Tex. Finance Code § 347.254
This is the official text of Tex. Finance Code § 347.254, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 347.254. PAYMENT OF TAXES THROUGH THE CREDITOR.
Official statutory text
(a) Except as provided by Subsection (c), a creditor shall require a consumer to pay ad valorem taxes on the manufactured home through the creditor.
(b) The creditor may:
(1) include in the credit transaction an amount equal to a reasonable estimate of the tax for the first year; or
(2) require that the consumer pay on each installment due date an amount equal to one-twelfth of the reasonable estimate of the tax for the first year.
(c) The escrow requirement of Subsection (a) does not apply to a transaction involving a manufactured home if the creditor is a federally insured financial institution and does not otherwise require the escrow of taxes, insurance premiums, fees, or other charges in connection with loans secured by residential real property.
(b) The creditor may:
(1) include in the credit transaction an amount equal to a reasonable estimate of the tax for the first year; or
(2) require that the consumer pay on each installment due date an amount equal to one-twelfth of the reasonable estimate of the tax for the first year.
(c) The escrow requirement of Subsection (a) does not apply to a transaction involving a manufactured home if the creditor is a federally insured financial institution and does not otherwise require the escrow of taxes, insurance premiums, fees, or other charges in connection with loans secured by residential real property.
Status: in_force · Read it on the official government site
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