reglab/statecodes huggingface dataset:
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter C. Registration of Mortgage Bankers › Section 157.003. Registration Required

Sec. 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 is exempt under this section or Section 157.004.
(b)  To register under this chapter, a mortgage banker shall:
(1)  enroll with the Nationwide Mortgage Licensing System and Registry;
(2)  be in good standing with the secretary of state;
(3)  have a valid federal employer identification number;
(4)  meet the qualification requirements for a mortgage banker;
(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; and
(6)  provide to the commissioner a list of any offices that are separate and distinct from the primary office identified on the mortgage banker registration and that conduct residential mortgage loan business relating to this state, regardless of whether the offices are located in this state.
(b-1)  Repealed by Acts 2011, 82nd Leg., R.S., Ch. 655, Sec. 65(a)(11), eff. September 1, 2011.
(c)  Repealed by Acts 2011, 82nd Leg., R.S., Ch. 655, Sec. 65(a)(11), eff. September 1, 2011.
(d)  Repealed by Acts 2011, 82nd Leg., R.S., Ch. 655, Sec. 65(a)(11), eff. September 1, 2011.
(e)  The registration of a mortgage banker is valid on approval of the commissioner and may be denied if the commissioner determines the mortgage banker does not meet the requirements of Subsection (b).  If registration is denied, the mortgage banker may appeal the determination in the same manner as an applicant for a residential mortgage loan originator license may appeal a denial of issuance of a license under Section 157.017.
(f)  Repealed by Acts 2013, 83rd Leg., R.S., Ch. 160, Sec. 87(7), eff. September 1, 2013.
(g)  The registration may be withdrawn or revoked.
(h)  A mortgage banker that services residential mortgage loans must indicate in its registration that it acts as a residential mortgage loan servicer.
Added by Acts 2003, 78th Leg., ch. 1301, Sec. 1, eff. Jan. 1, 2004.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1147 (H.B. 2779), Sec. 3, eff. April 1, 2010.
Acts 2011, 82nd Leg., R.S., Ch. 588 (S.B. 17), Sec. 3, eff. September 1, 2011.
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 46, eff. September 1, 2011.
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 65(a)(11), eff. September 1, 2011.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 51, eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 87(7), eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 161 (S.B. 1093), Sec. 22.001(18), eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter C. Registration of Mortgage Bankers › Section 157.004. Exemptions

Sec. 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)  a subsidiary of a federally insured bank, savings bank, savings and loan association, Farm Credit System Institution, or credit union;
(3)  a residential mortgage loan company licensed under Chapter 156;
(4)  an authorized lender licensed under Chapter 342; or
(5)  the state or a governmental agency, political subdivision, or other instrumentality of the state, or an employee of the state or a governmental agency, political subdivision, or instrumentality of the state who is acting within the scope of the person's employment.
Added by Acts 2003, 78th Leg., ch. 1301, Sec. 1, eff. Jan. 1, 2004.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1147 (H.B. 2779), Sec. 4, eff. April 1, 2010.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 52, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter C. Registration of Mortgage Bankers › Section 157.005. Update of Registration

Sec. 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 2003, 78th Leg., ch. 1301, Sec. 1, eff. Jan. 1, 2004.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 47, eff. September 1, 2011.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 53, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter C. Registration of Mortgage Bankers › Section 157.006. Registration and Administration Fee

Sec. 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 not exceed $500 a year.
Added by Acts 2003, 78th Leg., ch. 1301, Sec. 1, eff. Jan. 1, 2004.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 48, eff. September 1, 2011.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter C. Registration of Mortgage Bankers › Section 157.0061. Renewal of Registration

Sec. 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.
(b)  To renew a registration, a mortgage banker must comply with the requirements of Section 157.003 and pay a renewal fee in an amount not to exceed $500.
Added by Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 49, eff. September 1, 2011.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter C. Registration of Mortgage Bankers › Section 157.0062. Reinstatement After Expiration of Registration

