Skip to content

Does 12 Notice Include Calendar or Business Days?

Answered by: 

Question: 
Does the 12 notice in Texas include calendar days or business days?
Answer: 

Regulatory Commentary on Equity Lending Procedures

October 7, 1998
Issued by:
Office of Consumer Credit Commissioner
Department of Banking
Savings and Loan Department
Credit Union Department

6(M) Closing date

A loan may not be closed before the 12th calendar day after the later of the date that the owner makes application for the loan or the date that the owner receives the required consumer disclosure. The submission of an application to the lender includes the submission to an agent acting on behalf of the lender. An application for a loan may be given orally or electronically and does not have to be in writing. Additionally, the amendment requires that an equity loan may not be closed before the first anniversary of the closing date of any other equity loan secured by the same homestead property. This provision requires that an equity loan may not be refinanced before one year has elapsed since the loan's closing date.

First published on 12/01/2014

Filed under: 
Filed under lending as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics