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.
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Legal Cites
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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 |
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| Consolidated Fund | |
| State Fund Group | 08 - TRUST FUNDS |
| USAS Status | I |