Tex. Fin. Code § 341.606 · Subchapter G. STATE-LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATOR RECOVERY FUND
RECOVERY LIMITS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A person entitled to receive payment out of the fund is entitled to receive reimbursement of actual, out-of-pocket damages as provided by this section.
(b) A payment from the fund may be made as provided by Section 341.605 and this section. A payment for claims:
(1) arising out of the same transaction, including interest, is limited in the aggregate to $25,000, regardless of the number of claimants; and
(2) against a single person licensed as a residential mortgage loan originator under Chapter 342, 347, 348, or 351 is limited in the aggregate to $50,000 until the fund has been reimbursed for all amounts paid.
(c) In the event there are concurrent claims under Subsections (b)(1) and (2) that exceed the amounts available under the fund, the commissioner shall prorate recovery based on the amount of damage suffered by each claimant.
Notes and commentary — not statutory text
History
Added by Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. 10), Sec. 9, eff. June 19, 2009.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.341.htm
- Text hash
- sha256 f11ac6e145f4a3efbb20913db767a194a0554004dc1e44ba93172265b38406c6
- 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
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