of the first day of the month in which the payment is made.

Legislative history

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