Texas Finance Code Title 3, Chapter 157 - Mortgage Bankers And Residential Mortgage Loan Originators
SUBCHAPTER A GENERAL PROVISIONS
- Texas Section 157.001 - Short Title
This chapter may be cited as the Mortgage Banker Registration and Residential Mortgage Loan Originator License Act. Added by Acts 2003, 78th Leg., ch. 1301,...
SUBCHAPTER B ADMINISTRATIVE PROVISIONS
- Texas Section 157.002 - Definitions
In this chapter: (1) "Commissioner" means the savings and mortgage lending commissioner. (2) "Disciplinary action" means any order by the commissioner that requires one or...
- Texas Section 157.0021 - Disclosure Statement
(a) A mortgage banker that is a residential mortgage loan originator shall include a notice to a residential mortgage loan applicant with an application for...
- Texas Section 157.0022 - Complaints
(a) If the Department of Savings and Mortgage Lending receives a signed written complaint from a person concerning a mortgage banker, the commissioner shall notify...
- Texas Section 157.0023 - Rulemaking Authority
(a) The Finance Commission of Texas may adopt rules necessary to implement or fulfill the purpose of this chapter. (b) The Finance Commission of Texas...
SUBCHAPTER C REGISTRATION OF MORTGAGE BANKERS
- Texas Section 157.0024 - Mortgage Industry Advisory Committee
The mortgage industry advisory committee shall advise and assist the commissioner with respect to this chapter as provided by Section 156.104. Added by Acts 2013,...
- Texas Section 157.003 - Registration Required
(a) A person must register under this chapter before the person may conduct the business of a mortgage banker in this state, unless the person...
- Texas Section 157.004 - Exemptions
This chapter does not apply to: (1) a federally insured bank, savings bank, savings and loan association, Farm Credit System Institution, or credit union; (2)...
- Texas Section 157.005 - Update Of Registration
A mortgage banker shall update information contained in the registration not later than the 10th day after the date the information changes. Added by Acts...
- Texas Section 157.006 - Registration And Administration Fee
The commissioner may charge a mortgage banker a reasonable fee to cover the costs of the registration and of administering this chapter. The fee may...
- Texas Section 157.0061 - Renewal Of Registration
(a) The registration of a mortgage banker expires on December 31 of the year in which the registration is approved and must be renewed annually....
- Texas Section 157.0062 - Reinstatement After Expiration Of Registration
(a) A mortgage banker whose registration has expired may not engage in an activity for which registration is required under this chapter until the registration...
- Texas Section 157.009 - Termination Of Registration
(a) A mortgage banker may withdraw the mortgage banker's registration at any time. (b) Repealed by Acts 2011, 82nd Leg., R.S., Ch. 655, Sec. 65(a)(12),...
SUBCHAPTER D LICENSING OF RESIDENTIAL MORTGAGE LOAN ORIGINATORS; DISCLOSURES AND REQUIREMENTS
- Texas Section 157.010 - Reregistration
(a) A mortgage banker whose registration is revoked by the commissioner may register again only after receiving the authorization of the commissioner. The commissioner shall...
- Texas 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...
- Texas Section 157.0121 - Exemptions From Residential Mortgage Loan Originator Requirements
(a) In this section, "depository institution," "dwelling," "federal banking agency," and "immediate family member" have the meanings assigned by Section 180.002. (b) The following individuals...
- Texas Section 157.013 - Application For License; Fees
(a) An application for a residential mortgage loan originator license must be: (1) in writing; (2) under oath; and (3) on the form prescribed by...
- Texas Section 157.0131 - 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 157.0132 - Criminal And Other Background Checks
(a) On receipt of an application for a residential mortgage loan originator license, the commissioner shall, at a minimum, conduct a criminal background and credit...
- Texas Section 157.014 - Issuance Of Residential Mortgage Loan Originator License
(a) The commissioner shall issue a residential mortgage loan originator license to an applicant if the commissioner determines that the applicant meets all requirements and...
