Sec. 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.
(b) Unless exempt under Section 180.003, 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; and
(3) comply with other applicable requirements of Chapter 180 and rules adopted under that chapter.
(c) 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;
(2) the minimum eligibility requirements for renewal of an individual license are the same as the requirements of Section 180.059; and
(3) the applicant pays:
(A) an investigation fee in a reasonable amount determined by the commissioner; and
(B) an annual license fee in an amount determined as provided by Section 14.107.
(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).
Added by Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. 10), Sec. 14, eff. June 19, 2009.
Section: Previous 347.356 347.357 347.401 347.402 347.403 347.404 347.451 347.4515 347.452 347.453 347.454 347.455 347.501 347.502 347.503 NextLast modified: September 28, 2016