Sec. 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 is renewed.
(b)  A mortgage banker who is otherwise eligible to renew a registration, but has not done so before January 1, may renew the registration before March 1 by paying the commissioner a reinstatement fee in an amount not to exceed $500.
(c)  A mortgage banker whose registration has not been renewed before March 1 may not renew the registration.  The mortgage banker may obtain a new registration by complying with the requirements and procedures for obtaining an original registration.
Added by Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 49, eff. September 1, 2011.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter C. Registration of Mortgage Bankers › Section 157.009. Termination of Registration

Sec. 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), eff. September 1, 2011.
(c)  The commissioner may revoke the registration of a mortgage banker if the mortgage banker fails or refuses to comply with the commissioner's written request for a response to a complaint.
(d)  The commissioner may revoke the registration of a mortgage banker after considering a complaint filed under this chapter if the commissioner concludes that the mortgage banker has engaged in an intentional course of conduct to violate federal or state law or has engaged in an intentional course of conduct that constitutes improper, fraudulent, or dishonest dealings or has engaged in a negligent course of conduct exhibited through pattern or practice.  The commissioner shall recite the basis of the decision in an order revoking the registration.
(d-1)  The commissioner, after review of the circumstances, may revoke the registration of a mortgage banker if the mortgage banker has had a license, registration, or other certification revoked by a state or federal regulatory authority.
(e)  If the commissioner proposes to revoke a registration under Subsection (c), (d), or (d-1), the mortgage banker is entitled to a hearing before the commissioner or a hearings officer, who shall propose a decision to the commissioner.  The commissioner or hearings officer shall prescribe the time and place of the hearing.  The hearing is governed by Chapter 2001, Government Code.
(f)  A mortgage banker aggrieved by a ruling, order, or decision of the commissioner is entitled to appeal to a district court in the county in which the hearing was held.  An appeal under this subsection is governed by Chapter 2001, Government Code.
Added by Acts 2003, 78th Leg., ch. 1301, Sec. 1, eff. Jan. 1, 2004.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1147 (H.B. 2779), Sec. 6, eff. April 1, 2010.
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 65(a)(12), eff. September 1, 2011.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 55, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter C. Registration of Mortgage Bankers › Section 157.010. Reregistration

Sec. 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 authorize the registration if the commissioner concludes that the mortgage banker will comply with state and federal law and will not engage in improper, fraudulent, or dishonest dealings.
(b)  A mortgage banker who seeks registration under this section may request and is entitled to a hearing before the commissioner or a hearings officer, who shall propose a decision to the commissioner.  The hearing is governed by Chapter 2001, Government Code.
(c)  If the commissioner denies authorization for the registration of a mortgage banker under this section, the commissioner shall recite the basis of the decision in an order denying the authorization.
(d)  If the commissioner denies authorization for the registration of a mortgage banker under this section, the mortgage banker is entitled to appeal to a district court in Travis County.  An appeal brought under this subsection is governed by Chapter 2001, Government Code.
Added by Acts 2003, 78th Leg., ch. 1301, Sec. 1, eff. Jan. 1, 2004.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter D. Licensing of Residential Mortgage Loan Originators; Disclosures and Requirements › Section 157.012. License Required for Residential Mortgage Loan Originators

