An equity loan may not be closed before the 12th calendar day after the later of the date that the owner submits an application for the loan to the lender or the date that the lender provides the owner a copy of the required consumer disclosure. For purposes of determining the earliest permitted closing date, the next succeeding calendar day after the date the lender provides the owner a copy of the required consumer disclosure is the first day of the 12-day waiting period. The equity loan may be closed at any time on or after the 12th calendar day after the date the consumer disclosure is provided to the owner.

1. (1) Submission of a loan application to an agent acting on behalf of the lender is submission to the lender.
2. (2) A loan application may be given orally or electronically.

Source Note:The provisions of this §153.12 adopted to be effective January 8, 2004, 29 TexReg 84.