reglab/statecodes huggingface dataset:
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 154 - Prepaid Funeral Services › Subchapter I. Criminal Penalties and Civil Remedies › Section 154.406. Administrative Penalty

Sec. 154.406.  ADMINISTRATIVE PENALTY.  (a)  After notice and opportunity for hearing, the commissioner may impose an administrative penalty on a person who:
(1)  violates this chapter or a final order of the commissioner or rule of the commission and does not correct the violation before the 31st day after the date the person receives written notice of the violation from the department;  or
(2)  engages in a pattern of violations, as determined by the commissioner.
(b)  The amount of the penalty for each violation may not exceed $1,000 for each day the violation occurs.
(c)  In determining the amount of the penalty, the commissioner shall consider the seriousness of the violation, the person's history of violations, and the person's good faith in attempting to comply with this chapter.
(d)  The imposition of a penalty under this section is subject to judicial review as a contested case under Chapter 2001, Government Code.
(e)  The commissioner may collect the penalty in the same manner that a money judgment is enforced in district court.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 699, Sec. 11, eff. Sept. 1, 2001;  Acts 2001, 77th Leg., ch. 867, Sec. 82, eff. Sept. 1, 2001;  Acts 2003, 78th Leg., ch. 1276, Sec. 8.003, eff. Sept. 1, 2003.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 154 - Prepaid Funeral Services › Subchapter I. Criminal Penalties and Civil Remedies › Section 154.4061. Pattern of Wilful Disregard

Sec. 154.4061.  PATTERN OF WILFUL DISREGARD.  (a)  If, after a hearing conducted as provided by Chapter 2001, Government Code, the trier of fact finds that a violation of this chapter or a rule of the Finance Commission of Texas establishes a pattern of wilful disregard for the requirements of this chapter or rules of the finance commission, the trier of fact may recommend to the commissioner that the maximum administrative penalty permitted under Section 154.406 be imposed on the person committing the violation or that the commissioner cancel or not renew the person's permit under this chapter.
(b)  For the purposes of this section, violations corrected as provided by Section 154.406 may be included in determining whether a pattern of wilful disregard for the requirements of this chapter or rules of the finance commission exists.
Added by Acts 2001, 77th Leg., ch. 699, Sec. 12, eff. Sept. 1, 2001.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 39 (S.B. 297), Sec. 7, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 154 - Prepaid Funeral Services › Subchapter I. Criminal Penalties and Civil Remedies › Section 154.407. Injunctive Relief

Sec. 154.407.  INJUNCTIVE RELIEF.  The commissioner may sue in a district court in Travis County or the county in which the violation occurred to enjoin a violation or threatened violation of:
(1)  this chapter; or
(2)  a final order of the commissioner or rule of the commission.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 83, eff. Sept. 1, 2001.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 39 (S.B. 297), Sec. 8, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 154 - Prepaid Funeral Services › Subchapter I. Criminal Penalties and Civil Remedies › Section 154.408. Cease and Desist Order

Sec. 154.408.  CEASE AND DESIST ORDER.  (a)  The commissioner may issue a cease and desist order to a person if the commissioner finds by examination or other credible evidence that the person has violated a law of this state relating to the sale of prepaid funeral benefits, including a violation of this chapter or a final order of the commissioner or rule of the commission.
(b)  The order must state:
(1)  with reasonable certainty the grounds for the order; and
(2)  the effective date of the order.
(c)  The order shall be served on the person named in the order by certified mail, return receipt requested, to the last known address of the person.
(d)  Except as provided by Section 154.4081, the order takes effect as proposed, except that the order may not take effect before the 16th day after the date the order is mailed unless the person named in the order requests a hearing not later than the 15th day after the date the order is mailed.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 84, eff. Sept. 1, 2001.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1190 (H.B. 3762), Sec. 30, eff. September 1, 2009.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 154 - Prepaid Funeral Services › Subchapter I. Criminal Penalties and Civil Remedies › Section 154.4081. Emergency Order

