SECTION 175.53. Eligibility and Description of Land

(a) The board shall only make, or purchase, loans under this subchapter that are secured by tracts of land that meet all the requirements of §175.3, relating to Land Selection, of this chapter.

(b) For every loan made under this subchapter, the board must be furnished a survey and legal description for its review that satisfies all the requirements set forth in §175.4, relating to Land Description, of this chapter.

(c) For every loan made under this subchapter, the board must be furnished an appraisal that conforms to the requirements of §175.5, relating to Appraisal of Land, of this chapter.

(d) Notwithstanding the provisions of subsections (b) and (c) to the contrary, the board may, by resolution, establish requirements and specifications for surveys and appraisals that conform to the prudent lending practices prevalent in the mortgage lending industry.

Source Note: The provisions of this §175.53 adopted to be effective January 8, 2002, 27 TexReg 286