Texas Finance Code 351.011 – Verification of Net Assets
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Finance Code 351.011
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Property: means real and personal property. See Texas Government Code 311.005
- Year: means 12 consecutive months. See Texas Government Code 311.005
If the commissioner questions the amount of a property tax lender’s net assets, the commissioner may require certification by an independent certified public accountant that:
(1) the accountant has reviewed the property tax lender’s books, other records, and transactions during the reporting year;
(2) the books and other records are maintained using generally accepted accounting principles; and
(3) the property tax lender meets the net assets requirement of § 351.153.