Texas § FI.341.606 - RECOVERY LIMITS
Full text of Texas The Texas Constitution § FI.341.606 — RECOVERY LIMITS, with citation guidance and answers to common questions.
§ FI.341.606. RECOVERY LIMITS
RECOVERY LIMITS. (a) A person entitled to receive payment out of the fund is entitled to receive reimbursement of actual, out-of-pocket damages as provided by this section. (b) A payment from the fund may be made as provided by Section 341.605 and this section. A payment for claims: (1) arising out of the same transaction, including interest, is limited in the aggregate to $25,000, regardless of the number of claimants; and (2) against a single person licensed as a residential mortgage loan originator under Chapter 342 , 347 , 348 , or 351 is limited in the aggregate to $50,000 until the fund has been reimbursed for all amounts paid. (c) In the event there are concurrent claims under Subsections (b)(1) and (2) that exceed the amounts available under the fund, the commissioner shall prorate recovery based on the amount of damage suffered by each claimant. Added by Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. 10 ), Sec. 9, eff. June 19, 2009.
Frequently Asked Questions About Texas § FI.341.606
What does The Texas Constitution § FI.341.606 cover?
Section FI.341.606 ("RECOVERY LIMITS") 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.341.606?
A common citation format is "The Texas Constitution § FI.341.606" (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.341.606 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.