Sec. 161.511.  TIME LIMIT ON TRANSFER OF LAND.  (a)  Except as provided by Subsection (c), a recipient of a loan may not lease, sell, or otherwise transfer in whole or part land or any interest in land against which there is a mortgage, deed of trust, or any other lien securing the loan:
(1)  before the third anniversary of the date the recipient purchases the land;  and
(2)  unless the recipient has complied with any other terms and conditions provided by this subchapter and the rules of the board.
(b)  After the three-year period prescribed by Subsection (a), land may be sold or otherwise transferred, subject to any lien securing a loan, if:
(1)  all interest, principal, and taxes that are due have been paid;
(2)  the terms and conditions of this subchapter and rules of the board have been met;  and
(3)  the board approves the sale or other transfer.
(c)  The board may waive the three-year period prescribed by Subsection (a):
(1)  in a case of death, bankruptcy, financial incapacity, or divorce of the loan recipient;
(2)  if a loan recipient is forced to move because of a change in employment or because the recipient's home is condemned through no fault of the recipient;  or
(3)  at any other time the board considers a waiver to be in the best interest of the program.
Added by Acts 2001, 77th Leg., ch. 333, Sec. 2, eff. May 21, 2001.