Section 56.106 - Surrender of the License(a) Surrender Request. A mortgage company may seek surrender of the license by filing a license surrender request (request) in NMLS. The request must be made using the current form prescribed by NMLS. SML will review the request and determine whether to grant it. SML may not grant the request if, among other reasons: (1) the mortgage company is the subject of a pending or contemplated examination, inspection, investigation, or disciplinary action;(2) the mortgage company is in violation of an order of the Commissioner;(3) the mortgage company has failed to pay any administrative penalty, fee, charge, or other indebtedness owed to SML; or (4) the mortgage company has failed to file mortgage call reports as required by §56.205 of this title (relating to Mortgage Call Reports).(b) Inactive Status Pending Surrender. If SML does not grant the request or requires additional time to consider the request, the request will be left pending while the issue preventing SML from granting the request is resolved or lapses. During this time, the mortgage company' s license will be assigned the license status " Approved - Inactive" in NMLS.7 Tex. Admin. Code § 56.106
Adopted by Texas Register, Volume 49, Number 46, November 15, 2024, TexReg 9209, eff. 11/23/2024