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Texas Laws | Insurance Code
INSURANCE CODE
TITLE 12. OTHER COVERAGE

(c) Credit involuntary unemployment insurance may not be written in contravention of Chapter 15, Business & Commerce Code. (51000)

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007. (51001)

Sec. 3501.003. RATES AND FORMS. (51002)(Text)

Rates and forms for credit involuntary unemployment insurance must be set and filed in accordance with Chapters 2251 and 2301 and Article 5.13-2. (51003)

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007. (51004)

CHAPTER 3502. MORTGAGE GUARANTY INSURANCE (51005)(Text)

Sec. 3502.001. APPLICABILITY OF CHAPTER. (51006)(Text)

This chapter applies only to mortgage guaranty insurance and does not affect any other provision of this code. (51007)

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007. (51008)

Sec. 3502.002. APPLICABILITY OF OTHER LAW. (51009)(Text)

(a) This code and other state laws apply to the business of mortgage guaranty insurance. (51010)

(b) This chapter controls to the extent of any conflict with another provision of this code or other state law. (51011)

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007. (51012)

Sec. 3502.003. MORTGAGE GUARANTY INSURANCE DEFINED. (51013)(Text)

In this chapter, "mortgage guaranty insurance" means insurance against: (51014)

(1) financial loss because of nonpayment of principal, interest, and other amounts agreed to be paid under the terms of a note, bond, or other evidence of indebtedness that is secured by an authorized real estate security, provided the improvement on the real estate is: (51015)

(A) one or more residential buildings designed to be occupied by not more than four families; (51016)

(B) a condominium unit; or (51017)

(C) one or more buildings designed to be occupied by five or more families or for industrial or commercial purposes; or (51018)

(2) financial loss because of nonpayment of rent and other amounts agreed to be paid under the terms of a written lease for the possession, use, or occupancy of real estate, provided the improvement on the real estate is one or more buildings designed to be occupied for industrial or commercial purposes. (51019)

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007. (51020)

Sec. 3502.004. AUTHORIZED REAL ESTATE SECURITY DEFINED. (51021)(Text)

(a) In this chapter, "authorized real estate security" means: (51022)

(1) a proprietary lease and a stock membership certificate issued to a tenant stockholder or resident member of a fee simple cooperative housing corporation as defined in Section 216, Internal Revenue Code of 1986; or (51023)

(2) a mortgage, deed of trust, wraparound mortgage, or other instrument that constitutes a first lien or charge on real estate or is considered to be the equivalent of a first lien or charge on real estate by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Federal Housing Finance Board, a successor of one of those entities, an agency of this state, or a federal agency, provided: (51024)

(A) the improvement on the real estate is a building or buildings designed to be occupied as specified by Section 3502.003(1); and (51025)

(B) the real estate loan is a type of loan that is: (51026)

(i) authorized to be made by a bank, savings and loan association, credit union, or insurer that is supervised and regulated by a department of this state or a federal agency; (51027)

(ii) authorized to be made by a mortgage banker that is an approved seller-servicer of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or a successor of one of those entities; or (51028)

(iii) approved by the federal secretary of housing and urban development for participation in a mortgage insurance program. (51029)

(b) The lien on real estate described by Subsection (a)(2) may be subject and subordinate to: (51030)

(1) the lien of a public bond, assessment, or tax if there is not a delinquent installment, call, or payment of or under the bond, assessment, or tax; (51031)

(2) an outstanding mineral, oil, or timber right, right-of-way, easement or right-of-way support, sewer right, building restriction, other restriction or covenant, or other condition or regulation of use; or (51032)

(3) an outstanding lease on the real estate under which rents or profits are reserved to the owner. (51033)

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007. (51034)

SUBCHAPTER B. MORTGAGE GUARANTY INSURERS (51035)(Text)
Sec. 3502.051. GENERAL ELIGIBILITY TO WRITE MORTGAGE GUARANTY INSURANCE. (51036)(Text)

(a) An insurer that writes anywhere any class of insurance other than mortgage guaranty insurance may not be issued or continue to hold a certificate of authority to write mortgage guaranty insurance in this state. (51037)

(b) A mortgage guaranty insurer that writes anywhere the class of mortgage guaranty insurance described by Section 3502.003(1)(C) or (2) may not be issued or continue to hold a certificate of authority to write in this state the class of mortgage guaranty insurance described by Section 3502.003(1)(A) or (B). (51038)

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