Texas 2025 - 89th Regular

Texas House Bill HJR40 Compare Versions

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1	1	89R67 SHH-F
2	2	By: Swanson H.J.R. No. 40
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6	6
7	7	A JOINT RESOLUTION
8	8	proposing a constitutional amendment to remove the requirement that
9	9	a home equity loan be closed only at the office of the lender, an
10	10	attorney at law, or a title company.
11	11	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
12	12	SECTION 1. Sections 50(a) and (g), Article XVI, Texas
13	13	Constitution, are amended to read as follows:
14	14	(a) The homestead of a family, or of a single adult person,
15	15	shall be, and is hereby protected from forced sale, for the payment
16	16	of all debts except for:
17	17	(1) the purchase money thereof, or a part of such
18	18	purchase money;
19	19	(2) the taxes due thereon;
20	20	(3) an owelty of partition imposed against the
21	21	entirety of the property by a court order or by a written agreement
22	22	of the parties to the partition, including a debt of one spouse in
23	23	favor of the other spouse resulting from a division or an award of a
24	24	family homestead in a divorce proceeding;
25	25	(4) the refinance of a lien against a homestead,
26	26	including a federal tax lien resulting from the tax debt of both
27	27	spouses, if the homestead is a family homestead, or from the tax
28	28	debt of the owner;
29	29	(5) work and material used in constructing new
30	30	improvements thereon, if contracted for in writing, or work and
31	31	material used to repair or renovate existing improvements thereon
32	32	if:
33	33	(A) the work and material are contracted for in
34	34	writing, with the consent of both spouses, in the case of a family
35	35	homestead, given in the same manner as is required in making a sale
36	36	and conveyance of the homestead;
37	37	(B) the contract for the work and material is not
38	38	executed by the owner or the owner's spouse before the fifth day
39	39	after the owner makes written application for any extension of
40	40	credit for the work and material, unless the work and material are
41	41	necessary to complete immediate repairs to conditions on the
42	42	homestead property that materially affect the health or safety of
43	43	the owner or person residing in the homestead and the owner of the
44	44	homestead acknowledges such in writing;
45	45	(C) the contract for the work and material
46	46	expressly provides that the owner may rescind the contract without
47	47	penalty or charge within three days after the execution of the
48	48	contract by all parties, unless the work and material are necessary
49	49	to complete immediate repairs to conditions on the homestead
50	50	property that materially affect the health or safety of the owner or
51	51	person residing in the homestead and the owner of the homestead
52	52	acknowledges such in writing; and
53	53	(D) the contract for the work and material is
54	54	executed by the owner and the owner's spouse only at the office of a
55	55	third-party lender making an extension of credit for the work and
56	56	material, an attorney at law, or a title company;
57	57	(6) an extension of credit that:
58	58	(A) is secured by a voluntary lien on the
59	59	homestead created under a written agreement with the consent of
60	60	each owner and each owner's spouse;
61	61	(B) is of a principal amount that when added to
62	62	the aggregate total of the outstanding principal balances of all
63	63	other indebtedness secured by valid encumbrances of record against
64	64	the homestead does not exceed 80 percent of the fair market value of
65	65	the homestead on the date the extension of credit is made;
66	66	(C) is without recourse for personal liability
67	67	against each owner and the spouse of each owner, unless the owner or
68	68	spouse obtained the extension of credit by actual fraud;
69	69	(D) is secured by a lien that may be foreclosed
70	70	upon only by a court order;
71	71	(E) does not require the owner or the owner's
72	72	spouse to pay, in addition to any interest or any bona fide discount
73	73	points used to buy down the interest rate, any fees to any person
74	74	that are necessary to originate, evaluate, maintain, record,
75	75	insure, or service the extension of credit that exceed, in the
76	76	aggregate, two percent of the original principal amount of the
77	77	extension of credit, excluding fees for:
78	78	(i) an appraisal performed by a third party
79	79	appraiser;
80	80	(ii) a property survey performed by a state
81	81	registered or licensed surveyor;
82	82	(iii) a state base premium for a mortgagee
83	83	policy of title insurance with endorsements established in
84	84	accordance with state law; or
85	85	(iv) a title examination report if its cost
86	86	is less than the state base premium for a mortgagee policy of title
87	87	insurance without endorsements established in accordance with
88	88	state law;
89	89	(F) is not a form of open-end account that may be
90	90	debited from time to time or under which credit may be extended from