Sec. 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 Section 157.0121 or 180.003(b), is acting under the temporary authority described under Section 180.0511, or:
(1)  is licensed under this chapter, sponsored by an appropriate entity, and enrolled with the Nationwide Mortgage Licensing System and Registry as required by Section 180.052; and
(2)  complies with other applicable requirements of Chapter 180 and rules adopted by the finance commission under that chapter.
(b)  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).
(c)  To be eligible to be licensed as a residential mortgage loan originator, the individual, in addition to meeting the requirements of Subsection (a), must:
(1)  satisfy the commissioner as to the individual's honesty, trustworthiness, and integrity;
(2)  not be in violation of this chapter, Chapter 180, or any rules adopted under this chapter or Chapter 180;
(3)  provide the commissioner with satisfactory evidence that the individual meets the qualifications provided by Chapter 180; and
(4)  be a citizen of the United States or a lawfully admitted alien.
(d)  Repealed by Acts 2013, 83rd Leg., R.S., Ch. 160, Sec. 87(8), eff. September 1, 2013.
(e)  In this section, "appropriate entity" means an entity:
(1)  that is licensed or registered under this chapter or Chapter 156; and
(2)  for which the individual is acting as a residential mortgage loan originator.
Reenacted and amended by Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 51, eff. September 1, 2011.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 58, eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 59, eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 87(8), eff. September 1, 2013.
Acts 2019, 86th Leg., R.S., Ch. 20 (S.B. 614), Sec. 21, eff. September 1, 2019.
Acts 2019, 86th Leg., R.S., Ch. 695 (S.B. 2330), Sec. 1, eff. November 24, 2019.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter D. Licensing of Residential Mortgage Loan Originators; Disclosures and Requirements › Section 157.013. Application for License; Fees

Sec. 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 the commissioner.
(b)  An application for a residential mortgage loan originator license must be accompanied by:
(1)  an application fee in an amount determined by the commissioner, not to exceed $500; and
(2)  for an original license, a recovery fund fee in the amount of $20.
(c)  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.
(d)  In addition to the disciplinary action by the commissioner authorized under Section 157.024(a)(6), 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 2009, 81st Leg., R.S., Ch. 1147 (H.B. 2779), Sec. 8, eff. April 1, 2010.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 52, eff. September 1, 2011.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 61, eff. September 1, 2013.
Acts 2021, 87th Leg., R.S., Ch. 929 (H.B. 3617), Sec. 8, eff. September 1, 2021.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter D. Licensing of Residential Mortgage Loan Originators; Disclosures and Requirements › Section 157.0131. Conviction of Offense

Sec. 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 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 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 62, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter D. Licensing of Residential Mortgage Loan Originators; Disclosures and Requirements › Section 157.0132. Criminal and Other Background Checks

Sec. 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 history check of the applicant.
(b)  The commissioner shall conduct criminal background and credit history checks in accordance with Section 180.054, and, in connection with each application for a residential mortgage loan originator license or other individual license, the commissioner may conduct a criminal background check through the Department of Public Safety.
(c)  The commissioner shall keep confidential any background information obtained under this section and may not release or disclose the information unless:
(1)  the information is a public record at the time the commissioner obtains the information; or
(2)  the commissioner releases the information:
(A)  under order from a court; or
(B)  to a governmental agency.
(d)  Notwithstanding Subsection (c), criminal history record information obtained from the Federal Bureau of Investigation may be released or disclosed only to a governmental entity or as authorized by federal statute, federal rule, or federal executive order.
Added by Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 62, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter D. Licensing of Residential Mortgage Loan Originators; Disclosures and Requirements › Section 157.014. Issuance of Residential Mortgage Loan Originator License

Sec. 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 conditions for the license.
(b)  Each residential mortgage loan originator license must have a unique identifier as provided by Chapter 180.
Added by Acts 2009, 81st Leg., R.S., Ch. 1147 (H.B. 2779), Sec. 8, eff. April 1, 2010.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter D. Licensing of Residential Mortgage Loan Originators; Disclosures and Requirements › Section 157.0141. Conditional License

Sec. 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 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 63, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter D. Licensing of Residential Mortgage Loan Originators; Disclosures and Requirements › Section 157.016. Reinstatement After Expiration of License; Notice

