85th Texas Legislature, Regular Session, House Bill 3803, Chapter 1100 Page: 1 of 8
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Chapter 1100
H.B. No. 3803
AN ACT
2 relating
to certain authorized investments
for domestic
3 health, and accident insurers.
4 BE.IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:5 SECTION 1.
6 amending SubsectioSection 425.118, Insurance Code, is amended
ns (c), (d), and (e) and adding Subsections (d7 and (e-l) to read as follows:
(c) The term of an obligation secured by a first
9 leasehold estate in real property
10 obligation is acquired,
lien on a
may not, as of the date the
exceed a period equal to four-fifths of the
11 unexpired term of the leasehold estate, including any renewal
12 options exercisable by the lessee, and the obligation must fully13 amortize during
that period.
The term of the leasehold estate,
14 including any renewal options exercisable by the lessee, may not
15 expire sooner than the
10th anniversary of
the expiration date
16 the term of the obligation.
17 (d) An obligation secured by a first lien on a leasehold
18 estate in real property must be payable in one or more installments
19 of an amount or amounts sufficient to ensure that, at any time
20 during [after theexpration of o] the original term of21 the obligation, the principal balance on the obligation is
not
22 greater
than the principal
balance
would have been if the
23 obligation had been amortized over the original
term of the
24 obligation in equal monthly,
quarterly,
semiannual, or
annual
1 '
1
life,
B
by
-1)of
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Texas. Legislature. House of Representatives. 85th Texas Legislature, Regular Session, House Bill 3803, Chapter 1100, legislative document, June 15, 2017; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth1050772/m1/1/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.