Sec. 156.503. STATUTE OF LIMITATIONS. (a) An application for the recovery of actual damages from the recovery fund under Section 156.504 may not be filed after the fourth anniversary of the date of the alleged act or omission causing the actual damages or the date the act or omission should reasonably have been discovered.
(b) This section does not apply to a subrogation claim brought by the commissioner for recovery of money paid out of the recovery fund.
Added by Acts 1999, 76th Leg., ch. 1254, Sec. 2, eff. Sept. 1, 1999.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1317 (H.B. 2774), Sec. 22, eff. September 1, 2009.
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 40, eff. September 1, 2011.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 42, eff. September 1, 2013.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Subtitle E - Other Financial Businesses
Chapter 156 - Residential Mortgage Loan Companies
Section 156.501. Recovery Fund
Section 156.503. Statute of Limitations
Section 156.504. Procedure for Recovery
Section 156.505. Recovery Limits
Section 156.506. Revocation or Suspension of License for Payment From Recovery Fund
Section 156.508. Failure to Comply With Subchapter or Rule Adopted by the Finance Commission