Sec. 154.4081.  EMERGENCY ORDER.  (a)  The commissioner may issue an emergency order that takes effect immediately if the commissioner finds that immediate and irreparable harm is threatened to the public or a beneficiary under a prepaid funeral benefits contract.
(b)  An emergency order remains in effect unless stayed by the commissioner.
(c)  The person named in the order may request in writing an opportunity for a hearing to show that the emergency order should be stayed.  The written request for a hearing must be filed with the commissioner not later than the 30th day after the date on which the order is hand-delivered or the order is mailed, whichever date is earlier.  On receipt of the request, the commissioner shall set a time for the hearing before the 22nd day after the date the commissioner received the request, unless extended at the request of the person named in the order.
(d)  The hearing is an administrative hearing relating to the validity of findings that support immediate effect of the order.
Added by Acts 2009, 81st Leg., R.S., Ch. 1190 (H.B. 3762), Sec. 31, eff. September 1, 2009.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 39 (S.B. 297), Sec. 9, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 154 - Prepaid Funeral Services › Subchapter I. Criminal Penalties and Civil Remedies › Section 154.409. Suit by Attorney General

Sec. 154.409.  SUIT BY ATTORNEY GENERAL.  (a)  The department may notify the attorney general of a violation of this chapter.
(b)  The attorney general shall institute suit in the name of this state against a person who violates this chapter in a district court in Travis County or the county in which the violation occurred.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 39 (S.B. 297), Sec. 10, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 154 - Prepaid Funeral Services › Subchapter I. Criminal Penalties and Civil Remedies › Section 154.410. Quo Warranto Proceedings

Sec. 154.410.  QUO WARRANTO PROCEEDINGS.  (a)  The attorney general may institute a quo warranto proceeding in a district court of Travis County to forfeit the charter or the right to do business of a corporation an officer, director, agent, or employee of which refuses or fails to correct a violation of this chapter after the department or attorney general notifies the officer, director, agent, or employee of the violation.
(b)  Thirty days is considered a sufficient period to correct the violation after notice from the department or attorney general.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 154 - Prepaid Funeral Services › Subchapter I. Criminal Penalties and Civil Remedies › Section 154.411. Restitution

Sec. 154.411.  RESTITUTION.  The commissioner may issue an order to a person requiring restitution if, after notice and opportunity for hearing, the commissioner finds that the person:
(1)  failed to deposit money in accordance with Subchapter F;  or
(2)  misappropriated, converted, or illegally withheld or failed or refused to pay on demand money entrusted to the person that belongs to the beneficiary under a prepaid funeral benefits contract.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 154 - Prepaid Funeral Services › Subchapter I. Criminal Penalties and Civil Remedies › Section 154.413. Notification of Purchaser

Sec. 154.413.  NOTIFICATION OF PURCHASER.  Not later than the 30th day after the date prepaid funeral money is seized under Section 154.412, the commissioner may notify each known person who purchased prepaid funeral benefits under a contract from the permit holder whose permit is canceled.  The notice must:
(1)  include an explanation of the procedures under this chapter for canceling the contract and claiming money that may be due the person if the person elects to cancel;
(2)  inform the person on continuing to make payments under the contract if the person elects to keep the contract in force;  and
(3)  inform the person that if the person elects to keep the contract in force the commissioner will transfer:
(A)  responsibility to perform the contract to a responsible successor permit holder selected by the commissioner;  or
(B)  the seized money to the fund maintained under Section 154.351,subject to the claims process prescribed by rule under Subchapter H.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 154 - Prepaid Funeral Services › Subchapter I. Criminal Penalties and Civil Remedies › Section 154.414. Liquidation of Business and Affairs of Person Following Seizure of Money and Records

Sec. 154.414.  LIQUIDATION OF BUSINESS AND AFFAIRS OF PERSON FOLLOWING SEIZURE OF MONEY AND RECORDS.  After an order issued under Section 154.412(a) becomes final and unappealable, the commissioner may petition a district court in Travis County or in the county in which a person required to hold a permit under this chapter resides to request the issuance of an order to show cause why the business and affairs of that person should not be liquidated and a receiver appointed by the court for that purpose if:
(1)  the person:
(A)  failed to deposit money in accordance with Subchapter F;
(B)  misappropriated, converted, or illegally withheld or failed or refused to pay on demand money entrusted to that person that belongs to the beneficiary under a prepaid funeral benefits contract; or
(C)  allowed the person's permit to lapse or had the permit revoked under this chapter and did not make adequate provision for the administration of the money deposited with the person for prepaid funeral benefits contracts in accordance with the contract and applicable law, including rules; and
(2)  the person failed or refused to correct the violation before the 31st day after the date the person received written notice from the commissioner.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 39 (S.B. 297), Sec. 12, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 154 - Prepaid Funeral Services › Subchapter I. Criminal Penalties and Civil Remedies › Section 154.416. Application for Release From Prohibition Order

Sec. 154.416.  APPLICATION FOR RELEASE FROM PROHIBITION ORDER.  (a)  After the expiration of 10 years from the date of issuance, a person who is subject to a prohibition order issued under Section 154.415, regardless of the order's stated duration or date of issuance, may apply to the commissioner to be released from the order.
(b)  The application must be made under oath and in the form required by the commissioner.  The application must be accompanied by any required fees.
(c)  The commissioner, in the exercise of discretion, may approve or deny an application filed under this section.
(d)  The commissioner's decision under Subsection (c) is final and not appealable.
Added by Acts 2013, 83rd Leg., R.S., Ch. 39 (S.B. 297), Sec. 13, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 155 - Bond Investment Companies › Section 155.001. Definition

Sec. 155.001.  DEFINITION.  In this chapter, "bond investment company" includes a person that places or sells bonds, certificates, or debentures on the partial payment or installment plan.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 155 - Bond Investment Companies › Section 155.002. Deposit Required

Sec. 155.002.  DEPOSIT REQUIRED.  (a)  Each person doing business in this state as a bond investment company shall deposit with the comptroller, in cash or securities approved by the comptroller, an amount equal to $5,000.
(b)  In addition to the deposit required by Subsection (a), a person doing business in this state as a bond investment company shall deposit semiannually with the comptroller, in cash or securities approved by the comptroller, an amount equal to 10 percent of all net premiums received by the company until the amount deposited equals $100,000.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 155 - Bond Investment Companies › Section 155.003. Failure to Make Deposit

Sec. 155.003.  FAILURE TO MAKE DEPOSIT.  (a)  A domestic corporation that fails to make the deposit required by this chapter before the 61st day after the date of its organization is considered to have forfeited its charter or certificate of incorporation.
(b)  The attorney general shall bring suit in the name of the state to have the charter or certificate of incorporation of a domestic corporation that fails to make a deposit as required by Subsection (a) declared forfeited.
(c)  On a finding that a domestic corporation failed to make a deposit as required by Subsection (a), a court in which a proceeding is brought under Subsection (b) shall:
(1)  declare the charter or certificate of incorporation of the corporation forfeited;
(2)  appoint a receiver for the corporation;  and
(3)  make equitable compensation for the receiver out of the assets of the corporation.
(d)  A receiver appointed under Subsection (c)(2) shall, under the order of the court, distribute to the shareholders the assets of the corporation.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 155 - Bond Investment Companies › Section 155.004. Receiver on Failure of Corporation

Sec. 155.004.  RECEIVER ON FAILURE OF CORPORATION.  (a)  If a corporation that does business in this state as a bond investment company fails, a district court of the county in which the principal office of the corporation is located shall appoint, on application of a shareholder of the corporation, a receiver.
(b)  A receiver appointed under Subsection (a) shall:
(1)  wind up the affairs of the corporation;
(2)  liquidate the debts of the corporation;  and
(3)  distribute any remaining assets of the corporation, including, if ordered by the court, the deposit made under this chapter to secure the shareholders.
(c)  The comptroller may refund a deposit made under this chapter on application of the receiver approved by the court.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 155 - Bond Investment Companies › Section 155.005. Exchange of Deposit