Sec. 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 reinstated or a new license has been issued.
(b)  A person whose residential mortgage loan originator license has not been renewed before January 1 but who is otherwise eligible to renew a license, and does so before March 1, may renew the license by paying the commissioner a reinstatement fee in an amount that is equal to 150 percent of the required renewal fee.
(c)  A person whose residential mortgage loan originator license has not been renewed before March 1 may not renew the license.  The person may obtain a new license by complying with the requirements and procedures for obtaining an original license.
(d)  Repealed by Acts 2011, 82nd Leg., R.S., Ch. 655, Sec. 65(a)(13), eff. September 1, 2011.
Added by Acts 2009, 81st Leg., R.S., Ch. 1147 (H.B. 2779), Sec. 8, eff. April 1, 2010.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 53, eff. September 1, 2011.
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 65(a)(13), eff. September 1, 2011.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 65, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter D. Licensing of Residential Mortgage Loan Originators; Disclosures and Requirements › Section 157.019. Modification of License; Change of Sponsorship

Sec. 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 in writing of the new address.
(b)  A person licensed under this chapter must notify the commissioner or the commissioner's authorized designee not later than the 10th day after the date of any change in the person's name for the issuance of an amended license.
(c)  When the sponsorship of a residential mortgage loan originator is terminated, the residential mortgage loan originator or the former sponsoring entity licensed or registered under this chapter or Chapter 156 shall immediately notify the commissioner.  The residential mortgage loan originator's license then becomes inactive.  The residential mortgage loan originator license may be activated if, before the license expires, an entity licensed or registered under this chapter or Chapter 156 files a request, accompanied by a $25 fee, notifying the commissioner that the entity will sponsor the residential mortgage loan originator and will assume responsibility for the actions of the residential mortgage loan originator.
(d)  A residential mortgage loan originator may not conduct business under any assumed name that is not the registered assumed name of the entity licensed or registered under this chapter or Chapter 156 that is sponsoring the originator.
(e)  A 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.
Added by Acts 2009, 81st Leg., R.S., Ch. 1147 (H.B. 2779), Sec. 8, eff. April 1, 2010.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 54, eff. September 1, 2011.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 67, eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 68, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter D. Licensing of Residential Mortgage Loan Originators; Disclosures and Requirements › Section 157.020. Mortgage Call Report

Sec. 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 or authorized designee.  The report must be filed as frequently as required by the Nationwide Mortgage Licensing System and Registry.  The report is a statement of condition of the mortgage banker and the mortgage banker's operations, including financial statements and production activity volumes, and any other similar information required by the Nationwide Mortgage Licensing System and Registry.
(a-1)  A licensed residential mortgage loan originator, as required by the commissioner, shall file a mortgage call report with the commissioner or the commissioner's authorized designee on a form prescribed by the commissioner or authorized designee.  The report:
(1)  is a statement of condition of the residential mortgage loan originator;
(2)  must include any information required by the commissioner; and
(3)  must be filed as frequently as required by the commissioner.
(b)  The information contained in the mortgage call report related to residential mortgage loan origination volume or other trade information is confidential and may not be disclosed by the commissioner, the commissioner's authorized designee, or any other employee of the Department of Savings and Mortgage Lending.
Added by Acts 2009, 81st Leg., R.S., Ch. 1147 (H.B. 2779), Sec. 8, eff. April 1, 2010.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 55, eff. September 1, 2011.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 69, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter D. Licensing of Residential Mortgage Loan Originators; Disclosures and Requirements › Section 157.0201. Recovery Fund

Sec. 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, to reimburse residential mortgage loan applicants for actual damages incurred because of acts committed by residential mortgage loan originators licensed under this chapter when the act was committed.
Added by Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 56, eff. September 1, 2011.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter D. Licensing of Residential Mortgage Loan Originators; Disclosures and Requirements › Section 157.02012. Standard Forms

Sec. 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 business for a registered mortgage banker 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 this chapter to use the forms adopted by the finance commission under Subsection (a).
Added by Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 70, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter D. Licensing of Residential Mortgage Loan Originators; Disclosures and Requirements › Section 157.02013. Secondary Market Transactions

Sec. 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 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 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 70, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter D. Licensing of Residential Mortgage Loan Originators; Disclosures and Requirements › Section 157.02014. Affiliated Business Arrangements

Sec. 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 or between residential mortgage loan originators sponsored by and conducting business for a registered mortgage banker 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 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 70, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter D. Licensing of Residential Mortgage Loan Originators; Disclosures and Requirements › Section 157.02015. Rulemaking Authority With Respect to Residential Mortgage Loan Originators

Sec. 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 rules restricting competitive bidding or advertising by residential mortgage loan originators.  When adopting rules under this subsection, the finance commission may not restrict:
(1)  the use of any medium for an advertisement;
(2)  the personal appearance of or voice of a person in an advertisement;
(3)  the size or duration of an advertisement; or
(4)  a residential mortgage loan originator's advertisement under a trade name.
(b)  The finance commission may adopt rules regarding books and records that a residential mortgage loan originator licensed under this chapter is required to keep, including the location at which the books and records must be kept.
(c)  The finance commission shall consult with the commissioner when proposing and adopting rules under this section.
Added by Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 70, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter D. Licensing of Residential Mortgage Loan Originators; Disclosures and Requirements › Section 157.02016. Administration of Subchapter

Sec. 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.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter E. Enforcement › Section 157.0211. Multi-State Examination Authority of Residential Mortgage Loan Servicer

Sec. 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 in accordance with this chapter, the commissioner or the commissioner's designee may participate in multi-state mortgage examinations as scheduled by the Conference of State Bank Supervisors Multi-State Mortgage Committee or by the Consumer Financial Protection Bureau in accordance with the protocol for such examinations.
Added by Acts 2011, 82nd Leg., R.S., Ch. 588 (S.B. 17), Sec. 5, eff. September 1, 2011.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 73, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter E. Enforcement › Section 157.022. Issuance and Enforcement of Subpoena

Sec. 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 law to serve citation or perfect service.  The subpoena may require a person to give a deposition, produce documents, or both.
(b)  If a person disobeys a subpoena or if a person appearing in a deposition in connection with the investigation refuses to testify, the commissioner may petition a district court in Travis County to issue an order requiring the person to obey the subpoena, testify, or produce documents relating to the matter.  The court shall promptly set an application to enforce a subpoena issued under Subsection (a) for hearing and shall cause notice of the application and the hearing to be served on the person to whom the subpoena is directed.
Added by Acts 2009, 81st Leg., R.S., Ch. 1147 (H.B. 2779), Sec. 8, eff. April 1, 2010.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter E. Enforcement › Section 157.023. Administrative Penalty

Sec. 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 licensed under this chapter as a residential mortgage loan originator and who violates this chapter, Chapter 156, or a rule or order adopted under this chapter or Chapter 156.
(b)  The amount of the penalty may not exceed $25,000 for each violation.  The amount shall be based on:
(1)  the seriousness of the violation, including the nature, circumstances, extent, and gravity of the violation;
(2)  the economic harm to property caused by the violation;
(3)  the history of previous violations;
(4)  the amount necessary to deter a future violation;
(5)  efforts to correct the violation; and
(6)  any other matter that justice may require.
(c)  The enforcement of the penalty may be stayed during the time the order is under judicial review if the person pays the penalty to the clerk of the court or files a supersedeas bond with the court in the amount of the penalty.  A person who cannot afford to pay the penalty or file the bond may stay the enforcement by filing an affidavit in the manner required by the Texas Rules of Civil Procedure for a party who cannot afford to file security for costs, subject to the right of the commissioner to contest the affidavit as provided by those rules.
(d)  The attorney general may sue to collect the penalty.
(e)  An appeal of an administrative penalty under this section is considered to be a contested case under Chapter 2001, Government Code.
Added by Acts 2009, 81st Leg., R.S., Ch. 1147 (H.B. 2779), Sec. 8, eff. April 1, 2010.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 57, eff. September 1, 2011.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 74, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter E. Enforcement › Section 157.0241. Revocation or Suspension of License for Payment From Recovery Fund

