Texas Business and Commerce Code 21.102 – Prohibited Conduct
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Terms Used In Texas Business and Commerce Code 21.102
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Personal property: All property that is not real property.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
A foreclosure consultant may not:
(1) take any power of attorney from a homeowner for any purpose other than to inspect documents;
(2) for purposes of securing payment of compensation, acquire an interest, directly or indirectly, in the real or personal property of the homeowner of a residence in foreclosure with whom the foreclosure consultant has contracted to perform services; or
(3) take an assignment of wages to secure payment of compensation.