91	91	time to time unless the open-end account is a home equity line of
92	92	credit;
93	93	(G) is payable in advance without penalty or
94	94	other charge;
95	95	(H) is not secured by any additional real or
96	96	personal property other than the homestead;
97	97	(I) (repealed);
98	98	(J) may not be accelerated because of a decrease
99	99	in the market value of the homestead or because of the owner's
100	100	default under other indebtedness not secured by a prior valid
101	101	encumbrance against the homestead;
102	102	(K) is the only debt secured by the homestead at
103	103	the time the extension of credit is made unless the other debt was
104	104	made for a purpose described by Subsections (a)(1)-(a)(5) or
105	105	Subsection (a)(8) of this section;
106	106	(L) is scheduled to be repaid:
107	107	(i) in substantially equal successive
108	108	periodic installments, not more often than every 14 days and not
109	109	less often than monthly, beginning no later than two months from the
110	110	date the extension of credit is made, each of which equals or
111	111	exceeds the amount of accrued interest as of the date of the
112	112	scheduled installment; or
113	113	(ii) if the extension of credit is a home
114	114	equity line of credit, in periodic payments described under
115	115	Subsection (t)(8) of this section;
116	116	(M) is closed not before:
117	117	(i) the 12th day after the later of the date
118	118	that the owner of the homestead submits a loan application to the
119	119	lender for the extension of credit or the date that the lender
120	120	provides the owner a copy of the notice prescribed by Subsection (g)
121	121	of this section;
122	122	(ii) one business day after the date that
123	123	the owner of the homestead receives a copy of the loan application
124	124	if not previously provided and a final itemized disclosure of the
125	125	actual fees, points, interest, costs, and charges that will be
126	126	charged at closing. If a bona fide emergency or another good cause
127	127	exists and the lender obtains the written consent of the owner, the
128	128	lender may provide the documentation to the owner or the lender may
129	129	modify previously provided documentation on the date of closing;
130	130	and
131	131	(iii) the first anniversary of the closing
132	132	date of any other extension of credit described by Subsection
133	133	(a)(6) of this section secured by the same homestead property,
134	134	except a refinance described by Paragraph (Q)(x)(f) of this
135	135	subdivision, unless the owner on oath requests an earlier closing
136	136	due to a state of emergency that:
137	137	(a) has been declared by the president
138	138	of the United States or the governor as provided by law; and
139	139	(b) applies to the area where the
140	140	homestead is located;
141	141	(N) (repealed) [is closed only at the office of
142	142	the lender, an attorney at law, or a title company];
143	143	(O) permits a lender to contract for and receive
144	144	any fixed or variable rate of interest authorized under statute;
145	145	(P) is made by one of the following that has not
146	146	been found by a federal regulatory agency to have engaged in the
147	147	practice of refusing to make loans because the applicants for the
148	148	loans reside or the property proposed to secure the loans is located
149	149	in a certain area:
150	150	(i) a bank, savings and loan association,
151	151	savings bank, or credit union doing business under the laws of this
152	152	state or the United States, including a subsidiary of a bank,
153	153	savings and loan association, savings bank, or credit union
154	154	described by this subparagraph;
155	155	(ii) a federally chartered lending
156	156	instrumentality or a person approved as a mortgagee by the United
157	157	States government to make federally insured loans;
158	158	(iii) a person licensed to make regulated
159	159	loans, as provided by statute of this state;
160	160	(iv) a person who sold the homestead
161	161	property to the current owner and who provided all or part of the
162	162	financing for the purchase;
163	163	(v) a person who is related to the homestead
164	164	property owner within the second degree of affinity or
165	165	consanguinity; or
166	166	(vi) a person regulated by this state as a
167	167	mortgage banker or mortgage company; and
168	168	(Q) is made on the condition that:
169	169	(i) the owner of the homestead is not
170	170	required to apply the proceeds of the extension of credit to repay
171	171	another debt except debt secured by the homestead or debt to another
172	172	lender;
173	173	(ii) the owner of the homestead not assign
174	174	wages as security for the extension of credit;
175	175	(iii) the owner of the homestead not sign
176	176	any instrument in which blanks relating to substantive terms of
177	177	agreement are left to be filled in;
178	178	(iv) the owner of the homestead not sign a
179	179	confession of judgment or power of attorney to the lender or to a
180	180	third person to confess judgment or to appear for the owner in a
181	181	judicial proceeding;
182	182	(v) at the time the extension of credit is
