Posted by BrendaTx on 8/26/06 9:18pm
Msg #141191

Texas Helocs - Where you can "sign" them....

I just got finished sending this to a Tx notary who asked me about this the other day...

About loans "closing" in a law office, title company, or lender branch...

http://www.capitol.state.tx.us/txconst/sections/cn001600-005000.html
The Texas Constitution

Article 16 - GENERAL PROVISIONS
Section 50 - HOMESTEAD; PROTECTION FROM FORCED SALE; MORTGAGES, TRUST DEEDS, AND LIENS

>>SEE SECTION (N)<<

This is the "why" of it.

Reply by BrendaTx on 8/26/06 9:36pm
Msg #141195

For Texas signing services which will tell you it is okay to close in any old lender's branch, a parking lot, on the side of the street...wherever...they have gotten really specific here:

http://www.occc.state.tx.us/pages/Legal/Laws/home_eq/interp_set.html
§153.15. Location of Closing: Section 50(a)(6)(N). An equity loan may be closed only at an office of the lender, an attorney at law, or a title company. The lender is anyone authorized under Section 50(a)(6)(P) that advances funds directly to the owner or is identified as the payee on the note.

(1) An equity loan must be closed at the permanent physical address of the office or branch office of the lender, attorney, or title company. The closing office must be a permanent physical address so that the closing occurs at an authorized physical location other than the homestead.

(2) A lender may accept a properly executed power of attorney allowing the attorney-in-fact to execute closing documents on behalf of the owner.

(3) A lender may receive consent required under Section 50(a)(6)(A) by mail or other delivery of the party's signature to an authorized physical location and not the homestead.



http://www.fc.state.tx.us
To find out more, including...

Why we must not be habitually drunk, among other things...like closing in a parking lot or outside of the law office when we know better ...

But as section 50 now stands, neither the legislature nor any state agency has the
power to declare definitively what it means. The ultimate power to construe
constitutional provisions lies solely with the courts.(9)
This does not mean, however, that the legislature or a state agency may not in
fact construe the constitution. Some provisions of the Texas Constitution give
the legislature, a state agency, or a court the power to regulate in the subject area
of the constitutional provision. For example, article V, section 24 provides that
certain county officers may be removed from office "for incompetency, official
misconduct, habitual drunkenness, or other causes defined by law," impliedly
authorizing the legislature to construct causes for removal. (Emphasis added.)

http://www.fc.state.tx.us/Home%20Equity/dm-495.pdf#search=%22texas%20finance%20commission%20law%20office%20lender%20branch%20%22


(Disclaimer: None of this is legal advice...just stuff you can google up on the internet.)