TX Fin Code § 156.002 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 156 - Residential Mortgage Loan Companies|Subchapter A. General Provisions|Section 156.002. Definitions

Sec. 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 this state, or an organization that qualifies for an exemption from state franchise and sales and use tax as a 501(c)(3) organization, that is involved in affordable home ownership lending programs.(1-a)  "Commissioner" means the savings and mortgage lending commissioner.(1-b)  "Credit union subsidiary organization" has the meaning assigned by Section 180.002.(1-c)  "Department" means the Department of Savings and Mortgage Lending.(2)  "Disciplinary action" means an order by the commissioner that requires one or more of the following:(A)  suspension or revocation of a license or registration under this chapter;(B)  probation of a suspension or revocation of a license or registration under this chapter on terms and conditions that the commissioner determines appropriate;(C)  a reprimand of a person licensed or registered under this chapter; or(D)  an administrative penalty imposed on a person licensed or registered under this chapter under Section 156.302.(3)  "Finance commission" means the Finance Commission of Texas.(4)  Repealed by Acts 2011, 82nd Leg., R.S., Ch. 655, Sec. 65(a)(1), eff. September 1, 2011.(4-a)  "Independent contractor loan processor or underwriter company" means a corporation, company, partnership, or sole proprietorship that receives compensation for an individual performing clerical or support duties as an independent contractor loan processor or underwriter at the direction of a licensed residential mortgage loan originator.(4-b)  "Inspection" includes examination.(5)  Repealed by Acts 2011, 82nd Leg., R.S., Ch. 655, Sec. 65(a)(1), eff. September 1, 2011.(6)  Repealed by Acts 2011, 82nd Leg., R.S., Ch. 655, Sec. 65(a)(1), eff. September 1, 2011.(6-a)  "Loan processor or underwriter" has the meaning assigned by Section 180.002.(7)  "Mortgage applicant" means:(A)  an applicant for a residential mortgage loan; or(B)  a person who is solicited to obtain a residential mortgage loan.(8)  "Mortgage banker" has the meaning assigned by Section 157.002.(8-a)  "Mortgage company" means a corporation, company, partnership, or sole proprietorship that engages in the business of residential mortgage loan origination on residential real estate located in this state.(9)  Repealed by Acts 2011, 82nd Leg., R.S., Ch. 655, Sec. 65(a)(1), eff. September 1, 2011.(10)  Repealed by Acts 2011, 82nd Leg., R.S., Ch. 655, Sec. 65(a)(1), eff. September 1, 2011.(10-a)  "Nationwide Mortgage Licensing System and Registry" has the meaning assigned by Section 180.002.(10-b)  "Qualifying individual" means an individual who is:(A)  licensed under Chapter 157 as a residential mortgage loan originator; and(B)  designated by a residential mortgage loan company as the company's representative.(10-c)  "Recovery fund" means the fund established and maintained by the commissioner under Subchapter F and Section 13.016.(11)  "Registered financial services company" means a person registered under Section 156.2012.(12)  "Residential mortgage loan" has the meaning assigned by Section 180.002.(13)  "Residential mortgage loan company" means a person, other than an individual, that engages in the business of residential mortgage loan origination on residential real estate located in this state.  The term includes a credit union subsidiary organization, auxiliary mortgage loan activity company, mortgage company, independent contractor loan processor or underwriter company, and financial services company.(14)  "Residential mortgage loan originator" has the meaning assigned by Section 180.002.(15)  "Residential real estate" has the meaning assigned by Section 180.002.|Added by Acts 1999, 76th Leg., ch. 1254, Sec. 2, eff. Sept. 1, 1999.Amended by: Acts 2007, 80th Leg., R.S., Ch. 228 (H.B. 1716), Sec. 1, eff. September 1, 2007.Acts 2007, 80th Leg., R.S., Ch. 905 (H.B. 2783), Sec. 1, eff. September 1, 2007.Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 6.052, eff. September 1, 2007.Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 5, eff. September 1, 2011.Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 65(a)(1), eff. September 1, 2011.Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 3, eff. September 1, 2013.|