183	183	made, the owner of the homestead shall receive a copy of the final
184	184	loan application and all executed documents signed by the owner at
185	185	closing related to the extension of credit;
186	186	(vi) the security instruments securing the
187	187	extension of credit contain a disclosure that the extension of
188	188	credit is the type of credit defined by Subsection (a)(6) of this
189	189	section;
190	190	(vii) within a reasonable time after
191	191	termination and full payment of the extension of credit, the lender
192	192	cancel and return the promissory note to the owner of the homestead
193	193	and give the owner, in recordable form, a release of the lien
194	194	securing the extension of credit or a copy of an endorsement and
195	195	assignment of the lien to a lender that is refinancing the extension
196	196	of credit;
197	197	(viii) the owner of the homestead and any
198	198	spouse of the owner may, within three days after the extension of
199	199	credit is made, rescind the extension of credit without penalty or
200	200	charge;
201	201	(ix) the owner of the homestead and the
202	202	lender sign a written acknowledgment as to the fair market value of
203	203	the homestead property on the date the extension of credit is made;
204	204	(x) except as provided by Subparagraph (xi)
205	205	of this paragraph, the lender or any holder of the note for the
206	206	extension of credit shall forfeit all principal and interest of the
207	207	extension of credit if the lender or holder fails to comply with the
208	208	lender's or holder's obligations under the extension of credit and
209	209	fails to correct the failure to comply not later than the 60th day
210	210	after the date the lender or holder is notified by the borrower of
211	211	the lender's failure to comply by:
212	212	(a) paying to the owner an amount
213	213	equal to any overcharge paid by the owner under or related to the
214	214	extension of credit if the owner has paid an amount that exceeds an
215	215	amount stated in the applicable Paragraph (E), (G), or (O) of this
216	216	subdivision;
217	217	(b) sending the owner a written
218	218	acknowledgement that the lien is valid only in the amount that the
219	219	extension of credit does not exceed the percentage described by
220	220	Paragraph (B) of this subdivision, if applicable, or is not secured
221	221	by property described under Paragraph (H) of this subdivision, if
222	222	applicable;
223	223	(c) sending the owner a written notice
224	224	modifying any other amount, percentage, term, or other provision
225	225	prohibited by this section to a permitted amount, percentage, term,
226	226	or other provision and adjusting the account of the borrower to
227	227	ensure that the borrower is not required to pay more than an amount
228	228	permitted by this section and is not subject to any other term or
229	229	provision prohibited by this section;
230	230	(d) delivering the required documents
231	231	to the borrower if the lender fails to comply with Subparagraph (v)
232	232	of this paragraph or obtaining the appropriate signatures if the
233	233	lender fails to comply with Subparagraph (ix) of this paragraph;
234	234	(e) sending the owner a written
235	235	acknowledgement, if the failure to comply is prohibited by
236	236	Paragraph (K) of this subdivision, that the accrual of interest and
237	237	all of the owner's obligations under the extension of credit are
238	238	abated while any prior lien prohibited under Paragraph (K) remains
239	239	secured by the homestead; or
240	240	(f) if the failure to comply cannot be
241	241	cured under Subparagraphs (x)(a)-(e) of this paragraph, curing the
242	242	failure to comply by a refund or credit to the owner of $1,000 and
243	243	offering the owner the right to refinance the extension of credit
244	244	with the lender or holder for the remaining term of the loan at no
245	245	cost to the owner on the same terms, including interest, as the
246	246	original extension of credit with any modifications necessary to
247	247	comply with this section or on terms on which the owner and the
248	248	lender or holder otherwise agree that comply with this section; and
249	249	(xi) the lender or any holder of the note
250	250	for the extension of credit shall forfeit all principal and
251	251	interest of the extension of credit if the extension of credit is
252	252	made by a person other than a person described under Paragraph (P)
253	253	of this subdivision or if the lien was not created under a written
254	254	agreement with the consent of each owner and each owner's spouse,
255	255	unless each owner and each owner's spouse who did not initially
256	256	consent subsequently consents;
257	257	(7) a reverse mortgage; or
258	258	(8) the conversion and refinance of a personal
259	259	property lien secured by a manufactured home to a lien on real
260	260	property, including the refinance of the purchase price of the
261	261	manufactured home, the cost of installing the manufactured home on
262	262	the real property, and the refinance of the purchase price of the
263	263	real property.
