Tex. Fin. Code § 157.012

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 157.012 - License Required for Residential Mortgage Loan Originators

(a) An individual may not act or attempt to act in the capacity of a residential mortgage loan originator unless the individual is exempt under Section 157.0121 or 180.003(b), is acting under the temporary authority described under Section 180.0511, or:

(1) is licensed under this chapter, sponsored by an appropriate entity, and enrolled with the Nationwide Mortgage Licensing System and Registry as required by Section 180.052; and

(2) complies with other applicable requirements of Chapter 180 and rules adopted by the finance commission under that chapter.

(b) 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).

(c) To be eligible to be licensed as a residential mortgage loan originator, the individual, in addition to meeting the requirements of Subsection (a), must:

(1) satisfy the commissioner as to the individual's honesty, trustworthiness, and integrity;

(2) not be in violation of this chapter, Chapter 180, or any rules adopted under this chapter or Chapter 180;

(3) provide the commissioner with satisfactory evidence that the individual meets the qualifications provided by Chapter 180; and

(4) be a citizen of the United States or a lawfully admitted alien.

(d) Repealed by Acts 2013, 83rd Leg., R.S., Ch. 160, Sec. 87(8), eff. September 1, 2013.

(e) In this section, "appropriate entity" means an entity:

(1) that is licensed or registered under this chapter or Chapter 156; and

(2) for which the individual is acting as a residential mortgage loan originator.

Tex. Fin. Code § 157.012

Amended by Acts 2019, Texas Acts of the 86th Leg.- Regular Session, ch. 695,Sec. 1, eff. 11/24/2019.

Amended by Acts 2019, Texas Acts of the 86th Leg.- Regular Session, ch. 20,Sec. 21, eff. 9/1/2019.

Amended by Acts 2013, 83rd Leg. - Regular Session, ch. 160,Sec. 87, eff. 9/1/2013.

Amended by Acts 2013, 83rd Leg. - Regular Session, ch. 160,Sec. 59, eff. 9/1/2013.

Amended by Acts 2013, 83rd Leg. - Regular Session, ch. 160,Sec. 58, eff. 9/1/2013.

Subchapter heading added by Acts 2013, 83rd Leg. - Regular Session, ch. 160,Sec. 57, eff. 9/1/2013.

Reenacted and amended by Acts 2011, 82nd Leg., R.S., Ch. 655, Sec. 51, eff. 9/1/2011.