The Texas Department of Savings and Mortgage Lending celebrated New Year’s Day by finalizing amendments to Chapters 80 and 81 (see 46 Tex. Reg. 152 – 160 [January 1, 2021]), which were originally proposed last September (see 45 Tex. Reg. 6642 – 6659 [September 25, 2020]). Notable changes include an expansion of the definitions in each chapter (including new additions of “application”, “dwelling”, “residential real estate”), certain cross-referencing between the chapters regarding disclosures (e.g., see amended 7 Tex. Admin. Code § 81.200[b]), and new disclosure requirements applicable to “correspondence”.
The effective date for these amendments was January 3, 2021.
We are currently reviewing these amendments to determine any impact, and evaluating any modifications, to our document library and/or systems. Any modifications we make as a result will be announced on our website (https://compliance.docutech.com/).