reglab/statecodes huggingface dataset:
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter A - GENERAL PROVISIONS › Section 81.4 - Enforceability of Liens

Current through Reg. 49, No. 28; July 12, 2024
A violation of this chapter shall not render an otherwise
					 lawfully taken lien unenforceable.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter A - GENERAL PROVISIONS › Section 81.5 - Savings Clause

Current through Reg. 49, No. 28; July 12, 2024
If any portion or provision of this chapter is found to be
					 illegal, invalid, or unenforceable, such illegality, invalidity, or lack of
					 enforceability shall not affect or impair the legality, validity, and
					 enforceability of the remainder thereof, all of which shall remain in full
					 force and effect.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter B - LICENSING OF INDIVIDUAL ORIGINATORS › Section 81.100 - Licensing - General

Current through Reg. 49, No. 28; July 12, 2024
(a) An individual
				  is required to be licensed under Finance Code, Chapter 157 if the individual:
(1) Engages in the business of residential
				  mortgage loan origination on real property located in the state of
				  Texas;
(2) Represents or holds
				  himself out to the public as a "loan officer," "mortgage consultant," "mortgage
				  broker," "loan modification/refinance consultant," or "residential mortgage
				  loan originator," or otherwise represents that the individual can or will
				  perform the activities of a residential mortgage loan originator;
(3) Provides disclosures to a prospective
				  borrower or discusses or explains such disclosures. Disclosures include but are
				  not limited to the residential mortgage loan originator disclosure form; truth
				  in lending disclosures, the good faith estimate of settlement costs, affiliated
				  business arrangements; and disclosures relating to the dual role as a
				  residential mortgage loan originator and real estate broker or sales agent. An
				  individual who prepares a required disclosure under the direction and
				  supervision of a licensed residential mortgage loan originator, but who does
				  not discuss the disclosure with a prospective borrower shall not be deemed to
				  have provided a disclosure for purposes of this paragraph;
(4) Determines the lender(s) or investor(s)
				  to whom the loan will be submitted;
(5) Issues or signs a prequalification letter
				  or preapproval letter; or
(6) Is a
				  loan processor or underwriter who is an independent contractor.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter B - LICENSING OF INDIVIDUAL ORIGINATORS › Section 81.101 - Sponsorship of Originator

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Sponsorship Required. In order to act in the capacity of an originator an
				  originator's license must be sponsored in NMLS by a mortgage company licensed
				  under Finance Code Chapter 156 or a mortgage banker registered under Finance
				  Code Chapter 157. In order to establish sponsorship by a mortgage company or a
				  mortgage banker the originator must amend his or her NMLS license record (MU4
				  filing) to reflect employment by such mortgage company or mortgage banker and
				  grant such mortgage company or mortgage banker access to his or her license
				  records in order to allow the mortgage company or mortgage banker to register a
				  relationship with the originator in NMLS. The mortgage company or mortgage
				  banker must make corresponding license record amendments in NMLS in order to
				  establish such sponsorship as provided by this section, including a request to
				  establish such sponsorship. Sponsorship is not effective until the mortgage
				  company's or mortgage banker's sponsorship request has been reviewed and
				  approved by the Department. A licensee must not act or attempt to act in the
				  capacity of an originator on behalf of a mortgage company or mortgage banker
				  until sponsorship with such mortgage company or mortgage banker has been
				  established and is effective.
(b)
				  Termination of Sponsorship. Sponsorship may be terminated by the sponsoring
				  mortgage company or mortgage banker, or the originator. If sponsorship is
				  terminated, the party terminating the sponsorship must immediately make a
				  license record amendment in NMLS notifying the Department that the sponsorship
				  has been terminated, as provided by Tex. Fin. Code §156.211 and
				  §157.019.
(c) Lapsing of
				  Sponsorship; Inactive Status. Failure by an originator to maintain sponsorship
				  will result in the license automatically reverting to an inactive status,
				  during which time the licensee must not act or attempt to act in the capacity
				  of an originator.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter B - LICENSING OF INDIVIDUAL ORIGINATORS › Section 81.102 - Temporary Authority

