Tex. Finance Code § 156.551
This is the official text of Tex. Finance Code § 156.551, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 156.551. MORTGAGE GRANT FUND.
Official statutory text
(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.
(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.
Status: in_force · Read it on the official government site
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