Texas § FI.159.001 - DEFINITIONS
Full text of Texas The Texas Constitution § FI.159.001 — DEFINITIONS, with citation guidance and answers to common questions.
§ FI.159.001. DEFINITIONS
DEFINITIONS. In this chapter: (1) "Commissioner" means the savings and mortgage lending commissioner. (2) "Finance commission" means the Finance Commission of Texas. (3) "Residential mortgage loan" has the meaning assigned by Section 180.002 . (4) "Residential real estate" has the meaning assigned by Section 180.002 . (5) "Wrap borrower" means a person obligated to pay a wrap mortgage loan. (6) "Wrap lender" means: (A) a person who makes a wrap mortgage loan; or (B) an owner of residential real estate who contracts with another person to make a wrap mortgage loan to a wrap borrower on the owner's behalf to finance the purchase of the owner's residential real estate. (7) "Wrap mortgage loan" means a residential mortgage loan: (A) made to finance the purchase of residential real estate that will continue to be subject to an unreleased lien that: (i) attached to the residential real estate before the loan was made; and (ii) secures a debt incurred by a person other than the wrap borrower that was not paid off at the time the loan was made; and (B) obligating the wrap borrower to the wrap lender for payment of a debt the principal amount of which includes: (i) the outstanding balance of the debt described by Paragraph (A)(ii); and (ii) any remaining amount of the purchase price financed by the wrap lender. Added by Acts 2021, 87th Leg., R.S., Ch. 76 (S.B. 43 ), Sec. 3, eff. January 1, 2022.
Frequently Asked Questions About Texas § FI.159.001
What does The Texas Constitution § FI.159.001 cover?
Section FI.159.001 ("DEFINITIONS") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § FI.159.001?
A common citation format is "The Texas Constitution § FI.159.001" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § FI.159.001 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.