Sec. 155.005.  EXCHANGE OF DEPOSIT.  (a)  On request, the comptroller may allow a bond investment company that has made a deposit under this chapter to alter the composition of the deposit by exchanging cash for securities or securities for cash.
(b)  Securities deposited under this section must be approved by the comptroller on the written advice of the attorney general.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 155 - Bond Investment Companies › Section 155.006. Return of Deposit

Sec. 155.006.  RETURN OF DEPOSIT.  The comptroller shall return a deposit of cash or securities made under this chapter to a bond investment company if:
(1)  the company ceases to do business in this state;  and
(2)  the comptroller and the attorney general find that the company does not have any liabilities in this state.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 155 - Bond Investment Companies › Section 155.007. Criminal Penalty

Sec. 155.007.  CRIMINAL PENALTY.  (a)  An officer or agent of a domestic or foreign corporation or company doing business in this state as a bond investment company commits an offense if:
(1)  the officer or agent attempts to:
(A)  place or sell shares;  or
(B)  transact any business on behalf of the company;  and
(2)  the bond investment company has not complied with the deposit requirements of this chapter.
(b)  An offense under this section is punishable by:
(1)  confinement in jail for a term of not more than six months or less than 30 days;
(2)  a fine of not more than $1,000 or less than $100;  or
(3)  both the fine and confinement.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 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 156.001. Short Title

Sec. 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, eff. Sept. 1, 1999.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 4, eff. September 1, 2011.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 2, eff. September 1, 2013.
2023 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 156.003. Secondary Market Transactions

Sec. 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 this chapter from receiving compensation from a party other than the mortgage applicant for the sale, transfer, assignment, or release of rights on the closing of a mortgage transaction.
Added by Acts 1999, 76th Leg., ch. 1254, Sec. 2, eff. Sept. 1, 1999.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 6, eff. September 1, 2011.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 4, eff. September 1, 2013.
2023 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 156.004. Disclosure to Applicant

Sec. 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 residential mortgage loan company under this chapter, the residential mortgage loan originator shall provide to the applicant a disclosure that specifies:
(1)  the nature of the relationship between the applicant and the residential mortgage loan originator;
(2)  the duties the residential mortgage loan originator has to the applicant; and
(3)  how the residential mortgage loan originator will be compensated.
(b)  The finance commission, by rule, shall adopt a standard disclosure form to be used by the residential mortgage loan originator.
Added by Acts 1999, 76th Leg., ch. 1254, Sec. 2, eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 85, eff. Sept. 1, 2001.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 7, eff. September 1, 2011.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 5, eff. September 1, 2013.
2023 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 156.005. Affiliated Business Arrangements

Sec. 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 or between residential mortgage loan originators, sponsored by and conducting business for a licensed or registered residential mortgage loan company under this chapter, and other professionals if the residential mortgage loan originator complies with all applicable federal and state laws permitting those arrangements or services.
Added by Acts 1999, 76th Leg., ch. 1254, Sec. 2, eff. Sept. 1, 1999.
Amended by:
Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 6.01, eff. September 1, 2005.
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 8, eff. September 1, 2011.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 6, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 156 - Residential Mortgage Loan Companies › Subchapter B. Administration Provisions › Section 156.101. Administration and Enforcement of Chapter; Participation in Nationwide Registry

Sec. 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.
(a-2)  Repealed by Acts 2013, 83rd Leg., R.S., Ch. 160, Sec. 87(3), eff. September 1, 2013.
(b)  Repealed by Acts 2009, 81st Leg., R.S., Ch. 1317, Sec. 28(i), eff. September 1, 2009.
(c)  Repealed by Acts 2009, 81st Leg., R.S., Ch. 1317, Sec. 28(i), eff. September 1, 2009.
(d)  The commissioner shall participate in the Nationwide Mortgage Licensing System and Registry as provided by Chapter 180.
Added by Acts 1999, 76th Leg., ch. 1254, Sec. 2, eff. Sept. 1, 1999.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. 10), Sec. 4, eff. June 19, 2009.
Acts 2009, 81st Leg., R.S., Ch. 1317 (H.B. 2774), Sec. 1, eff. September 1, 2009.
Acts 2009, 81st Leg., R.S., Ch. 1317 (H.B. 2774), Sec. 28(g), eff. September 1, 2009.
Acts 2009, 81st Leg., R.S., Ch. 1317 (H.B. 2774), Sec. 28(i), eff. September 1, 2009.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 7, eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 8, eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 87(3), eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 156 - Residential Mortgage Loan Companies › Subchapter B. Administration Provisions › Section 156.102. Rulemaking Authority