Current through Reg. 49, No. 28; July 12, 2024
(a) Purpose and
				  Applicability. The purpose of this section is to specify how an individual
				  licensed in another jurisdiction or by a different licensing authority as an
				  originator, or is a "registered mortgage loan originator" (as defined by
				  Finance Code §
										RSA
				  180.002(16)) , may avail
				  himself or herself of the ability to act in the capacity of an originator in
				  Texas temporarily while he or she seeks licensure by the Department, as
				  provided by Tex. Fin. Code §180.0511.
(b) Application Required. An individual
				  seeking to act under temporary authority must comply with the requirements of
				  Tex. Fin. Code §180.0511. Among other requirements, Tex. Fin. Code
				  §180.0511 requires that the individual file an application with the
				  Department seeking licensure in order to be recognized as having temporary
				  authority. An individual must not act or attempt to act in the capacity of an
				  originator until such application has been filed and the individual has been
				  assigned an NMLS license status code by the Department recognizing such
				  temporary authority. Several status codes reflect and recognize such temporary
				  authority. An individual may confirm his or her temporary authority by
				  reviewing his or her status on the NMLS Consumer Access website
				  (nmlsconsumeraccess.org).
(c)
				  Incomplete Applications. The requirements of §81.100(h) (relating to
				  Licensing - General), providing for the deemed withdrawal of an application
				  that is not complete, are inapplicable to an application for which temporary
				  authority is conferred.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter B - LICENSING OF INDIVIDUAL ORIGINATORS › Section 81.103 - Licensing of Military Service Members, Military Veterans, and Military Spouses

Current through Reg. 49, No. 28; July 12, 2024
(a) Purpose. This
				  section specifies licensing requirements for military service members, military
				  veterans, and military spouses, in accordance with Occupations Code Chapter
				  55.
(b) Definitions. In this
				  section, the terms "military service member," "military spouse," and "military
				  veteran" have the meanings assigned by Tex. Occ. Code §55.001.
(c) Late Renewal (Reinstatement). As provided
				  by Tex. Occ. Code §55.002, an individual is exempt from any increased fee
				  or other penalty for failing to renew his or her originator license in a timely
				  manner if the individual establishes to the satisfaction of the Commissioner
				  that he or she failed to timely renew the license because the individual was
				  serving as a military service member. A military service member who fails to
				  timely renew his or her originator license must seek reinstatement of the
				  license within the time period prescribed by Tex. Fin. Code §157.016;
				  otherwise, the individual must obtain a new license, including complying with
				  the requirements and procedures then in existence for obtaining an original
				  license.
(d) Expedited Review and
				  Processing. Tex. Occ. Code §55.005 provides that a military service
				  member, military veteran, or military spouse is entitled to expedited review
				  and processing of his or her application for an originator license. A military
				  service member, military veteran, or military spouse seeking expedited review
				  of his or her application must, after applying for the license in NMLS, make a
				  written request for expedited review using the form prescribed by the
				  Commissioner and posted on the Department's website (sml.texas.gov), including
				  providing the supporting documentation specified by the form, to enable the
				  Department to verify the individual's status as a military service member,
				  military veteran, or military spouse. The Department, on or before 30 days
				  after the date it receives a complete application and request for expedited
				  review from a qualifying applicant who is a military service member, military
				  veteran, or military spouse, will process the application and, provided the
				  applicant is otherwise eligible to receive the license, issue a license to the
				  applicant, if the applicant:
(1) is licensed
				  as an originator in another jurisdiction with substantially equivalent
				  licensing requirements; or
(2) was
				  licensed as an originator in Texas within the 5 years preceding the date of the
				  application.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter B - LICENSING OF INDIVIDUAL ORIGINATORS › Section 81.104 - Required Education

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Pre-Licensing Education. As provided by Finance Code Chapter 180, an individual
				  applying for licensure must complete the pre-licensing education and coursework
				  prescribed by the federal S.A.F.E. Mortgage Licensing Act (federal SAFE Act)
				  and approved by NMLS. Such education and coursework must include three hours of
				  instruction relating to the applicable laws, rules and practice considerations
				  governing residential mortgage loan origination in Texas.
(b) Lapsing of Pre-Licensing Education. An
				  individual applying for licensure other than a current license holder seeking
				  renewal or the holder of a recently-expired license seeking reinstatement as
				  provided by Tex. Fin. Code §157.016 (an individual seeking an original
				  license) must have completed the required pre-licensing education and
				  coursework described by subsection (a) within the three years preceding the
				  date of application; otherwise, such individual must retake the pre-licensing
				  education and coursework approved and offered at the time of the
				  application.
(c) Recognition of
				  Pre-Licensing Education Taken in Another Jurisdiction. As provided by Tex. Fin.
				  Code §180.056, the Department will recognize pre-licensing education
				  coursework taken in another jurisdiction subject to the requirements of the
				  federal SAFE Act; provided, it is approved by NMLS for that purpose and
				  otherwise meets the applicable requirements of the federal SAFE Act, and
				  Finance Code Chapter 180. However, the Department will not recognize those
				  hours of pre-licensing education taken in another jurisdiction the content of
				  which was dedicated to education specific to that jurisdiction and that
				  comprised the twelve-hour undefined electives portion of such pre-licensing
				  education program and coursework. An individual may take coursework that is of
				  limited duration and limited in scope to the applicable laws, rules and
				  practice considerations governing residential mortgage loan origination in
				  Texas in order to supplement and remedy a shortfall in hours derived from
				  non-recognition of pre-licensing education taken in another jurisdiction as
				  provided by this section.
(d)
				  Continuing Education. As provided by Tex. Fin. Code § 180.060 and §
										RSA 81.106 of
				  this title (relating to Renewals), a licensee must complete, on an annual
				  basis, continuing education and coursework approved by NMLS in order to renew
				  the license.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter B - LICENSING OF INDIVIDUAL ORIGINATORS › Section 81.105 - Fees

