SECTION 51.506. Statute of Limitations at Inception

Finance Code §156.555(b) adopts by reference the statute of limitations period for making claims on the recovery fund under Finance Code Chapter 156, Subchapter F and applies it to claims made against the Mortgage Grant Fund in accordance with Finance Code §156.555. Specifically, pursuant to Finance Code §156.503, a claim made on the recovery fund may not be filed after the fourth anniversary of the date the acts causing the actual damages occurred or should reasonably have been discovered. Finance Code §156.555 and the Mortgage Grant Fund came into existence effective September 1, 2021. As a result, the earliest possible date for a claim to have accrued for purposes of the limitations period applicable to claims made under Finance Code §156.555 is September 1, 2017, and any claim accruing prior to that date is barred.

Source Note: The provisions of this §51.506 adopted to be effective July 14, 2022, 47 TexReg 3962