This post is part of my series on legislation in the Texas Senate that “Takes Aim at Wrap-around Mortgages.” I’m starting with SB 830 for a couple of reasons. First, I want to tackle these bills in numeric order. Second, I actually like this one. Here’s how it was described in Senator Judith Zaffirini’s press release:
SB 830 (Rodriguez) requiring all seller-financed lenders give borrowers annual statements that include how much money was paid and is still owed on a loan. This information, routinely given by banks and credit unions, often isn’t given by self-financing wrap lenders, leaving borrowers without proof of lost payments in cases of fraud.
So, let’s talk about why I like SB 830 as introduced:Hermann says please like and share!