Current through Reg. 49, No. 28; July 12, 2024
(a) Fees relating
				  to a license or registration will be established by the Commissioner in
				  accordance with Finance Code Chapter 157. The amount of the fees may be
				  modified upon not less than 30 days' advance notice posted on the Department's
				  website.
(b) All fees are
				  nonrefundable and nontransferable.
(c) The Commissioner may, in addition to any
				  disciplinary action, collect a fee in an amount not to exceed $50 for any
				  returned check or credit card chargeback.
(d) For examinations that are conducted
				  outside of Texas, the Commissioner may collect reimbursement of actual
				  expenses. Actual expenses incurred will be in compliance with the Department's
				  policies and procedures.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter B - LICENSING OF INDIVIDUAL ORIGINATORS › Section 81.106 - Renewals

Current through Reg. 49, No. 28; July 12, 2024
(a) A license may
				  be renewed upon:
(1) submission of a
				  completed application for renewal through NMLS together with payment of the
				  applicable renewal application fee;
(2) a determination that the applicant
				  continues to meet the minimum requirements for licensure; and
(3) satisfactory evidence provided to the
				  Department that the license holder has completed the continuing education
				  requirements of Finance Code §
											RSA
				  180.060.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter B - LICENSING OF INDIVIDUAL ORIGINATORS › Section 81.107 - NMLS Records; Notice to Licensee

Current through Reg. 49, No. 28; July 12, 2024
(a) Amendments to License Records Required.
				  Unless Tex. Fin. Code §157.019 applies and requires additional notice, an
				  originator licensed by the Department must amend his or her NMLS license record
				  (MU4 filing) within 10 days after any material change occurs affecting any
				  aspect of the MU4 filing, including, but not limited to:
(1) name (which must be accompanied by
				  supporting documentation submitted to the Department establishing the name
				  change);
(2) phone
				  number;
(3) email address
				  (including his or her NMLS account email address, as provided by subsection (d)
				  of this section);
(4) mailing
				  address:
(5) residential
				  history;
(6) employment history;
				  and
(7) answers to disclosure
				  questions (which must be accompanied by explanations for each such disclosure,
				  together with supporting documentation concerning such disclosure).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter B - LICENSING OF INDIVIDUAL ORIGINATORS › Section 81.108 - Background Checks

Current through Reg. 49, No. 28; July 12, 2024
(a) NMLS Background
				  Check; Fingerprints Required. An individual applying for an originator's
				  license must provide authorization and fingerprints as prescribed by NMLS in
				  order to conduct a criminal background history check through the Federal Bureau
				  of Investigation.
(b) Background
				  Checks by the Commissioner. Pursuant to Tex. Fin. Code §157.0132 and Tex.
				  Gov't Code §
										RSA
				  411.1385, the Commissioner is authorized to
				  separately conduct a criminal background history check through the Texas
				  Department of Public Safety (DPS) as determined in the sole discretion of the
				  Commissioner, and may require the applicant to provide fingerprints in order to
				  conduct a fingerprint-based criminal background history check administered by
				  DPS and to pay any applicable fees to DPS or its designated third-party
				  fingerprint processor.
(c) NMLS
				  Credit Check. An individual applying for an originator's license must provide
				  authorization in the NMLS system for the Department to obtain a copy of the
				  applicant's credit report concerning the applicant's credit history from a
				  credit reporting agency (credit bureau).
(d) Supplemental Information. An individual
				  applying for an originator's license must provide to the Department, through
				  NMLS, information related to any administrative, civil, or criminal findings or
				  proceedings by a governmental jurisdiction, including any information required
				  by §
										RSA
				  81.109 of this title (relating to Procedures
				  for Review of Background Checks).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter B - LICENSING OF INDIVIDUAL ORIGINATORS › Section 81.109 - Procedures for Review of Background Checks