264	264	(g) An extension of credit described by Subsection (a)(6) of
265	265	this section may be secured by a valid lien against homestead
266	266	property if the extension of credit is not closed before the 12th
267	267	day after the lender provides the owner with the following written
268	268	notice on a separate instrument:
269	269	"NOTICE CONCERNING EXTENSIONS OF CREDIT DEFINED BY SECTION
270	270	50(a)(6), ARTICLE XVI, TEXAS CONSTITUTION:
271	271	"SECTION 50(a)(6), ARTICLE XVI, OF THE TEXAS CONSTITUTION
272	272	ALLOWS CERTAIN LOANS TO BE SECURED AGAINST THE EQUITY IN YOUR HOME.
273	273	SUCH LOANS ARE COMMONLY KNOWN AS EQUITY LOANS. IF YOU DO NOT REPAY
274	274	THE LOAN OR IF YOU FAIL TO MEET THE TERMS OF THE LOAN, THE LENDER MAY
275	275	FORECLOSE AND SELL YOUR HOME. THE CONSTITUTION PROVIDES THAT:
276	276	"(A) THE LOAN MUST BE VOLUNTARILY CREATED WITH THE CONSENT OF
277	277	EACH OWNER OF YOUR HOME AND EACH OWNER'S SPOUSE;
278	278	"(B) THE PRINCIPAL LOAN AMOUNT AT THE TIME THE LOAN IS MADE
279	279	MUST NOT EXCEED AN AMOUNT THAT, WHEN ADDED TO THE PRINCIPAL BALANCES
280	280	OF ALL OTHER LIENS AGAINST YOUR HOME, IS MORE THAN 80 PERCENT OF THE
281	281	FAIR MARKET VALUE OF YOUR HOME;
282	282	"(C) THE LOAN MUST BE WITHOUT RECOURSE FOR PERSONAL LIABILITY
283	283	AGAINST YOU AND YOUR SPOUSE UNLESS YOU OR YOUR SPOUSE OBTAINED THIS
284	284	EXTENSION OF CREDIT BY ACTUAL FRAUD;
285	285	"(D) THE LIEN SECURING THE LOAN MAY BE FORECLOSED UPON ONLY
286	286	WITH A COURT ORDER;
287	287	"(E) FEES AND CHARGES TO MAKE THE LOAN MAY NOT EXCEED 2
288	288	PERCENT OF THE LOAN AMOUNT, EXCEPT FOR A FEE OR CHARGE FOR AN
289	289	APPRAISAL PERFORMED BY A THIRD PARTY APPRAISER, A PROPERTY SURVEY
290	290	PERFORMED BY A STATE REGISTERED OR LICENSED SURVEYOR, A STATE BASE
291	291	PREMIUM FOR A MORTGAGEE POLICY OF TITLE INSURANCE WITH
292	292	ENDORSEMENTS, OR A TITLE EXAMINATION REPORT;
293	293	"(F) THE LOAN MAY NOT BE AN OPEN-END ACCOUNT THAT MAY BE
294	294	DEBITED FROM TIME TO TIME OR UNDER WHICH CREDIT MAY BE EXTENDED FROM
295	295	TIME TO TIME UNLESS IT IS A HOME EQUITY LINE OF CREDIT;
296	296	"(G) YOU MAY PREPAY THE LOAN WITHOUT PENALTY OR CHARGE;
297	297	"(H) NO ADDITIONAL COLLATERAL MAY BE SECURITY FOR THE LOAN;
298	298	"(I) (repealed);
299	299	"(J) YOU ARE NOT REQUIRED TO REPAY THE LOAN EARLIER THAN
300	300	AGREED SOLELY BECAUSE THE FAIR MARKET VALUE OF YOUR HOME DECREASES
301	301	OR BECAUSE YOU DEFAULT ON ANOTHER LOAN THAT IS NOT SECURED BY YOUR
302	302	HOME;
303	303	"(K) ONLY ONE LOAN DESCRIBED BY SECTION 50(a)(6), ARTICLE
304	304	XVI, OF THE TEXAS CONSTITUTION MAY BE SECURED WITH YOUR HOME AT ANY
305	305	GIVEN TIME;
