A Texas lender funds a home equity loan but fails to provide the borrower with a copy of the signed loan documents on the day of closing, as required. The borrower later discovers this omission. Under Texas Constitution Article XVI, Section 50(a)(6), what recourse does the borrower have?
Correct Answer
A) The borrower can notify the lender and trigger the 60-day cure period; if the lender fails to cure, the lender forfeits all principal and interest
Under Texas Constitution Article XVI, Section 50(a)(6)(Q)(x), when a lender violates any constitutional requirement for a home equity loan — including the requirement to provide copies of signed documents at closing — the borrower can notify the lender and trigger a 60-day cure period. If the lender fails to cure, the lender forfeits all principal and interest.
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Under Texas Constitution Article XVI, Section 50(a)(6), a home equity loan on a Texas homestead must comply with numerous constitutional requirements. All of the following are required provisions of a Texas home equity loan EXCEPT:
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A Texas veteran applies for a land loan through the Texas Veterans Land Board (VLB). The VLB program offers financing for the purchase of at least how many acres of land?