Current through Reg. 49, No. 28; July 12, 2024
(a) Purpose and Applicability. This section
				  establishes procedures utilized by the Commissioner and Department staff in
				  performing background checks and reviewing an individual's criminal background
				  and credit history to determine his or her fitness and eligibility for
				  licensure in accordance with Tex. Fin. Code §157.0132.
(b) Supporting Information/Documentation for
				  Criminal Background Check. In order to facilitate his or her review by the
				  Department, an individual with a criminal history seeking to be licensed by the
				  Department, when requested by Department staff, must provide the following in
				  support of his or her application for each conviction or other criminal
				  proceeding identified by Department staff:
(1) a detailed explanation, in writing, of
				  the events and circumstances for each conviction or other criminal proceeding
				  required to be self-disclosed in his or her application, signed and dated by
				  the individual seeking licensure; and
(2) copies of court records or other
				  documentation reflecting:
(A) the nature of
				  the criminal offense (including the statutory provisions violated, and the
				  severity or classification of the offense);
(B) the individual's plea (including any
				  terms or other arrangements for the plea);
(C) the conviction (judgment or court
				  order);
(D) the sentence
				  imposed;
(E) any probation or
				  community supervision imposed (including evidence of compliance); and
(F) any other action in the proceeding
				  causing final disposition of the case to be deferred.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter B - LICENSING OF INDIVIDUAL ORIGINATORS › Section 81.110 - Criminal Conviction Guidelines

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Purpose and Applicability. This section establishes the criteria utilized by
				  the Commissioner and Department staff in reviewing an individual with a
				  criminal history to determine his or her eligibility and fitness to be licensed
				  by the Department as an originator. This section implements the requirements of
				  Tex. Occ. Code §53.025, requiring the Department to establish guidelines
				  related to such reviews, including designating particular crimes and offenses
				  the Department considers to be directly related to the duties and
				  responsibilities of acting as an originator and may constitute grounds for
				  denial of licensure. The Commissioner's authority to deny an application for
				  licensure based on an individual's criminal history under the Occupations Code
				  is in addition to and augments that arising from the Finance Code. This section
				  also describes the Commissioner's other statutory authority arising from the
				  Finance Code for denial of licensure based on an individual's criminal history,
				  including outlining certain offenses deemed by this section to be grounds for
				  denial under the Finance Code.
(b)
				  Ineligibility by Operation of Law. The following individuals are ineligible for
				  licensure by operation of law due to his or her criminal history:
(1) an individual who, within the seven years
				  preceding the date of the application, has been convicted of, or pled guilty or
				  nolo contendere to, a felony in a court of this state, another state or
				  territory of the United States, a federal court of the United States, or other
				  foreign, or military court, in accordance with Tex. Fin. Code §180.055(a);
				  and
(2) an individual who, at any
				  time, has been convicted of, or pled guilty or nolo contendere to, a felony
				  offense involving an act of fraud, dishonesty, breach of trust, or money
				  laundering, in accordance with Tex. Fin. Code §180.055(a). Any felony
				  offense listed in the schedule contained in subsection (e) of this section
				  having a nexus to residential mortgage loan origination arising from the
				  categories of criminal offenses related to residential mortgage loan
				  origination under subsection (d)(1) or (2) of this section (concerning crimes
				  involving fraud, falsification, dishonesty, deception and breach of trust, and
				  theft or embezzlement, respectively) is deemed to constitute a crime involving
				  an act of fraud, dishonesty, breach of trust, or money laundering for purposes
				  of Tex. Fin. Code §180.055(a).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter C - DUTIES AND RESPONSIBILITIES › Section 81.200 - Required Disclosures

