In the December 30, 2011 issue of the Texas Register (Vol. 36, No. 52) the Finance Commission of Texas (“Commission”) adopts the following Payoff Statement Rules (new 7 TAC Chapter 155) pursuant to the requirements of Section 343.106, Texas Finance Code, enacted by House Bill 558 in the 2011 regular session of the Texas Legislature (see our prior memorandums on House Bill 558 and the Commission’s proposed payoff statement rules dated August 15, 2011, and November 4, 2011, respectively). The Rules are effective January 8, 2012, except as noted on page 2 hereof: “Title 7. Banking And Securities Part 8, Joint Financial Regulatory Agencies Chapter 155 Payoff Statements “SUBCHAPTER A. Registration “§155.1-Definitions ‘Home loans’ has the same meaning as that found in Texas Finance Code §343.001. “§155.2-Payoff Statement Form (a) Requests made pursuant to this chapter shall be in writing and submitted to a mortgage servicer by mail, electronic mail or facsimile. If the mortgage servicer has designated a specific physical address; electronic mail address; and/or a specific representative to receive requests made pursuant to this chapter, then requests shall be submitted in accordance with such designation. Requests for a payoff statement made pursuant to this chapter shall, at a minimum, include the following: (1) Name of the mortgagor; (2) Physical address of the underlying collateral of the loan, or a legal description of the property; and (3) Proposed closing date of the loan.
