1. (a) A parent or managing conservator shall apply to the court under oath for the authority to encumber the residence homestead as provided by this subchapter.

2. (b) The application must contain:

   1. (1) the minor's name and address;
   2. (2) a legal description of the property constituting the homestead;
   3. (3) a description of the minor's ownership interest in the property constituting the homestead;
   4. (4) the fair market value of the property constituting the homestead;
   5. (5) the amount of the home equity loan;
   6. (6) the purpose or purposes for which the home equity loan is being sought;
   7. (7) a detailed description of the proposed expenditure of the loan proceeds to be received by the parent or managing conservator on the minor's behalf; and
   8. (8) a statement that all loan proceeds received by the parent or managing conservator on the minor's behalf through a home equity loan authorized under this subchapter shall be used in a manner that is for the minor's benefit.
3. (c) Venue for the application is the same as venue for an application for the appointment of a guardian for a minor.

Added by Acts 2011, 82nd Leg., R.S., Ch. 823 (H.B. 2759), Sec. 1.02, eff. January 1, 2014.