2025 Texas Statutes
Finance Code
Title 3 - Financial Institutions and Businesses
Subtitle E - Other Financial Businesses
Chapter 156 - Residential Mortgage Loan Companies
Subchapter G. Mortgage Grant Fund
Section 156.554. Disbursement From Fund
Sec. 156.554. DISBURSEMENT FROM FUND. (a) The commissioner shall approve each disbursement from the mortgage grant fund, which must be for a purpose authorized by Subsection (b).
(b) The commissioner:
(1) may provide grants in an aggregate amount of not more than $100,000 each year to an auxiliary mortgage loan activity company or another nonprofit organization for the purposes of:
(A) providing to consumers financial education relating to mortgage loans; and
(B) providing to other nonprofit organizations training in order for those organizations to provide to consumers financial education relating to mortgage loans;
(2) shall make disbursements from the fund to pay claims made under Section 156.555 that meet the requirements for payment under that section; and
(3) may make disbursements from the fund to provide support for statewide financial education, activities, and programs specifically related to mortgage loans for consumers, including activities and programs described by Section 14.113(c).
Added by Acts 2021, 87th Leg., R.S., Ch. 929 (H.B. 3617), Sec. 7, eff. September 1, 2021.
Amended by:
Acts 2023, 88th Leg., R.S., Ch. 159 (S.B. 1371), Sec. 3, eff. September 1, 2023.
