Tex. Bus. & Com. Code § 26.02(b) requires the following:
“A loan agreement in which the amount involved in the loan agreement exceeds $50,000 in value is not enforceable unless the agreement is in writing and signed by the party to be bound or by that party’s authorized representative.”
“Loan agreement” is defined, in part, as “one or more promises . . . or commitments, or any combination of those actions or documents, pursuant to which a financial institution loans . . . or agrees to loan . . . money, goods, or another thing of value, or to otherwise extend credit or make a financial accommodation. . . .” (Ibid. § 26.02[a][2])
To help clients secure enforcement rights under this provision, we will now be providing new, generic TX Commitment Agreement (Cx19608). The format of the document is similar to other generic commitment agreements we provide for other states, though it will contain the special notice of complaints required under Tex. Fin. Code Ann. § 14.104 and 7 Tex. Admin. Code § 90.105, which will print when “Use Texas Plain Language” (Field 36021) equals “Yes.”
This document will print under the following conditions:
- Document Package Type = Initial Disclosure
- Mortgage Loan Commitment = Yes
- State Code = Texas
This document will be available on September 26, 2017. If you have any questions or concerns about this document, please contact Client Support at 1.800.497.3584.
DR 152024