Texas SAFE Act Update June 17

Doug Foster, the commissioner of the Texas Department of Savings and Mortgage Lending, has delayed the implementation
of the SAFE Act requirement for licensure in seller carryback transactions in Texas until August 31.

The law requiring a Texas seller to have a license to do more than five seller carrybacks in a consecutive 12-month period is still in effect. (Bet you didn’t know about that law, did you?)

Remember that a license is the government allowing you to do what would otherwise be against the law. Why is it against the law for anyone to sell their properties as they see fit?

2 thoughts on “Texas SAFE Act Update June 17”

  1. That law can be found in the Finance Code Chapter 156.200 – 2004 and is in full force and effect. It is also anticipated that this exception for 5 or less transactions will be adopted into the Chapter 180 Safe Act by August 31, 2010. For those looking for a low cost way to be in compliance now, please see our website at http://www.txmortgage.com/safemortgageact.html. We offer a low flat fee service to keep you in compliance. Please call me at 210-493-5500 or email if I can help you be legal.

  2. This law needs to be repealed. How many rights are we going to give up before we make a stand on not just owner finance but any law that infringes upon our freedoms?

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