Sec. 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 fund of any amount toward satisfaction of a claim against a residential mortgage loan originator licensed under this chapter.
(b)  The commissioner may seek to collect from a residential mortgage loan originator the amount paid from the recovery fund on behalf of the residential mortgage loan originator and any costs associated with investigating and processing the claim against the recovery fund or with collection of reimbursement for payments from the recovery fund, plus interest at the current legal rate until the amount has been repaid in full.  Any amount, including interest, recovered by the commissioner shall be deposited to the credit of the recovery fund.
(c)  The commissioner may probate an order revoking or suspending a license under this section.
(d)  A person on whose behalf payment was made from the recovery fund is not eligible to receive a new license or have a suspension lifted under this chapter until the person has repaid in full, plus interest at the current legal rate, the amount paid from the recovery fund on the person's behalf and any costs associated with investigating and processing the claim against the recovery fund or with collection of reimbursement for payments from the recovery fund.
(e)  This section does not limit the authority of the commissioner to take disciplinary action against a residential mortgage loan originator for a violation of this chapter, Chapter 156, or the rules adopted by the finance commission under this chapter or Chapter 156.  The repayment in full to the recovery fund of all obligations of a residential mortgage loan originator does not nullify or modify the effect of any other disciplinary proceeding brought under this chapter or Chapter 156.
Added by Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 59, eff. September 1, 2011.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 76, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter E. Enforcement › Section 157.025. Restitution

Sec. 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 Chapter 156.
Added by Acts 2009, 81st Leg., R.S., Ch. 1147 (H.B. 2779), Sec. 8, eff. April 1, 2010.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 77, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter E. Enforcement › Section 157.026. Hearings and Judicial Review

Sec. 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 may employ an administrative law judge to conduct hearings under this section.  The commissioner may collect and deposit any court costs assessed under a final order.
(b)  If the commissioner proposes to suspend or revoke a license of a residential mortgage loan originator or if the commissioner refuses to issue or renew a residential mortgage loan originator license under this chapter, the applicant or license holder is entitled to a hearing before the commissioner or an administrative law judge who shall make a proposal for decision to the commissioner.  The commissioner or administrative law judge shall prescribe the time and place of the hearing.  The hearing is governed by Chapter 2001, Government Code.
(c)  The commissioner or administrative law judge may issue subpoenas for the attendance of witnesses and the production of records or documents.  Process issued by the commissioner or the administrative law judge may extend to all parts of the state and may be served by any person designated by the commissioner or administrative law judge.
(d)  An individual aggrieved by a ruling, order, or decision of the commissioner has the right to appeal to a district court in the county in which the hearing was held.  An appeal under this subsection is governed by Chapter 2001, Government Code.
(e)  The commissioner may, in the commissioner's discretion, rescind or vacate any previously issued revocation order.
Added by Acts 2009, 81st Leg., R.S., Ch. 1147 (H.B. 2779), Sec. 8, eff. April 1, 2010.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 78, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter E. Enforcement › Section 157.027. Civil Actions and Injunctive Relief

Sec. 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 action for recovery of actual monetary damages and reasonable attorney's fees and court costs.
(b)  The commissioner, the attorney general, or a residential mortgage loan applicant may bring an action to enjoin a violation of this chapter by a residential mortgage loan originator.
(c)  A remedy provided by this section is in addition to any other remedy provided by law.
Added by Acts 2009, 81st Leg., R.S., Ch. 1147 (H.B. 2779), Sec. 8, eff. April 1, 2010.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 79, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter E. Enforcement › Section 157.028. Burden of Proof to Establish an Exemption

