Texas Administrative Code
Title 40 - SOCIAL SERVICES AND ASSISTANCE
Part 5 - TEXAS VETERANS LAND BOARD
Chapter 177 - VETERANS HOUSING ASSISTANCE PROGRAM
Section 177.7 - Qualifying Lending Institutions
Current through Reg. 49, No. 12; March 22, 2024
(a) Any entity wishing to apply to be a participating lending institution may obtain application information and forms from the administrator. The applicant shall submit the completed application and application fee to the administrator who shall review it and recommend approval or disapproval of the application to the board. The board shall consider the recommendation of the administrator and shall notify the applying lending institution of its decision. Approval of the application of a lending institution to participate shall not be withheld unreasonably.
(b) No application shall be approved unless the applicant:
(c) The board shall review the list of approved participating lending institutions maintained by the administrator no later than March 1 of each year and may request the administrator to make further recommendations concerning previously approved participating lending institutions. The board may, as part of its annual review or at any other time, revoke its approval of a participating lending institution but shall not do so unreasonably.
(d) Upon approval of a lending institution to participate in the program, the institution and the board shall execute a contract containing terms formulated by the administrator and approved by the board. The contract's terms shall reflect the prudent lending practices prevalent in the lending industry.