1372.043 – CANCELLATION OF RESERVATION ON ISSUER'S FAILURE
Texas Government Code § 1372.043
Summary
This law allows for the cancellation of a bond reservation if the issuer fails to close on the bonds within the specified timeframe. It affects issuers who are unable to meet their closing obligations, potentially impacting their financing options.
Reservation is canceled if bonds are not closed timely.
Cancellation occurs within 150 to 210 days after reservation date.
Applies specifically to issuers of qualified mortgages.
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In simple terms: Learn about Texas's CANCELLATION OF RESERVATION ON ISSUER'S FAILURE law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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