Sec. 156.551. MORTGAGE GRANT FUND. (a) The commissioner shall establish, administer, and maintain a mortgage grant fund as provided by this subchapter. The amounts received by the commissioner for deposit in the fund shall be held by the commissioner in trust for carrying out the purposes of the fund.
(b) Subject to Subsection (c), all or any portion of the amount of a penalty that is collected by the commissioner under Sections 156.302, 156.303, 157.023, 157.024, 157.031, 158.105, and 180.202, as determined by the commissioner, may be deposited to the credit of the mortgage grant fund at the end of each fiscal year.
(c) The balance of the mortgage grant fund may not at any time exceed $300,000.
Added by Acts 2021, 87th Leg., R.S., Ch. 929 (H.B. 3617), Sec. 7, eff. September 1, 2021.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Subtitle E - Other Financial Businesses
Chapter 156 - Residential Mortgage Loan Companies
Subchapter G. Mortgage Grant Fund
Section 156.551. Mortgage Grant Fund
Section 156.553. Management of Fund
Section 156.554. Disbursement From Fund
Section 156.555. Payment of Claims for Fraudulent Unlicensed Activity