- Texas Section 157.0141 - 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 157.015 - Renewal Of License
(a) A residential mortgage loan originator license issued under this chapter is valid through December 31 of the year of issuance and may be renewed...
- Texas Section 157.016 - Reinstatement After Expiration Of License; Notice
(a) A person whose residential mortgage loan originator license has expired may not engage in activities that require a license until the license has been...
- Texas Section 157.017 - Denial Of Applications And Renewals
(a) If the commissioner declines or fails to issue or renew a residential mortgage loan originator license, the commissioner shall promptly give written notice to...
- Texas Section 157.019 - Modification Of License; Change Of Sponsorship
(a) Before the 10th day preceding the effective date of an address change, a residential mortgage loan originator shall notify the commissioner or authorized designee...
- Texas Section 157.020 - Mortgage Call Report
(a) Each mortgage banker shall file a mortgage call report with the commissioner or the commissioner's authorized designee on a form prescribed by the commissioner...
- Texas Section 157.0201 - Recovery Fund
The recovery fund established, administered, and maintained under Section 13.016 and Subchapter F, Chapter 156, shall be used as provided by Subchapter F, Chapter 156,...
- Texas Section 157.02012 - 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 157.02013 - Secondary Market Transactions
This chapter does not prohibit a residential mortgage loan originator sponsored by and conducting business for a registered mortgage banker under this chapter from receiving...
- Texas Section 157.02014 - 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 157.02015 - Rulemaking Authority With Respect To Residential Mortgage Loan Originators
(a) The finance commission may adopt rules to prohibit false, misleading, or deceptive practices by residential mortgage loan originators but may not adopt any other...
SUBCHAPTER E ENFORCEMENT
- Texas Section 157.02016 - Administration Of Subchapter
The commissioner shall administer and enforce this subchapter. Added by Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 70, eff. September 1, 2013.
- Texas Section 157.032 - 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 157.021 - Inspection; Investigations
(a) The commissioner may conduct an inspection of a person licensed as a residential mortgage loan originator as the commissioner determines necessary to determine whether...
- Texas Section 157.0211 - Multi-state Examination Authority Of Residential Mortgage Loan Servicer
To ensure that mortgage bankers that act as residential mortgage loan servicers operate in this state in compliance with this chapter and with other law...
- Texas Section 157.022 - 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 157.023 - Administrative Penalty
(a) The commissioner, after notice and opportunity for a hearing, may impose an administrative penalty on an individual who is licensed or required to be...
- Texas Section 157.024 - Disciplinary Action; Cease And Desist Order
(a) The commissioner may order disciplinary action against a licensed residential mortgage loan originator when the commissioner, after notice and opportunity for a hearing, has...
- Texas Section 157.0241 - Revocation Or Suspension Of License For Payment From Recovery Fund
(a) The commissioner may revoke or suspend a license issued under this chapter on proof that the commissioner has made a payment from the recovery...
- Texas Section 157.025 - Restitution
The commissioner may order a residential mortgage loan originator to make restitution for any amount received by that person in violation of this chapter or...
- Texas Section 157.026 - Hearings And Judicial Review
(a) The commissioner may employ an enforcement staff to investigate and prosecute complaints made against residential mortgage loan originators licensed under this chapter. The commissioner...
- Texas Section 157.027 - Civil Actions And Injunctive Relief
(a) A residential mortgage loan applicant injured by a violation of this chapter or Chapter 156 by a residential mortgage loan originator may bring an...
- Texas Section 157.028 - 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 157.029 - Reliance On Written Notices From The 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...
- Texas Section 157.030 - Completion Of Residential Mortgage Origination Services
(a) On disbursement of mortgage proceeds to or on behalf of the residential mortgage loan applicant, the residential mortgage loan originator who assisted the applicant...
- Texas Section 157.031 - Unlicensed Activity; Offense
(a) An individual who is not exempt under this chapter or other applicable law and who acts as a residential mortgage loan originator without first...
Last modified: September 28, 2016