Current through Reg. 49, No. 28; July 12, 2024
(a) Specific
				  Notice to Applicant by Mortgage Banker. An originator sponsored by a mortgage
				  banker under Finance Code, Chapter 157 must provide the following notice to a
				  residential mortgage loan applicant with an initial application for a
				  residential mortgage loan, and the mortgage banker and its sponsored originator
				  must maintain in their records, evidence of timely delivery of such disclosure:
Attached Graphic
(b) Specific Notice to
				  Applicant by Mortgage Company. An originator sponsored by a mortgage company
				  under Finance Code, Chapter 156 must provide a residential mortgage loan
				  applicant with the notice required by §
										RSA
				  80.200(a) of this title at
				  the time of the initial application for a residential mortgage loan and must
				  maintain or otherwise ensure the mortgage company maintains in its records,
				  evidence of timely delivery of such disclosure.
(c) Posted Notice on Mortgage Banker Websites
				  and Social Media Sites. A mortgage banker or its sponsored originator must post
				  in conspicuous fashion the following notice on each website and social media
				  site of the mortgage banker or sponsored originator that is accessible by a
				  mortgage applicant or prospective mortgage applicant and either used to conduct
				  residential mortgage loan origination business by the mortgage banker or
				  sponsored originator, or from which the mortgage banker or sponsored originator
				  advertises to solicit such business, as provided by §
										RSA 81.203 of this
				  title:
Attached
					 Graphic
(d)
				  Posted Notice on Mortgage Company Websites and Social Media Sites. An
				  originator sponsored by a mortgage company under Finance Code, Chapter 156 must
				  comply with the requirements of §
										RSA
				  80.200(b) of this
				  title.
(e) Disclosures in
				  Correspondence. An originator must provide the following information on all
				  correspondence sent to a mortgage applicant:
(1) the name of the mortgage banker or
				  mortgage company sponsoring the originator, followed by its NMLS identification
				  number; and
(2) the name of the
				  originator, followed by the originator's NMLS identification number.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter C - DUTIES AND RESPONSIBILITIES › Section 81.201 - Loan Status Forms

Current through Reg. 49, No. 28; July 12, 2024
(a) Except as
				  otherwise provided by subsection (c) of this section, when provided to a
				  mortgage applicant or prospective mortgage applicant written confirmation of
				  conditional pre-qualification shall include the information in Form A, Figure:
				  7 TAC § 81.201(a). This information can be provided by utilizing Form A or
				  an alternate form that includes all of the information found on Form A. There
				  is no requirement to issue a written confirmation of conditional
				  pre-qualification. Form A or an alternate form may be modified by adding any of
				  the following as needed:
Attached Graphic
(1) Any additional aspects of the loan as
				  long as not misleading;
(2) Any
				  additional items that the originator has reviewed in determining conditional
				  qualifications; or
(3) Any
				  additional terms, conditions, and requirements.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter C - DUTIES AND RESPONSIBILITIES › Section 81.202 - Prohibition on False, Misleading, or Deceptive Practices and Improper Dealings

Current through Reg. 49, No. 28; July 12, 2024
(a) False,
				  Misleading or Deceptive Practices. The following conduct by a mortgage banker
				  or an originator constitutes fraudulent and dishonest dealings for purposes of
				  Tex. Fin. Code §157.009(d) and §157.024(a)(3), deceptive practices
				  for purposes of Tex. Fin. Code §180.153(2), and a scheme to defraud a
				  person for purposes of Tex. Fin. Code §180.153(1):
(1) knowingly misrepresenting the mortgage
				  banker's or originator's relationship to a residential mortgage loan applicant
				  or any other party to an actual or proposed residential mortgage loan
				  transaction;
(2) knowingly
				  misrepresenting or understating any cost, fee, interest rate, or other expense
				  in connection with a residential mortgage loan applicant's applying for or
				  obtaining a residential mortgage loan;
(3) knowingly overstating, inflating,
				  altering, amending or disparaging any source or potential source of residential
				  mortgage loan funds in a manner which disregards the truth or makes any knowing
				  and material misstatement or omission;
(4) knowingly participating in or permitting
				  the submission of false or misleading information of a material nature to any
				  person in connection with a decision by that person whether or not to make or
				  acquire a residential mortgage loan;
(5) as provided for by the Real Estate
				  Settlement Procedures Act and Regulation X, brokering, arranging, or making a
				  residential mortgage loan in which the originator retains fees or receives
				  other compensation for services which are not actually performed or where the
				  fees or other compensation received bear no reasonable relationship to the
				  value of services actually performed;
(6) recommending or encouraging default or
				  delinquency or continuation of an existing default or delinquency by a
				  residential mortgage applicant on any existing indebtedness prior to closing a
				  residential mortgage loan which refinances all or a portion of such existing
				  indebtedness;
(7) altering any
				  document produced or issued by the Department, unless otherwise permitted by
				  statute or a rule of the Department.
(8) engaging in any other practice which the
				  Commissioner, by published interpretation, has determined to be false,
				  misleading, or deceptive.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter C - DUTIES AND RESPONSIBILITIES › Section 81.203 - Advertising