Sec. 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.
Added by Acts 2009, 81st Leg., R.S., Ch. 1147 (H.B. 2779), Sec. 8, eff. April 1, 2010.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter E. Enforcement › Section 157.029. Reliance on Written Notices From the Commissioner

Sec. 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 written report from the commissioner unless a subsequent amendment to this chapter or a rule adopted under this chapter affects the commissioner's notice, interpretation, or report.
Added by Acts 2009, 81st Leg., R.S., Ch. 1147 (H.B. 2779), Sec. 8, eff. April 1, 2010.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter E. Enforcement › Section 157.030. Completion of Residential Mortgage Origination Services

Sec. 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 in obtaining the residential mortgage loan is considered to have completed the performance of the loan originator's services for the applicant and owes no additional duties or obligations to the applicant with respect to the loan.
(b)  This section does not limit or preclude the liability of a residential mortgage loan originator for:
(1)  failing to comply with this chapter, Chapter 156,  or a rule adopted under this chapter or Chapter 156;
(2)  failing to comply with a provision of or duty arising under an agreement with a residential mortgage loan applicant under this chapter or Chapter 156; or
(3)  violating any other state or federal law.
Added by Acts 2009, 81st Leg., R.S., Ch. 1147 (H.B. 2779), Sec. 8, eff. April 1, 2010.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 80, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators › Subchapter E. Enforcement › Section 157.032. Powers of Commissioner

Sec. 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 a violation of Subchapter D or a rule adopted under Subchapter D.  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 Subchapter D.
(b)  The commissioner is not required to provide an appeal bond in any action or proceeding to enforce Subchapter D.
(c)  The commissioner may authorize specific employees to conduct hearings and make recommendations for final decisions in contested cases.
Added by Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 82, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 158 - Residential Mortgage Loan Servicers › Subchapter A. General Provisions › Section 158.001. Short Title

Sec. 158.001.  SHORT TITLE.  This chapter may be cited as the Residential Mortgage Loan Servicer Registration Act.
Added by Acts 2011, 82nd Leg., R.S., Ch. 588 (S.B. 17), Sec. 1, eff. September 1, 2011.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 158 - Residential Mortgage Loan Servicers › Subchapter A. General Provisions › Section 158.002. Definitions

Sec. 158.002.  DEFINITIONS.  In this chapter:
(1)  "Commissioner" means the savings and mortgage lending commissioner.
(2)  "Finance commission" means the Finance Commission of Texas.
(3)  "Person" means an individual, corporation, company, limited liability company, partnership, or association.
(4)  "Registrant" means a person registered under this chapter.
(5)  "Residential mortgage loan" means a loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling or on residential real estate.
(6)  "Residential mortgage loan servicer" means a person who:
(A)  receives scheduled payments from a borrower under the terms of a residential mortgage loan, including amounts for escrow accounts; and
(B)  makes the payments of principal and interest to the owner of the loan or other third party and makes any other payments with respect to the amounts received from the borrower as may be required under the terms of the servicing loan document or servicing contract.
(7)  "Residential real estate" means real property located in this state on which a dwelling designed for occupancy for one to four families is constructed or intended to be constructed.
Added by Acts 2011, 82nd Leg., R.S., Ch. 588 (S.B. 17), Sec. 1, eff. September 1, 2011.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 158 - Residential Mortgage Loan Servicers › Subchapter A. General Provisions › Section 158.003. Purpose; Rules

Sec. 158.003.  PURPOSE; RULES.  (a)  The purpose of this chapter is to provide regulatory authority to ensure that residential mortgage loan servicers registered under this chapter comply with federal and state laws, rules, and regulations.
(b)  The finance commission may adopt and enforce rules necessary for the purposes of or to ensure compliance with this chapter.
(c)  The finance commission shall consult with the commissioner when proposing and adopting rules under this chapter.
Added by Acts 2011, 82nd Leg., R.S., Ch. 588 (S.B. 17), Sec. 1, eff. September 1, 2011.