Tex. Finance Code § 156.554
This is the official text of Tex. Finance Code § 156.554, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 156.554. DISBURSEMENT FROM FUND.
Official statutory text
(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).
(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).
Status: in_force · Read it on the official government site
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