Tex. Fin. Code Section 64.063
Payment of Estimated Charges by Borrower

(a)

To enable the association to pay charges as they become due, an association may require a borrower to pay monthly in advance, in addition to interest or interest and principal, an amount equal to one-twelfth of the estimated annual taxes, assessments, insurance premiums, and other charges on the real property securing a loan.

(b)

An association may increase or decrease the amount of the loan payment as necessary to meet the charges.

(c)

An association may:

(1)

carry payments in trust in an account; or

(2)

credit the payments to the indebtedness and advance the money for charges as the charges become due.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Source: Section 64.063 — Payment of Estimated Charges by Borrower, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­64.­htm#64.­063 (accessed Jun. 5, 2024).

Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 64.063’s source at texas​.gov