This fund is inactive. Please see the notes section for further information regarding the inactive status. Recently inactivated funds may remain active in USAS for a period of time to complete outstanding transactions or for other accounting purposes.

Issue Date:
Revised Date:

Legal Cites

Origin:

Purpose

Classification  
Depository Interest
Disposition of Balance
Appropriation Technique

Administering Agencies

Note

Created per by TEX. FIN. CODE ANN. 156.501 in September 1, 1999 by S.B. 1074, 76th Leg., R.S. for deposit of a $20 fee in addition to original application and renewal fees. To be used to reimburse aggrieved persons to whom a court awards actual damages because of certain acts committed by a mortgage broker or loan officer who was licensed when the act was committed.

If the balance in the fund at the end of a calendar year after 2010 is less than $500,000, each broker and loan officer, on next renewal of the license, shall pay an additional fee; the lesser of $10 or a pro rata share of the amount necessary to bring the fund to $1 million.

Effective 9-1-09, Department of Savings and Mortgage Lending, Agency 450, became a semi-independent self directed agency.

All funds held with the Texas Safekeeping Trust Company per H.B. 2774, 81st Leg., R.S.

USAS Values

USAS Title MORTGAGE BROKER RECOVERY TRUST FD
Consolidated Fund
State Fund Group 08 - TRUST FUNDS
USAS Status I