Tex. Fin. Code § 159.001 · Subchapter A. GENERAL PROVISIONS
DEFINITIONS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
In this chapter:
(1) "Commissioner" means the savings and mortgage lending commissioner.
(2) "Finance commission" means the Finance Commission of Texas.
(3) "Residential mortgage loan" has the meaning assigned by Section 180.002.
(4) "Residential real estate" has the meaning assigned by Section 180.002.
(5) "Wrap borrower" means a person obligated to pay a wrap mortgage loan.
(6) "Wrap lender" means:
(A) a person who makes a wrap mortgage loan; or
(B) an owner of residential real estate who contracts with another person to make a wrap mortgage loan to a wrap borrower on the owner's behalf to finance the purchase of the owner's residential real estate.
(7) "Wrap mortgage loan" means a residential mortgage loan:
(A) made to finance the purchase of residential real estate that will continue to be subject to an unreleased lien that:
(i) attached to the residential real estate before the loan was made; and
(ii) secures a debt incurred by a person other than the wrap borrower that was not paid off at the time the loan was made; and
(B) obligating the wrap borrower to the wrap lender for payment of a debt the principal amount of which includes:
(i) the outstanding balance of the debt described by Paragraph (A)(ii); and
(ii) any remaining amount of the purchase price financed by the wrap lender.
Notes and commentary — not statutory text
History
Added by Acts 2021, 87th Leg., R.S., Ch. 76 (S.B. 43), Sec. 3, eff. January 1, 2022.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.159.htm
- Text hash
- sha256 449ecd39d2ea796d3c56194ba829a4faf7da4ad7c1f39226e15b6b5229b58c9c
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Cited by 4 provisions
Provisions in this library whose text cites Tex. Fin. Code § 159.001. Each shows the citation as that text prints it.
Finance Code
- Tex. Fin. Code § 159.002INAPPLICABILITY OF CHAPTER.Printed as Section 159.001(7)(A)
- Tex. Fin. Code § 159.104FAILURE TO PROVIDE DISCLOSURE BEFORE CLOSING; RIGHT OF RESCISSION.Printed as Section 159.001(7)(A) | Section 159.001(7)(A)(ii)
- Tex. Fin. Code § 159.152FIDUCIARY DUTY.Printed as Section 159.001(7)(A)(ii)
- Tex. Fin. Code § 159.202WRAP BORROWER'S RIGHT TO DEDUCT.Printed as Section 159.001(7)(A)(ii)
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.