Texas Insurance Code 3502.204 – Advertising of “Insured Loans
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Terms Used In Texas Insurance Code 3502.204
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
” A bank, savings and loan association, insurer, or approved seller-servicer of the Federal National Mortgage Association, any of whose authorized real estate securities are insured by a mortgage guaranty insurer, may not state in a brochure, pamphlet, or report or any form of advertising that the real estate loans of the bank, savings and loan association, insurer, or seller-servicer are “insured loans” unless:
(1) the brochure, pamphlet, report, or advertising also:
(A) clearly states that the loans are insured by private insurers; and
(B) lists the names of the private insurers; and
(2) the insurance on the real estate loans is written by an insurer authorized to write that insurance in this state.