Texas Finance Code 157.004 – Exemptions
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Terms Used In Texas Finance Code 157.004
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
This chapter does not apply to:
(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) a residential mortgage loan company licensed under Chapter 156;
(4) an authorized lender licensed under Chapter 342; or
(5) 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.