306	306	"(L) THE LOAN MUST BE SCHEDULED TO BE REPAID IN PAYMENTS THAT
307	307	EQUAL OR EXCEED THE AMOUNT OF ACCRUED INTEREST FOR EACH PAYMENT
308	308	PERIOD;
309	309	"(M) THE LOAN MAY NOT CLOSE BEFORE 12 DAYS AFTER YOU SUBMIT A
310	310	LOAN APPLICATION TO THE LENDER OR BEFORE 12 DAYS AFTER YOU RECEIVE
311	311	THIS NOTICE, WHICHEVER DATE IS LATER; AND MAY NOT WITHOUT YOUR
312	312	CONSENT CLOSE BEFORE ONE BUSINESS DAY AFTER THE DATE ON WHICH YOU
313	313	RECEIVE A COPY OF YOUR LOAN APPLICATION IF NOT PREVIOUSLY PROVIDED
314	314	AND A FINAL ITEMIZED DISCLOSURE OF THE ACTUAL FEES, POINTS,
315	315	INTEREST, COSTS, AND CHARGES THAT WILL BE CHARGED AT CLOSING; AND IF
316	316	YOUR HOME WAS SECURITY FOR THE SAME TYPE OF LOAN WITHIN THE PAST
317	317	YEAR, A NEW LOAN SECURED BY THE SAME PROPERTY MAY NOT CLOSE BEFORE
318	318	ONE YEAR HAS PASSED FROM THE CLOSING DATE OF THE OTHER LOAN, UNLESS
319	319	ON OATH YOU REQUEST AN EARLIER CLOSING DUE TO A DECLARED STATE OF
320	320	EMERGENCY;
321	321	"(N) (repealed) [THE LOAN MAY CLOSE ONLY AT THE OFFICE OF THE
322	322	LENDER, TITLE COMPANY, OR AN ATTORNEY AT LAW];
323	323	"(O) THE LENDER MAY CHARGE ANY FIXED OR VARIABLE RATE OF
324	324	INTEREST AUTHORIZED BY STATUTE;
325	325	"(P) ONLY A LAWFULLY AUTHORIZED LENDER MAY MAKE LOANS
326	326	DESCRIBED BY SECTION 50(a)(6), ARTICLE XVI, OF THE TEXAS
327	327	CONSTITUTION;
328	328	"(Q) LOANS DESCRIBED BY SECTION 50(a)(6), ARTICLE XVI, OF THE
329	329	TEXAS CONSTITUTION MUST:
330	330	"(1) NOT REQUIRE YOU TO APPLY THE PROCEEDS TO ANOTHER DEBT
331	331	EXCEPT A DEBT THAT IS SECURED BY YOUR HOME OR OWED TO ANOTHER
332	332	LENDER;
333	333	"(2) NOT REQUIRE THAT YOU ASSIGN WAGES AS SECURITY;
334	334	"(3) NOT REQUIRE THAT YOU EXECUTE INSTRUMENTS WHICH HAVE
335	335	BLANKS FOR SUBSTANTIVE TERMS OF AGREEMENT LEFT TO BE FILLED IN;
336	336	"(4) NOT REQUIRE THAT YOU SIGN A CONFESSION OF JUDGMENT OR
337	337	POWER OF ATTORNEY TO ANOTHER PERSON TO CONFESS JUDGMENT OR APPEAR IN
338	338	A LEGAL PROCEEDING ON YOUR BEHALF;
339	339	"(5) PROVIDE THAT YOU RECEIVE A COPY OF YOUR FINAL LOAN
340	340	APPLICATION AND ALL EXECUTED DOCUMENTS YOU SIGN AT CLOSING;
341	341	"(6) PROVIDE THAT THE SECURITY INSTRUMENTS CONTAIN A
342	342	DISCLOSURE THAT THIS LOAN IS A LOAN DEFINED BY SECTION 50(a)(6),
343	343	ARTICLE XVI, OF THE TEXAS CONSTITUTION;
344	344	"(7) PROVIDE THAT WHEN THE LOAN IS PAID IN FULL, THE LENDER
345	345	WILL SIGN AND GIVE YOU A RELEASE OF LIEN OR AN ASSIGNMENT OF THE
346	346	LIEN, WHICHEVER IS APPROPRIATE;
347	347	"(8) PROVIDE THAT YOU MAY, WITHIN 3 DAYS AFTER CLOSING,
348	348	RESCIND THE LOAN WITHOUT PENALTY OR CHARGE;
349	349	"(9) PROVIDE THAT YOU AND THE LENDER ACKNOWLEDGE THE FAIR
