Texas Finance Commission Adopts, Chapter 155, Texas Administrative Code, Governing Payoff Statements

At its December meeting, the Texas Finance Commission adopted Chapter 155, Texas Administrative Code, governing payoff statements.  The adoption of Chapter 155 was necessitated by the enactment of HB 558 during the 82nd Regular Session of the Texas Legislature which related to payoff statements provided in connection with certain home loans.  HB 558 amended Chapter 343, Finance Code, by adding Section 343.106.  TBA recently alerted all of its members about the finance commission’s adoption of the payoff statement form and its mandated use no later than March 15, 2012.