Tex.
Fin. Code Section 351.001
Short Title
(1)
“Property tax lender” means a person that engages in activity requiring a license under Section 351.051 (License Required). The term does not include:(A)
a person who is sponsored by a licensed property tax lender to assist with or perform the acts of a property tax lender; or(B)
a person who performs only clerical functions such as delivering a loan application to a property tax lender, gathering or requesting information related to a property tax loan application on behalf of the prospective borrower or property tax lender, word processing, sending correspondence, or assembling files.(2)
“Property tax loan” means an advance of money:(A)
in connection with a transfer of lien under Section 32.06 (Property Tax Loans; Transfer of Tax Lien), Tax Code, or a contract under Section 32.065 (Contract for Foreclosure of Tax Lien), 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 (Property Tax Loans; Transfer of Tax Lien), 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 secured by the lien or security interest created by a deed of trust, security deed, or other security instrument.
Source:
Section 351.001 — Short Title, https://statutes.capitol.texas.gov/Docs/FI/htm/FI.351.htm#351.001 (accessed Jun. 5, 2024).
