Gavvy: Joint Financial Regulatory Agencies, Rule 152.9 Five Day Waiting Period for A Contract Before Executing Work and Materials for Repairs Or Renovation: Section 50(a)(5)(c)

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Rule 152.9 Five Day Waiting Period for A Contract Before Executing Work and Materials for Repairs Or Renovation: Section 50(a)(5)(c)

The contract for work and materials may not be executed before the fifth calendar day after the owner makes written application for any extension of credit for the work and materials except as provided in §152.13. To count the five days, the day after the application for extension of credit is made is day one. If the fifth calendar day falls on a Sunday or federal legal public holiday, then the contract for work and materials may not be executed until the next calendar day that is not a Sunday or federal legal public holiday.

Source Note: The provisions of this §152.9 adopted to be effective March 3, 2005, 30 TexReg 1065

Gavvy last updated this database on: Aug 7, 2024