Texas § FI.159.003 - EXEMPTIONS
Full text of Texas The Texas Constitution § FI.159.003 — EXEMPTIONS, with citation guidance and answers to common questions.
§ FI.159.003. EXEMPTIONS
EXEMPTIONS. (a) The following persons are exempt from this chapter: (1) a federally insured bank, savings bank, savings and loan association, Farm Credit System Institution, or credit union; (2) a subsidiary of a federally insured bank, savings bank, savings and loan association, Farm Credit System Institution, or credit union; (3) the state or a governmental agency, political subdivision, or other instrumentality of the state, or an employee of the state or a governmental agency, political subdivision, or instrumentality of the state who is acting within the scope of the person's employment; or (4) subject to Subsection (b), an owner of residential real estate if the owner does not in any 12-consecutive-month period make, or contract with another person to make, more than three wrap mortgage loans to purchasers of the property for all or part of the purchase price of the residential real estate against which the mortgage is secured. (b) In determining eligibility for an exemption under Subsection (a)(4), two or more owners of residential real estate are considered a single owner for the purpose of computing the number of mortgage loans made within the period specified by that subdivision if any of the owners are an entity or an affiliate of an entity, including a general partnership, limited partnership, limited liability company, or corporation, as defined by Section 1.002 , Business Organizations Code. Added by Acts 2021, 87th Leg., R.S., Ch. 76 (S.B. 43 ), Sec. 3, eff. January 1, 2022. SUBCHAPTER B. LICENSING OR REGISTRATION
Frequently Asked Questions About Texas § FI.159.003
What does The Texas Constitution § FI.159.003 cover?
Section FI.159.003 ("EXEMPTIONS") 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.159.003?
A common citation format is "The Texas Constitution § FI.159.003" (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.159.003 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.