Section 175.56 - Fees, Loan Amount, Interest Rate, and Down Payment(a) In addition to the fees described in §175.17, relating to Fees and Deposits, of this chapter, the board shall collect a fee for the preparation, review, or approval of any document relating to a loan made under this subchapter, including but not limited to the following: (3) subordination agreements;(4) transfers and/or assignments of liens; or(b) No fee may be charged in connection with a loan made under this subchapter to a borrower by a third party that has not been approved by the board. Fees and expenses approved by the board may be made a part of the borrower's loan installment payments.(c) The board will specify the terms and conditions of the loan for each transaction.(d) Each loan shall bear a rate of interest designated by the board.(e) Each loan shall not exceed 30 years in duration.(f) The chairman, in compliance with § 175.6 and § 175.55 of this chapter, shall set the amount of the down payment required of borrowers. This down payment shall be paid to the closing agent at or before closing.40 Tex. Admin. Code § 175.56
The provisions of this §175.56 adopted to be effective January 8, 2002, 27 TexReg 286; amended to be effective March 18, 2008, 33 TexReg 2319