Current through Reg. 49, No. 28; July 12, 2024
(a) A mortgage
				  banker or originator that advertises rates, terms, or conditions must comply
				  with the disclosure requirements of Regulation Z.
(b) Any advertisement of residential mortgage
				  loans or for residential mortgage loan origination services which is offered by
				  or through a mortgage banker or originator must conform to the following
				  requirements:
(1) A mortgage banker or
				  originator may only advertise for such products and terms as are actually
				  available and, if availability is subject to any material requirements or
				  limitations, the advertisement must specify those requirements or
				  limitations.
(2) Except as provided
				  in subsections (c) and (d) of this section, the advertisement must contain:
(A) the name of the mortgage banker or
				  mortgage company followed by its NMLS identification number; and
(B) the name of the sponsored originator
				  followed by the sponsored originator's NMLS identification number.
(3) An advertisement must not make
				  any statement or omit relevant information the result of which is to present a
				  misleading or deceptive representation to consumers.
(4) An advertisement must comply with
				  applicable state and federal disclosure requirements.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter C - DUTIES AND RESPONSIBILITIES › Section 81.205 - Mortgage Call Reports

Current through Reg. 49, No. 28; July 12, 2024
(a) Call
				  Report.
(1) A mortgage banker must file a
				  mortgage call report on a quarterly basis. The filing deadlines are set by NMLS
				  .
(2) A call report is required to
				  be filed for each quarter a license is held, including partial
				  quarters.
(3) The call report must
				  be submitted through and in the manner and form prescribed by NMLS.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter C - DUTIES AND RESPONSIBILITIES › Section 81.206 - Office Locations; Remote Work

Current through Reg. 49, No. 28; July 12, 2024
(a) Definitions. The following terms, when
				  used in this section, will have the following meanings, unless the context
				  clearly indicates otherwise.
(1)
				  "Administrative office" means any office of a mortgage banker that is separate
				  and distinct from its main office or a branch office, whether located in Texas
				  or not, at which the mortgage banker conducts residential mortgage loan
				  business in Texas. The term does not include a "remote location" as defined by
				  this section. The term includes:
(A) an
				  office or location at which the employees of the mortgage banker act solely in
				  the capacity of a "loan processor or underwriter," as that term is defined by
				  Tex. Fin. Code §180.002;
(B)
				  an office or location at which the employees of the mortgage banker perform
				  solely administrative or clerical tasks on behalf of an individual licensed as
				  an originator, as provided by Tex. Fin. Code §180.002(19)(B)(i);
(C) with respect to a mortgage banker whose
				  registration under Finance Code Chapter 157 reflects it acts as a servicer of
				  residential mortgage loans, an office or location at which a mortgage banker or
				  its employees solely perform activities relating to residential mortgage loan
				  servicing, including:
(i) collection of the
				  residential mortgage loan;
(ii) the
				  administration of escrow accounts;
(iii) loss mitigation;
(iv) administering or enforcing the terms of
				  a residential mortgage loan; or
(v)
				  administering the terms of an investor servicing agreement for a residential
				  mortgage loan; or
(D) an
				  office or location which conducts any combination of activities described by
				  subparagraphs (A) - (C) of this paragraph.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter D - COMPLIANCE AND ENFORCEMENT › Section 81.300 - Examinations

Current through Reg. 49, No. 28; July 12, 2024
(a) The
				  Commissioner, or the Commissioner's designee(s), will conduct periodic
				  examinations of an originator as the Commissioner deems necessary.
(b) Notice of Examination. Except when the
				  Department determines that giving advance notice would impair the examination,
				  the Department will give the primary contact person of the mortgage banker or
				  mortgage company sponsoring the originator listed in NMLS or a person
				  designated by the primary contact person advance notice of each examination.
				  Such notice will be sent to the primary contact person's or designated person's
				  mailing address or email address of record with NMLS and will specify the date
				  on which the Department's examiners are scheduled to begin the examination.
				  Failure to actually receive the notice will not be grounds for delay or
				  postponement of the examination. The notice will include a list of the
				  documents and records that must be produced or made available to facilitate the
				  examination.
(c) Examinations will
				  be conducted to determine compliance with Finance Code, Chapters 157 and 180,
				  and this chapter, and will specifically address whether:
(1) all persons conducting residential
				  mortgage loan origination activities are properly licensed and
				  sponsored;
(2) all office locations
				  are properly licensed or registered, as provided by §80.206 (relating to
				  Physical Office) and §
											RSA 81.206 of
				  this title (relating to Office Locations; Remote Work);
(3) All required books and records are being
				  maintained in accordance with §
											RSA 80.204 of
				  this title;
(4) legal and
				  regulatory requirements applicable to the originator and the mortgage banker or
				  mortgage company sponsoring the originator are being properly followed;
				  and
(5) other matters as the
				  Commissioner may deem necessary or advisable to carry out the purposes of
				  Finance Code, Chapters 157 and 180.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter D - COMPLIANCE AND ENFORCEMENT › Section 81.301 - Investigations