Sec. 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 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).
(b)  Repealed by Acts 2013, 83rd Leg., R.S., Ch. 160, Sec. 87(5), eff. September 1, 2013.
(b-1)  The finance commission on the commissioner's recommendation may adopt rules to promote a fair and orderly administration of the recovery fund consistent with the purposes of Subchapter F.
(c)  The finance commission may adopt rules regarding books and records that a person licensed under this chapter is required to keep, including the location at which the books and records must be kept.
(d)  The finance commission shall consult with the commissioner when proposing and adopting rules under this chapter.
Added by Acts 1999, 76th Leg., ch. 1254, Sec. 2, eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 86, eff. Sept. 1, 2001.
Amended by:
Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 6.02, eff. September 1, 2005.
Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. 10), Sec. 5, eff. June 19, 2009.
Acts 2009, 81st Leg., R.S., Ch. 1317 (H.B. 2774), Sec. 2, eff. September 1, 2009.
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 9, eff. September 1, 2011.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 9, eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 87(5), eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 156 - Residential Mortgage Loan Companies › Subchapter B. Administration Provisions › Section 156.103. Powers of Commissioner

Sec. 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 a violation of this chapter or a rule adopted under this chapter.  To sustain an action filed under this subsection, it is not necessary to allege or prove that an adequate remedy at law does not exist or that substantial or irreparable damage would result from a continued violation of this chapter.
(b)  The commissioner is not required to provide an appeal bond in any action or proceeding to enforce this chapter.
(c)  The commissioner may authorize specific employees to conduct hearings and make recommendations for final decisions in contested cases.
Added by Acts 1999, 76th Leg., ch. 1254, Sec. 2, eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 156 - Residential Mortgage Loan Companies › Subchapter B. Administration Provisions › Section 156.105. Standard Forms

Sec. 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 business for a licensed or registered residential mortgage loan company under this chapter in representing that an applicant for a residential mortgage loan is preapproved or has prequalified for the loan.
(b)  The finance commission shall adopt rules requiring a residential mortgage loan originator licensed under Chapter 157 to use the forms adopted by the finance commission under Subsection (a).
Added by Acts 2001, 77th Leg., ch. 407, Sec. 1, eff. Sept. 1, 2001.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 11, eff. September 1, 2011.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 11, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 156 - Residential Mortgage Loan Companies › Subchapter C. Residential Mortgage Loan Company Licenses and Registration › Section 156.201. Licenses Required

Sec. 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 or conducting the business of a residential mortgage loan company in this state unless the person holds an active residential mortgage loan company license, is registered under Section 156.2012, or is exempt under Section 156.202.
(b)  Repealed by Acts 2013, 83rd Leg., R.S., Ch. 160, Sec. 87(4), eff. September 1, 2013.
(b-1)  Repealed by Acts 2013, 83rd Leg., R.S., Ch. 160, Sec. 87(4), eff. September 1, 2013.
(b-2)  Repealed by Acts 2013, 83rd Leg., R.S., Ch. 160, Sec. 87(4), eff. September 1, 2013.
(c)  Each residential mortgage loan company and the company's qualifying individual licensed under Chapter 157 is responsible to the commissioner and members of the public for any act or conduct performed by the residential mortgage loan originator sponsored by or acting for the residential mortgage loan company in connection with:
(1)  the origination of a residential mortgage loan; or
(2)  a transaction that is related to the origination of a residential mortgage loan in which the qualifying individual knew or should have known of the transaction.
Added by Acts 1999, 76th Leg., ch. 1254, Sec. 2, eff. Sept. 1, 1999.
Amended by:
Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 6.04, eff. September 1, 2005.
Acts 2007, 80th Leg., R.S., Ch. 905 (H.B. 2783), Sec. 2, eff. September 1, 2007.
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 13, eff. September 1, 2011.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 13, eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 87(4), eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 156 - Residential Mortgage Loan Companies › Subchapter C. Residential Mortgage Loan Company Licenses and Registration › Section 156.2012. Registered Financial Services Company

