Tex.
Fin. Code Section 347.4515
Residential Mortgage Loan Originator License Required
(a)
In this section, “Nationwide Mortgage Licensing System and Registry” and “residential mortgage loan originator” have the meanings assigned by Section 180.002 (Definitions).(a-1)
A license issued under this section is valid for the period prescribed by finance commission rule adopted under Section 14.112 (Licensing and Registration Terms).(b)
Unless exempt under Section 180.003 (Exemption), or acting under the temporary authority described under Section 180.0511 (Temporary Authority to Originate Loans), an individual who acts as a residential mortgage loan originator in the making, transacting, or negotiating of an extension of credit subject to this chapter must:(1)
be individually licensed to engage in that activity under this chapter;(2)
be enrolled with the Nationwide Mortgage Licensing System and Registry as required by Section 180.052 (Enrollment or Registration with Nationwide Mortgage Licensing System and Registry); and(3)
comply with other applicable requirements of Chapter 180 (Residential Mortgage Loan Originators) and rules adopted under that chapter.(c)
Subject to Section 14.112 (Licensing and Registration Terms), the finance commission shall adopt rules establishing procedures for issuing, renewing, and enforcing an individual license under this section. In adopting rules under this subsection, the finance commission shall ensure that:(1)
the minimum eligibility requirements for issuance of an individual license are the same as the requirements of Section 180.055 (Issuance of License);(2)
the minimum eligibility requirements for renewal of an individual license are the same as the requirements of Section 180.059 (Standards for License Renewal); and(3)
the applicant pays:(A)
an investigation fee in a reasonable amount determined by the commissioner; and(B)
a license fee in an amount determined as provided by Section 14.107 (Fees).(d)
The finance commission may adopt rules under this chapter as required to carry out the intentions of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (Pub. L. No. 110-289).(e)
The commissioner may refuse to renew the license of an individual described by Subsection (b) who fails to comply with an order issued by the commissioner to enforce this chapter.
Source:
Section 347.4515 — Residential Mortgage Loan Originator License Required, https://statutes.capitol.texas.gov/Docs/FI/htm/FI.347.htm#347.4515 (accessed May 18, 2024).