Current through Reg. 49, No. 28; July 12, 2024
(a) Investigations
				  will be conducted as deemed appropriate in light of all the relevant facts and
				  circumstances then known. Such investigation may include any or all of the
				  following:
(1) review of documentary
				  evidence;
(2) interviews with
				  complainants, licensees, and third parties;
(3) obtaining reports, advice, and other
				  comments and assistance of other state and/or federal regulatory, enforcement,
				  or oversight bodies;
(4) other
				  lawful investigative techniques as the Commissioner reasonably deems necessary
				  and/or appropriate, including, but not limited to, requesting that complainants
				  and/or other parties made the subject of complaints provide explanatory,
				  clarifying, or supplemental information.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter D - COMPLIANCE AND ENFORCEMENT › Section 81.302 - Hearings and Appeals

Current through Reg. 49, No. 28; July 12, 2024
(a) As determined
				  by the Commissioner, hearings may be conducted in accordance with Chapter 9 of
				  this title including, but not limited to motions for rehearing, notices of
				  appeal, and applications for review. All hearings shall, unless specifically
				  authorized by the Commissioner, be conducted in Austin, Travis County, Texas.
				  All appeals of decisions of the Commissioner shall be made to the State
				  District Court in Travis County, Texas. Such rules, as set forth in Chapter 9
				  of this title are incorporated herein by reference for all purposes.
(b) If a person against whom an order is made
				  requires a hearing, the Commissioner shall set and give notice of a hearing
				  before the Commissioner or a hearings officer. The hearing shall be governed by
				  Government Code, Chapter 2001. Based on the findings of fact, conclusions of
				  law, and any recommendations of the hearings officer, the Commissioner shall,
				  by order, find that a violation has or has not occurred.
(c) Appeals of an order denying an
				  application or the renewal of a license must be properly requested within ten
				  calendar days of the date on which the initial order is received. All other
				  appeals must be properly requested within thirty days of the date on which the
				  initial order is issued. Any order not properly appealed by the applicable
				  deadline becomes final without further action and cannot be appealed.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 82 - ADMINISTRATION › Section 82.1 - Custody of Criminal History Record Information

Current through Reg. 49, No. 28; July 12, 2024
(a) Definitions. The following terms, when
				used in this section, have the following meanings:
(1) Commissioner--The Consumer Credit
				Commissioner of the State of Texas.
(2) Criminal history record information--Has
				the meaning provided by Texas Government Code, §
										RSA
				411.082(2).
(3) OCCC--The Office of Consumer Credit
				Commissioner of the State of Texas.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 82 - ADMINISTRATION › Section 82.2 - Public Information Requests; Charges

Current through Reg. 49, No. 28; July 12, 2024
(a)
				Definitions. The following words and terms, when used in this section, will
				have the following meanings, unless the context clearly indicates otherwise.
(1) Agency or OCCC--The Office of Consumer
				Credit Commissioner of the State of Texas.
(2) Commissioner--The Consumer Credit
				Commissioner of the State of Texas.
(3) Motor vehicle record--Has the meaning
				provided by Texas Transportation Code, §
										RSA
				730.003(4).
(4) Personal information in a motor vehicle
				record--Has the meaning provided by Texas Transportation Code, §
										RSA
				730.003(6).
(5) Public information request--A written
				request made for public information pursuant to Texas Government Code, Chapter
				552 (the Texas Public Information Act). Another name for a "public information
				request" is an "open records request," and these terms may be used
				synonymously.
(6) Readily available
				information--Public information that already exists in printed form, or
				information that is stored electronically, and is ready to be printed or copied
				without requiring any programming, but not information that is located in two
				or more separate buildings that are not physically connected with each other or
				information that is located in a remote storage facility as per Texas
				Government Code, §
										RSA
				552.261.
(7) Standard paper copy--A printed impression
				on one side of a piece of paper that measures up to 8 1/2 inches by 14 inches.
				A piece of paper that is printed on both sides will be counted as two
				copies.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 82 - ADMINISTRATION › Section 82.3 - Request for Criminal History Evaluation Letter