Sec. 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 be eligible to register as a registered financial services company, a person must:
(1)  be a depository institution exempt from this chapter under Section 156.202(a-1)(4)(A) and chartered and regulated by the Office of the Comptroller of the Currency, or be a subsidiary of the institution;
(2)   provide a business plan satisfactory to the commissioner that sets forth the person's plan to:
(A)  provide education to its sponsored residential mortgage loan originators;
(B)  handle consumer complaints relating to its sponsored residential mortgage loan originators; and
(C)  supervise the residential mortgage loan origination activities of its sponsored residential mortgage loan originators;
(3)  pay a registration fee in an amount not to exceed $500;
(4)   designate an officer of the person to be responsible for the activities of its sponsored residential mortgage loan originators;
(5)  submit a completed application through the Nationwide Mortgage Licensing System and Registry together with the applicable fee required by Subdivision (3) or Subsection (c);
(6)  obtain preapproval from the commissioner that the person meets the eligibility requirements for registration as a financial services company; and
(7)  not be in violation of this chapter, a rule adopted under this chapter, or any order previously issued by the commissioner to the applicant.
(c)  If the commissioner determines that a person has met the requirements of Subsection (b), the commissioner shall issue a registration to the person.  The registration is valid for one year, expires on December 31 of each year, and must be renewed annually by meeting the requirements under Subsection (b) and paying a renewal fee in an amount not to exceed $500.  A person must renew an expired registration in the manner determined by the commissioner.
(d)  A registered financial services company is subject to Subchapters D and E as if the company were licensed as a residential mortgage loan company.
Added by Acts 2007, 80th Leg., R.S., Ch. 228 (H.B. 1716), Sec. 3, eff. September 1, 2007.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. 10), Sec. 7, eff. June 19, 2009.
Acts 2009, 81st Leg., R.S., Ch. 1317 (H.B. 2774), Sec. 14, eff. September 1, 2009.
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 29, eff. September 1, 2011.
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 65(a)(9), eff. September 1, 2011.
Redesignated and amended from Finance Code, Section 156.214 by Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 32, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 156 - Residential Mortgage Loan Companies › Subchapter C. Residential Mortgage Loan Company Licenses and Registration › Section 156.203. Application; Fees

Sec. 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)  a credit union subsidiary organization license;
(3)  an auxiliary mortgage loan activity company license; or
(4)  an independent contractor loan processor or underwriter company license.
(a-1)  An application for a residential mortgage loan company license must be:
(1)  in writing;
(2)  under oath; and
(3)  on the form prescribed by the commissioner.
(a-2)  An application for a financial services company registration under Section 156.2012 must be:
(1)  in writing;
(2)  under oath; and
(3)  on the form prescribed by the commissioner.
(b)  An application for a residential mortgage loan company license must be accompanied by an application fee in an amount determined by the commissioner not to exceed $375.
(c)  Repealed by Acts 2013, 83rd Leg., R.S., Ch. 160, Sec. 87(5), eff. September 1, 2013.
(d)  An application fee under this section is not refundable and may not be credited or applied to any other fee or indebtedness owed by the person paying the fee.
(e)  In addition to the disciplinary action by the commissioner authorized under Section 156.303(a)(7), the commissioner may collect a fee in an amount not to exceed $50 for any returned check or credit card charge back.
Added by Acts 1999, 76th Leg., ch. 1254, Sec. 2, eff. Sept. 1, 1999.
Amended by:
Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 6.06, eff. September 1, 2005.
Acts 2009, 81st Leg., R.S., Ch. 1317 (H.B. 2774), Sec. 7, eff. September 1, 2009.
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 15, eff. September 1, 2011.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 15, eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 16, eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 87(5), eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 156 - Residential Mortgage Loan Companies › Subchapter C. Residential Mortgage Loan Company Licenses and Registration › Section 156.2041. Qualifications and Requirements for License: Mortgage Company