350	350	MARKET VALUE OF YOUR HOME ON THE DATE THE LOAN CLOSES; AND
351	351	"(10) PROVIDE THAT THE LENDER WILL FORFEIT ALL PRINCIPAL AND
352	352	INTEREST IF THE LENDER FAILS TO COMPLY WITH THE LENDER'S
353	353	OBLIGATIONS UNLESS THE LENDER CURES THE FAILURE TO COMPLY AS
354	354	PROVIDED BY SECTION 50(a)(6)(Q)(x), ARTICLE XVI, OF THE TEXAS
355	355	CONSTITUTION; AND
356	356	"(R) IF THE LOAN IS A HOME EQUITY LINE OF CREDIT:
357	357	"(1) YOU MAY REQUEST ADVANCES, REPAY MONEY, AND REBORROW
358	358	MONEY UNDER THE LINE OF CREDIT;
359	359	"(2) EACH ADVANCE UNDER THE LINE OF CREDIT MUST BE IN AN
360	360	AMOUNT OF AT LEAST $4,000;
361	361	"(3) YOU MAY NOT USE A CREDIT CARD, DEBIT CARD, OR SIMILAR
362	362	DEVICE, OR PREPRINTED CHECK THAT YOU DID NOT SOLICIT, TO OBTAIN
363	363	ADVANCES UNDER THE LINE OF CREDIT;
364	364	"(4) ANY FEES THE LENDER CHARGES MAY BE CHARGED AND COLLECTED
365	365	ONLY AT THE TIME THE LINE OF CREDIT IS ESTABLISHED AND THE LENDER
366	366	MAY NOT CHARGE A FEE IN CONNECTION WITH ANY ADVANCE;
367	367	"(5) THE MAXIMUM PRINCIPAL AMOUNT THAT MAY BE EXTENDED, WHEN
368	368	ADDED TO ALL OTHER DEBTS SECURED BY YOUR HOME, MAY NOT EXCEED 80
369	369	PERCENT OF THE FAIR MARKET VALUE OF YOUR HOME ON THE DATE THE LINE OF
370	370	CREDIT IS ESTABLISHED;
371	371	"(6) IF THE PRINCIPAL BALANCE UNDER THE LINE OF CREDIT AT ANY
372	372	TIME EXCEEDS 80 PERCENT OF THE FAIR MARKET VALUE OF YOUR HOME, AS
373	373	DETERMINED ON THE DATE THE LINE OF CREDIT IS ESTABLISHED, YOU MAY
374	374	NOT CONTINUE TO REQUEST ADVANCES UNDER THE LINE OF CREDIT UNTIL THE
375	375	BALANCE IS LESS THAN 80 PERCENT OF THE FAIR MARKET VALUE; AND
376	376	"(7) THE LENDER MAY NOT UNILATERALLY AMEND THE TERMS OF THE
377	377	LINE OF CREDIT.
378	378	"THIS NOTICE IS ONLY A SUMMARY OF YOUR RIGHTS UNDER THE TEXAS
379	379	CONSTITUTION. YOUR RIGHTS ARE GOVERNED BY SECTION 50, ARTICLE XVI,
380	380	OF THE TEXAS CONSTITUTION, AND NOT BY THIS NOTICE."
381	381	If the discussions with the borrower are conducted primarily
382	382	in a language other than English, the lender shall, before closing,
383	383	provide an additional copy of the notice translated into the
384	384	written language in which the discussions were conducted.
385	385	SECTION 2. This proposed constitutional amendment shall be
386	386	submitted to the voters at an election to be held November 4, 2025.
387	387	The ballot shall be printed to permit voting for or against the
388	388	proposition: "The constitutional amendment to remove the
389	389	requirement that a home equity loan be closed only at the office of
390	390	the lender, an attorney at law, or a title company."