A person who collects or receives a payment from a wrap borrower under the terms of a wrap mortgage loan holds the money in trust for the benefit of the borrower.
Official text of the Texas Finance Code as published by the Texas Legislative Council.
Finance Code › Title 3 › Chapter 159 › Subchapter D
Texas Finance Code § 159.151
Money Held in Trust
Wrap Mortgage Loan Financing · Duties Owed to Wrap Borrower
Legislative history
Added by Acts 2021, 87th Leg., R.S., Ch. 76 (S.B. 43), Sec. 3, eff. January 1, 2022.