Text of section as amended by Acts 2021, 87th Leg., R.S., Ch. 963 (S.B. 1900), Sec. 4
For text of section as amended by Acts 2021, 87th Leg., R.S., Ch. 929 (H.B. 3617), Sec. 3, see other Sec. 156.2041.
Sec. 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 Nationwide Mortgage Licensing System and Registry;
(2)  designate control persons for the mortgage company through the Nationwide Mortgage Licensing System and Registry;
(3)  designate an individual licensed as a residential mortgage loan originator under Chapter 157 as the company's qualifying individual;
(4)  submit a completed branch application through the Nationwide Mortgage Licensing System and Registry for each branch office that engages in residential mortgage loan activity on residential real estate located in this state;
(5)  not be in violation of this chapter, a rule adopted under this chapter, or any order previously issued by the commissioner to the applicant;
(6)  have the company name or assumed name properly filed with either the secretary of state or with the appropriate county clerk's office; and
(7)   provide financial statements and any other information required by the commissioner.
(b)  Repealed by Acts 2013, 83rd Leg., R.S., Ch. 160, Sec. 87(5), eff. September 1, 2013.
Added by Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 16, eff. September 1, 2011.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 17, eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 18, eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 87(5), eff. September 1, 2013.
Acts 2021, 87th Leg., R.S., Ch. 963 (S.B. 1900), Sec. 4, eff. September 1, 2021.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 156 - Residential Mortgage Loan Companies › Subchapter C. Residential Mortgage Loan Company Licenses and Registration › Section 156.2041. Qualifications and Requirements for License: Mortgage Company

Text of section as amended by Acts 2021, 87th Leg., R.S., Ch. 929 (H.B. 3617), Sec. 2
For text of section as amended by Acts 2021, 87th Leg., R.S., Ch. 963 (S.B. 1900), Sec. 4, see other Sec. 156.2041
Sec. 156.2041.  QUALIFICATIONS AND REQUIREMENTS FOR LICENSE: MORTGAGE COMPANY.   To be issued a mortgage company license, an applicant must:
(1)  submit a completed application together with the payment of applicable fees through the Nationwide Mortgage Licensing System and Registry;
(2)  designate control persons for the mortgage company through the Nationwide Mortgage Licensing System and Registry;
(3)  designate an individual licensed as a residential mortgage loan originator under Chapter 157 as the company's qualifying individual;
(4)  if applicable, submit a completed branch application through the Nationwide Mortgage Licensing System and Registry for each branch office that engages in residential mortgage loan activity on residential real estate located in this state;
(5)  not be in violation of this chapter, a rule adopted under this chapter, or any order previously issued by the commissioner to the applicant;
(6)  have the company name or assumed name properly filed with either the secretary of state or with the appropriate county clerk's office; and
(7)   provide financial statements and any other information required by the commissioner.
Added by Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 16, eff. September 1, 2011.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 18, eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 87(5), eff. September 1, 2013.
Acts 2021, 87th Leg., R.S., Ch. 929 (H.B. 3617), Sec. 2, eff. September 1, 2021.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 156 - Residential Mortgage Loan Companies › Subchapter C. Residential Mortgage Loan Company Licenses and Registration › Section 156.2042. Qualifications and Requirements for License: Credit Union Subsidiary Organization

