Texas Administrative Code
Title 7 - BANKING AND SECURITIES
Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING
Chapter 51 - DEPARTMENT ADMINISTRATION
Subchapter F - MORTGAGE GRANT FUND: RECOVERY CLAIMS FOR UNLICENSED ACTIVITY
Section 51.504 - Liability for Unpaid Claims
Universal Citation: 7 TX Admin Code ยง 51.504
Current through Reg. 49, No. 38; September 20, 2024
(a) No Liability. The Mortgage Grant Fund, the Commissioner, and the Department are not liable to a claimant for a claim approved by the Commissioner under Finance Code § 156.555 if the assets of the Mortgage Grant Fund are insufficient to pay such claim.
(b) Payment of Unpaid Claims. If the Mortgage Grant Fund contains insufficient assets to pay a claim approved by the Commissioner under Finance Code § 156.555, the Commissioner will:
(1) record the time and
date the claim was approved; and
(2) pay approved but unpaid claims for which
a recordation was made under paragraph (1) of this subsection as funds in the
Mortgage Grant Fund become available, in the order of the recorded time and
date of such claims; and, provided, the Commissioner determines in his or her
sole discretion that disbursement from the Mortgage Grant Fund will not injure,
hamper, or impede the Commissioner's administration of and disbursements from
the Mortgage Grant Fund for purposes of Finance Code § 156.554.
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