Texas Finance Code Title 3, Chapter 180 - Residential Mortgage Loan Originators
SUBCHAPTER A GENERAL PROVISIONS
- Texas Section 180.001 - Short Title
This chapter may be cited as the Texas Secure and Fair Enforcement for Mortgage Licensing Act of 2009. Added by Acts 2009, 81st Leg., R.S.,...
- Texas Section 180.002 - Definitions
In this chapter: (1) "Clerical or support duties," following the receipt of an application from a consumer, includes: (A) the receipt, collection, distribution, and analysis...
- Texas Section 180.003 - Exemption
Sec. 180.003. EXEMPTION. (a) The following persons are exempt from this chapter: (1) a registered mortgage loan originator when acting for an entity described by...
- Texas Section 180.004 - Administrative Authority; Rulemaking
(a) A regulatory official has broad authority to administer, interpret, and enforce this chapter. (b) The finance commission may implement rules necessary to comply with...
SUBCHAPTER B LICENSING AND REGISTRATION REQUIREMENTS
- Texas Section 180.005 - Severability
The provisions of this chapter or applications of those provisions are severable as provided by Section 311.032(c), Government Code. Added by Acts 2009, 81st Leg.,...
- Texas Section 180.051 - State License Required; Renewal
(a) Unless exempted by Section 180.003, an individual may not engage in business as a residential mortgage loan originator with respect to a dwelling located...
- Texas Section 180.052 - Enrollment Or Registration With Nationwide Mortgage Licensing System And Registry
(a) A licensed residential mortgage loan originator must enroll with and maintain a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry....
- Texas Section 180.053 - Application Form
(a) A regulatory official shall prescribe application forms for a license as a residential mortgage loan originator. (b) A regulatory official may change or update...
- Texas Section 180.054 - Criminal And Other Background Checks
(a) In connection with an application for a license as a residential mortgage loan originator, the applicant shall, at a minimum, furnish in the form...
- Texas Section 180.055 - Issuance Of License
(a) The regulatory official may not issue a residential mortgage loan originator license to an individual unless the regulatory official determines, at a minimum, that...
- Texas Section 180.056 - Prelicensing Educational Courses
(a) An applicant for a residential mortgage loan originator license must complete education courses that include at least the minimum number of hours and type...
- Texas Section 180.057 - Testing Requirements
(a) An applicant for a residential mortgage loan originator license must pass a qualified, written test that: (1) meets the standards and requirements established by...
- Texas Section 180.058 - Recovery Fund Fee Or Surety Bond Requirement
(a) A regulatory official may not issue a residential mortgage loan originator license unless the official determines that the applicant meets the surety bond requirement...
- Texas Section 180.059 - Standards For License Renewal
A license to act as a residential mortgage loan originator may be renewed on or before its expiration date if the license holder: (1) continues...
- Texas Section 180.060 - Continuing Education Courses
(a) To renew a residential mortgage loan originator license, a license holder must annually complete the minimum number of hours and type of continuing education...
- Texas Section 180.061 - Rulemaking Authority
A rulemaking authority may adopt rules establishing requirements as necessary for: (1) conducting background checks by obtaining: (A) criminal history information through fingerprint or other...
SUBCHAPTER C REPORTING AND OTHER REQUIREMENTS REGARDING NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY
- Texas Section 180.062 - Confidentiality Of Information
(a) Except as otherwise provided by this section, a requirement under federal or state law regarding the privacy or confidentiality of information or material provided...
- Texas Section 180.101 - Mortgage Call Reports
Each licensed residential mortgage loan originator shall submit to the Nationwide Mortgage Licensing System and Registry a report of condition that is in the form...
- Texas Section 180.102 - Report Of Violations And Enforcement Actions
Subject to the confidentiality provisions of this chapter, a regulatory official shall report to the Nationwide Mortgage Licensing System and Registry on a regular basis...
SUBCHAPTER D BUSINESS PRACTICES; PROHIBITED ACTS
- Texas Section 180.103 - Information Challenge Process
The applicable rulemaking authority by rule shall establish a process by which licensed residential mortgage loan originators may dispute information submitted by the regulatory official...
- Texas Section 180.151 - Display Of Unique Identifier
The unique identifier of a person originating a residential mortgage loan must be clearly shown on each residential mortgage loan application form, solicitation, or advertisement,...
- Texas Section 180.152 - Representations
An individual who is engaged exclusively in loan processor or underwriter activities may not represent to the public, through the use of advertising, business cards,...
SUBCHAPTER D-1 REQUIREMENT FOR INDIVIDUALS ORIGINATING RESIDENTIAL MORTGAGE LOANS EXCLUSIVELY FOR CERTAIN DEPOSITORY INSTITUTION
- Texas Section 180.153 - Prohibited Acts And Practices
An individual or other person subject to regulation under this chapter may not: (1) employ, directly or indirectly, a scheme, device, or artifice to defraud...
SUBCHAPTER E ENFORCEMENT PROVISIONS
- Texas Section 180.171 - Enrollment With Department Of Savings And Mortgage Lending
(a) This section applies only to an individual who: (1) in any 12-consecutive-month period originates five or fewer residential mortgage loans exclusively for a single...
- Texas Section 180.201 - Enforcement Authority
To ensure the effective supervision and enforcement of this chapter, a regulatory official may: (1) deny, suspend, revoke, condition, or decline to renew a license...
- Texas Section 180.202 - Administrative Penalty
(a) A regulatory official may impose an administrative penalty on a residential mortgage loan originator or other person subject to regulation under this chapter, if...
SUBCHAPTER F DUTIES OF REGULATORY OFFICIALS
- Texas Section 180.203 - Cease And Desist Orders
A regulatory official may: (1) order or direct a person subject to regulation under this chapter to cease and desist from conducting business, including issuing...
- Texas Section 180.251 - General Duties Of Regulatory Officials
(a) The savings and mortgage lending commissioner shall administer and enforce this chapter with respect to individuals licensed under Chapter 157. (b) Repealed by Acts...
- Texas Section 180.252 - Authority Of Regulatory Officials To Establish Relationship With Nationwide Mortgage Licensing System And Registry; Contracting Authority
To fulfill the purposes of this chapter, a regulatory official may establish a relationship with or contract with the Nationwide Mortgage Licensing System and Registry...
Last modified: September 28, 2016