The Texas Finance Code defines a property tax loan
Need help with this assignment?Get an original answer from a qualified tutor — from $10/page.
Get it written →Is the highlighted section citation the correct portion of the code referenced
The Texas Finance Code defines a property tax loan as follows: (2) "Property tax loan" means an advance of money: (A) in connection with a transfer of lien under Section 32.06, Tax Code, or a contract under Section 33.065, Tax Code; B) in connection with which the person making the transfer arranges for the payment, with a property owner’s written consent, of property taxes and related closing costs on behalf of the property owner in accordance with Section 32.06, Tax Code; and (C) that is secured by a special lien against property transferred from a taxing unit to the property tax lender and which may be further by the lien or security interest created by a I deed of trust, security deed, or other security instrument. Tex. Finance Code $ 351.002(2). A property tax lender, in making such a loan, obtains a priority lien on the property. Id. at (2)(B); see also Tex. Tax Code $ 32.05(a) ("A tax lien on real property takes priority over a homestead interest in the property."). The average amount of a property tax loan is about $ 12,000. Ex. E (Property Tax Lending Consolidated Volume Report Calendar Year 2014). B. Property tax lenders’ use of discount points leading to the adoption of 7 Tex. Admin. Code S 89.601(d)(1)-(6).
Get a plagiarism-free answer to this question
Send us your instructions and we’ll match you with the best writer in your subject.
- 100% human-written, zero AI
- Turnitin report included
- Confidential — we never share your data
- Free revisions & refunds