Current through Reg. 49, No. 28; July 12, 2024
(a) Definitions. The following terms, when
				used in this section, have the following meanings:
(1) Agency or OCCC--The Office of Consumer
				Credit Commissioner of the State of Texas.
(2) Commissioner--The Consumer Credit
				Commissioner of the State of Texas.
(3) Principal party--An individual who would
				qualify as a principal party as provided by the relevant chapter of this title
				under which a business entity is considering applying for a license or
				registration.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 82 - ADMINISTRATION › Section 82.4 - Consumer Complaint Process

Current through Reg. 49, No. 28; July 12, 2024
(a) Definitions.
(1) "Complainant" means a person who files a
				complaint with the OCCC.
(2)
				"Complaint" means a communication received by the OCCC consumer assistance
				department that expresses dissatisfaction with a transaction or alleges
				wrongful conduct. For purposes of this section, the OCCC will collect the
				following items and information regarding a complaint, if available:
(A) the complainant's name and contact
				information;
(B) the name of the
				person against whom the complaint is submitted;
(C) the date and place of the alleged
				misconduct, violation, or transaction;
(D) a description of the facts or conduct
				alleged to violate applicable statutes or rules, and the transaction; and
(E) any written documentation
				supporting the complaint.
(3) "Inquiry" means a communication received
				by the OCCC consumer assistance department that is not a complaint.
(4) "OCCC" means the Office of Consumer
				Credit Commissioner of the State of Texas.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 1 - GENERAL PROVISIONS › Section 83.101 - Purpose and Scope

Current through Reg. 49, No. 28; July 12, 2024
(a) Purpose.
					 The purpose of this subchapter is to assist in the administration and
					 enforcement of Texas Finance Code, Chapter 342.
(b) Scope.
(1) This subchapter applies to all persons
					 engaged in the business of making, transacting, or negotiating loans subject to
					 Texas Finance Code, Chapter 342. As such, this subchapter only applies to
					 lenders and brokers in the business of making, transacting, or negotiating
					 loans that:
(A) contract for, charge, or
					 receive interest in excess of 10% per year;
(B) are loans extended primarily for
					 personal, family, or household use to a person located in Texas at the time the
					 loan is made; and
(C) are either:
(i) unsecured;
(ii) secured under a secondary mortgage loan;
					 or
(iii) secured by personal
					 property.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 2 - AUTHORIZED ACTIVITIES › Section 83.201 - Responsibility for Acts of Agents

Current through Reg. 49, No. 28; July 12, 2024
A licensee is responsible for the acts and omissions of
						its officers, directors, employees, and agents in the conduct of the licensee's
						business.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 2 - AUTHORIZED ACTIVITIES › Section 83.202 - Knowledge of Laws and Regulations Required

Current through Reg. 49, No. 28; July 12, 2024
Each officer, director, employee, and agent of a licensee
						must have a working knowledge of Texas Finance Code, Chapter 342, its
						implementing regulations, and other pertinent state and federal statutes and
						regulations that apply to the licensee's business.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 2 - AUTHORIZED ACTIVITIES › Section 83.203 - Attempted Evasion of Applicability of Subchapter

Current through Reg. 49, No. 28; July 12, 2024
A "device, subterfuge, or pretense to evade the
						application" of this subchapter, as used in Texas Finance Code, §
						342.051(b) refers to any transaction:
(1) that in form may appear on its face to be
					 something other than a loan, but in substance meets the definition of a loan as
					 defined in Texas Finance Code, § 301.002(a)(10); and
(2) in which more than 10% annual interest,
					 in substance, is being contracted for, charged, or received.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 2 - AUTHORIZED ACTIVITIES › Section 83.204 - Multiple Licenses

Current through Reg. 49, No. 28; July 12, 2024
(a)
					 Definitions. The words "made," "negotiated," and "collected" as used in Texas
					 Finance Code, §
											RSA
					 342.052(b) are to be
					 construed as follows.
(1) Made or make--Loans
					 are "made" by the office or offices where either the credit decision is made or
					 the cash advance is disbursed.
(2)
					 Negotiated or arranged; negotiate or arrange--Loans are "negotiated" or
					 "arranged" in the office or offices that received any information preliminary
					 to a credit decision on a prospective borrower or received the executed
					 application, agreement, or other necessary loan documentation.
(3) Collected or collect--Loans are
					 "collected" in the office or offices from which attempts are made to collect
					 past-due payments from the borrowers under a loan. The mere receipt and
					 accounting of payments does not constitute "collection."