Texas Finance Code Title 3, Chapter 156 - Residential Mortgage Loan Companies
SUBCHAPTER A GENERAL PROVISIONS
- Texas Section 156.001 - Short Title
This chapter may be cited as the Residential Mortgage Loan Company Licensing and Registration Act. Added by Acts 1999, 76th Leg., ch. 1254, Sec. 2,...
- Texas Section 156.002 - Definitions
In this chapter: (1) "Auxiliary mortgage loan activity company" means a political subdivision of this state or the federal government doing business for consumers in...
- Texas Section 156.003 - Secondary Market Transactions
This chapter does not prohibit a residential mortgage loan originator sponsored by and conducting business for a licensed or registered residential mortgage loan company under...
- Texas Section 156.004 - Disclosure To Applicant
(a) At the time an applicant submits an application to a residential mortgage loan originator sponsored by and conducting business for a licensed or registered...
SUBCHAPTER B ADMINISTRATION PROVISIONS
- Texas Section 156.005 - Affiliated Business Arrangements
Unless prohibited by federal or state law, this chapter may not be construed to prevent affiliated or controlled business arrangements or loan origination services by...
- Texas Section 156.101 - Administration And Enforcement Of Chapter; Participation In Nationwide Registry
(a) The commissioner shall administer and enforce this chapter. (a-1) Repealed by Acts 2013, 83rd Leg., R.S., Ch. 160, Sec. 87(3), eff. September 1, 2013....
- Texas Section 156.102 - Rulemaking Authority
(a) The finance commission may adopt and enforce rules necessary for the intent of or to ensure compliance with this chapter. (a-1) The finance commission...
- Texas Section 156.103 - Powers Of Commissioner
(a) In addition to any other action, proceeding, or remedy authorized by law, the commissioner may institute an action in the commissioner's name to enjoin...
- Texas Section 156.104 - Mortgage Industry Advisory Committee
(a) The mortgage industry advisory committee is created to advise and assist the commissioner. (b) The advisory committee is composed of six members appointed by...
SUBCHAPTER C RESIDENTIAL MORTGAGE LOAN COMPANY LICENSES AND REGISTRATION
- Texas Section 156.105 - Standard Forms
(a) The finance commission by rule shall adopt one or more standard forms for use by a residential mortgage loan originator sponsored by and conducting...
- Texas Section 156.201 - Licenses Required
(a) A person may not act in the capacity of, engage in the business of, or advertise or hold that person out as engaging in...
- Texas Section 156.2012 - Registered Financial Services Company
(a) A financial services company may perform the services of a residential mortgage loan company if the company is registered under this chapter. (b) To...
- Texas Section 156.202 - Exemptions
Sec. 156.202. EXEMPTIONS. (a) In this section, "depository institution," "dwelling," and "federal banking agency" have the meanings assigned by Section 180.002. (a-1) The following entities...
- Texas Section 156.203 - Application; Fees
(a) For purposes of this section, an application for a residential mortgage loan company license means an application for: (1) a mortgage company license; (2)...
- Texas Section 156.2041 - Qualifications And Requirements For License: Mortgage Company
(a) To be issued a mortgage company license, an applicant must: (1) submit a completed application together with the payment of applicable fees through the...
- Texas Section 156.2042 - Qualifications And Requirements For License: Credit Union Subsidiary Organization
(a) To be issued a credit union subsidiary organization license, an applicant must: (1) submit a completed application together with the payment of applicable fees...
- Texas Section 156.2043 - Qualifications And Requirements For License: Auxiliary Mortgage Loan Activity Company
(a) To be issued an auxiliary mortgage loan activity company license, an applicant must: (1) submit a completed application together with the payment of applicable...
- Texas Section 156.2044 - Qualifications And Requirements For License: Independent Contractor Loan Processor Or Underwriter Company
(a) To be issued an independent contractor loan processor or underwriter company license under this chapter, an applicant must: (1) submit a completed application together...
- Texas Section 156.2046 - Conviction Of Offense
A person is considered to have been convicted of a criminal offense if: (1) a sentence is imposed on the person; (2) the person received...
- Texas Section 156.206 - Criminal And Other Background Checks
(a) Repealed by Acts 2013, 83rd Leg., R.S., Ch. 160, Sec. 87(5), eff. September 1, 2013. (b) The commissioner shall conduct criminal background and credit...
- Texas Section 156.207 - Issuance Of License
(a) The commissioner shall issue a license to an applicant for a residential mortgage loan company license if the commissioner finds that the applicant meets...
- Texas Section 156.208 - Renewals
Sec. 156.208. RENEWALS. (a-1) A residential mortgage loan company license issued under this chapter is valid through December 31 of the year of issuance and...
- Texas Section 156.2081 - Reinstatement After Expiration
(a) A person whose license has expired may not engage in activities that require a license until the license has been renewed. (b) A person...
