Use of Proceeds

Sec. 1352.056. USE OF PROCEEDS. Proceeds of a home equity loan that is the subject of an application under Section 1352.053 that are attributable to the minor's interest may be spent only to: (1) make improvements to the homestead; (2) pay for the minor's education or medical expenses; or (3) pay the loan's outstanding balance. Added by Acts 2011, 82nd Leg., R.S., Ch. 823 (H.B. 2759), Sec. 1.02, eff. January 1, 2014.