Sec. 64.063. PAYMENT OF ESTIMATED CHARGES BY BORROWER. (a) To enable the association to pay charges as they become due, an association may require a borrower to pay monthly in advance, in addition to interest or interest and principal, an amount equal to one-twelfth of the estimated annual taxes, assessments, insurance premiums, and other charges on the real property securing a loan.
(b) An association may increase or decrease the amount of the loan payment as necessary to meet the charges.
(c) An association may:
(1) carry payments in trust in an account; or
(2) credit the payments to the indebtedness and advance the money for charges as the charges become due.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Subtitle B - Savings and Loan Associations
Chapter 64 - Loans and Investments
Subchapter D. Charges Relating to Real Property Loans
Section 64.061. Advances Paid by Association
Section 64.062. Advances Are Lien on Property