- Texas Section 156.209 - Denial Of Applications And Renewals
(a) If the commissioner declines or fails to issue or renew a license, the commissioner shall promptly give written notice to the applicant or the...
- Texas Section 156.210 - Conditional License
The commissioner may issue a conditional license. The finance commission by rule shall adopt reasonable terms and conditions for a conditional license. Added by Acts...
- Texas Section 156.211 - Change Of Address Or Sponsorship; Modification Of License
(a) Before the 10th day preceding the effective date of an address change, a residential mortgage loan company shall notify the commissioner in writing of...
- Texas Section 156.212 - Maintenance And Location Of Offices
(a) Each residential mortgage loan company licensed under this chapter shall maintain a physical office in this state. (a-1) If a residential mortgage loan company's...
SUBCHAPTER D LICENSE REVOCATION AND SUSPENSION AND OTHER ACTIONS AGAINST LICENSE HOLDER
- Texas Section 156.213 - Mortgage Call Report
(a) Each licensed residential mortgage loan company shall file a mortgage call report with the commissioner or the commissioner's authorized designee on a form prescribed...
- Texas Section 156.301 - Inspections; Investigations
(a) The commissioner may conduct inspections of a person licensed under this chapter or a residential mortgage loan originator who is licensed under Chapter 157...
- Texas Section 156.3011 - Issuance And Enforcement Of Subpoena
(a) During an investigation, the commissioner may issue a subpoena that is addressed to a peace officer of this state or other person authorized by...
- Texas Section 156.302 - Administrative Penalty
(a) The commissioner, after notice and opportunity for hearing, may impose an administrative penalty on a person licensed under this chapter who violates this chapter...
- Texas Section 156.303 - Disciplinary Action; Cease And Desist Order
(a) The commissioner may order disciplinary action against a licensed or registered residential mortgage loan company when the commissioner, after notice and opportunity for hearing,...
- Texas Section 156.304 - Fee Assessment And Disclosure
(a) Before the completion of all services to be performed, a residential mortgage loan originator sponsored by and conducting business for a licensed or registered...
SUBCHAPTER E HEARINGS; JUDICIAL REVIEW; CIVIL ACTIONS; UNLICENSED ACTIVITY
- Texas Section 156.305 - Restitution
The commissioner may order a person to make restitution for any amount received by that person in violation of this chapter. A residential mortgage loan...
- Texas Section 156.401 - Hearings And Judicial Review
(a) The commissioner may employ an enforcement staff to investigate and prosecute complaints made against persons licensed under this chapter. The commissioner may employ a...
- Texas Section 156.402 - Civil Actions And Injunctive Relief
(a) A mortgage applicant injured by a violation of this chapter may bring an action for recovery of actual monetary damages and reasonable attorney's fees...
- Texas Section 156.403 - Burden Of Proof To Establish An Exemption
The burden of proving an exemption in a proceeding or action brought under this chapter is on the person claiming the benefit of the exemption....
- Texas Section 156.404 - Reliance On Written Notices From Commissioner
A person does not violate this chapter with respect to an action taken or omission made in reliance on a written notice, written interpretation, or...
SUBCHAPTER F RECOVERY FUND
- Texas Section 156.406 - Unlicensed Activity
(a) A person, unless otherwise exempt, commits an offense if the person conducts regulated activities under this chapter without first obtaining a license or registration...
- Texas Section 156.501 - Recovery Fund
(a) The commissioner shall establish, administer, and maintain a recovery fund as provided by Section 13.016 and this subchapter. The amounts received by the commissioner...
- Texas Section 156.502 - Funding
(a) On an application for an original license or for renewal of a license issued under Chapter 157, the applicant, in addition to paying the...
- Texas Section 156.503 - Statute Of Limitations
(a) An application for the recovery of actual damages from the recovery fund under Section 156.504 may not be filed after the fourth anniversary of...
- Texas Section 156.504 - Procedure For Recovery
(a) To recover from the recovery fund, a residential mortgage loan applicant must file a written sworn application with the commissioner in the form prescribed...
- Texas Section 156.505 - Recovery Limits
(a) A person entitled to receive payment out of the recovery fund is entitled to receive reimbursement of actual, out-of-pocket damages as provided by this...
- Texas Section 156.506 - Revocation Or Suspension Of License For Payment From Recovery Fund
(a) The commissioner may revoke or suspend a license issued under Chapter 157 on proof that the commissioner has made a payment from the recovery...
- Texas Section 156.507 - Subrogation
When the commissioner has paid an applicant an amount from the recovery fund under Section 156.504, the commissioner is subrogated to all of the rights...
- Texas Section 156.508 - Failure To Comply With Subchapter Or Rule Adopted By The Finance Commission
The failure of an applicant under Section 156.504 to comply with a provision of this subchapter relating to the recovery fund or with a rule...
Last modified: September 28, 2016