Text of section as amended by  Acts 2021, 87th Leg., R.S., Ch. 929 (H.B. 3617), Sec. 3
Sec. 156.2042.  QUALIFICATIONS AND REQUIREMENTS FOR LICENSE:  CREDIT UNION SUBSIDIARY ORGANIZATION.
To be issued a credit union subsidiary organization license, an applicant must:
(1)  submit a completed application together with the payment of applicable fees through the Nationwide Mortgage Licensing System and Registry;
(2)  designate control persons for the organization through the Nationwide Mortgage Licensing System and Registry;
(3)  designate an individual licensed as a residential mortgage loan originator under Chapter 157 as the company's qualifying individual;
(4)  submit a completed branch application through the Nationwide Mortgage Licensing System and Registry for each branch office that engages in residential mortgage loan activity on residential real estate located in this state; and
(5)  not be in violation of this chapter, a rule adopted under this chapter, or any order previously issued by the commissioner to the applicant.
Added by Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 16, eff. September 1, 2011.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 19, eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 20, eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 87(5), eff. September 1, 2013.
Acts 2021, 87th Leg., R.S., Ch. 929 (H.B. 3617), Sec. 3, eff. September 1, 2021.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 156 - Residential Mortgage Loan Companies › Subchapter C. Residential Mortgage Loan Company Licenses and Registration › Section 156.2042. Qualifications and Requirements for License: Credit Union Subsidiary Organization

Text of section as amended by Acts 2021, 87th Leg., R.S., Ch. 963 (S.B. 1900), Sec. 5
Sec. 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 through the Nationwide Mortgage Licensing System and Registry;
(2)  designate control persons for the organization through the Nationwide Mortgage Licensing System and Registry;
(3)  designate an individual licensed as a residential mortgage loan originator under Chapter 157 as the company's qualifying individual;
(4)  submit a completed branch application through the Nationwide Mortgage Licensing System and Registry for each branch office that engages in residential mortgage loan activity on residential real estate located in this state; and
(5)  not be in violation of this chapter, a rule adopted under this chapter, or any order previously issued by the commissioner to the applicant.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 19, eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 87(5), eff. September 1, 2013.
Acts 2021, 87th Leg., R.S., Ch. 963 (S.B. 1900), Sec. 5, eff. September 1, 2021.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 156 - Residential Mortgage Loan Companies › Subchapter C. Residential Mortgage Loan Company Licenses and Registration › Section 156.2043. Qualifications and Requirements for License: Auxiliary Mortgage Loan Activity Company

Sec. 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 fees through the Nationwide Mortgage Licensing System and Registry;
(2)  designate control persons for the company through the Nationwide Mortgage Licensing System and Registry;
(3)  designate an individual licensed as a residential mortgage loan originator under Chapter 157 as the company's qualifying individual; and
(4)  not be in violation of this chapter, a rule adopted under this chapter, or any order previously issued by the commissioner to the applicant.
(b)  Repealed by Acts 2013, 83rd Leg., R.S., Ch. 160, Sec. 87(5), eff. September 1, 2013.
Added by Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 16, eff. September 1, 2011.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 21, eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 22, eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 87(5), eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 156 - Residential Mortgage Loan Companies › Subchapter C. Residential Mortgage Loan Company Licenses and Registration › Section 156.2044. Qualifications and Requirements for License: Independent Contractor Loan Processor or Underwriter Company

Sec. 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 with the payment of applicable fees through the Nationwide Mortgage Licensing System and Registry;
(2)  designate control persons for the company through the Nationwide Mortgage Licensing System and Registry;
(3)  designate an individual licensed as a residential mortgage loan originator under Chapter 157 as the company's qualifying individual; and
(4)  not be in violation of this chapter, a rule adopted under this chapter, or any order previously issued by the commissioner to the applicant.
(b)  An independent contractor loan processor or underwriter company or a sponsored residential mortgage loan originator is not authorized to originate residential mortgage loans with a license issued under Subsection (a).
(c)  Repealed by Acts 2013, 83rd Leg., R.S., Ch. 160, Sec. 87(5), eff. September 1, 2013.
Added by Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 16, eff. September 1, 2011.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 23, eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 24, eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 87(5), eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 156 - Residential Mortgage Loan Companies › Subchapter C. Residential Mortgage Loan Company Licenses and Registration › Section 156.2046. Conviction of Offense

Sec. 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 probation or community supervision, including deferred adjudication or community service; or
(3)  the court deferred final disposition of the person's case.
Added by Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 16, eff. September 1, 2011.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 25, eff. September 1, 2013.