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BankersOnline.com Forums State-Specific Compliance Issues Texas 18% ceiling Question
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#1093341 - 12/08/08 04:49 PM 18% ceiling Question
Ice Man Offline
Gold Star
Joined: Jul 2002
Posts: 325
Texas
I researched and found that the limitations on the 18% ceilings apply to all dwelling secured open end credit plans, such as ARMs and HELOCs.

My question is does this apply to commercial transactions where purchased are made to buy, renovate and sell homes?

Thanks for any assistance!

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#1094029 - 12/09/08 03:12 PM Re: 18% ceiling Question Ice Man
CRAatBOK Offline

Power Poster
Joined: Mar 2004
Posts: 6,172
Further South than I wanna be.
This sounds like a state regulation issue.
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#1094083 - 12/09/08 03:58 PM Re: 18% ceiling Question CRAatBOK
homestar Offline
Diamond Poster
Joined: Feb 2001
Posts: 2,245
US of A
I agree with KCGeoQueen that this sounds like a state law question. Your profile says you are located in Texas, Ice Man. If so, I advise you to seek the advice of legal counsel, or contact someone at the Texas Bankers Association. When it comes to real estate lending and Texas law, especially the homestead provisions of the Texas Constitution, you can't be too careful.
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