| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to certain qualifications and requirements of licensed |
|
|
mortgage companies and the regulation of the Department of Savings |
|
|
and Mortgage Lending. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 156.2041, Finance Code is amended to |
|
|
read as follows: |
|
|
Sec. 156.2041. QUALIFICATIONS AND REQUIREMENTS FOR |
|
|
LICENSE: MORTGAGE COMPANY. (a) To be issued a mortgage company |
|
|
license, an applicant must: |
|
|
(1) submit a completed application together with the |
|
|
payment of applicable fees through the Nationwide Mortgage |
|
|
Licensing System and Registry; |
|
|
(2) designate control persons for the mortgage company |
|
|
through the Nationwide Mortgage Licensing System and Registry; |
|
|
(3) designate an individual licensed as a residential |
|
|
mortgage loan originator under Chapter 157 as the company's |
|
|
qualifying individual; |
|
|
(4) if applicable, submit a completed branch |
|
|
application through the Nationwide Mortgage Licensing System and |
|
|
Registry for each branch office that engages in residential |
|
|
mortgage loan activity on residential real estate located in this |
|
|
state; |
|
|
(5) not be in violation of this chapter, a rule adopted |
|
|
under this chapter, or any order previously issued by the |
|
|
commissioner to the applicant; |
|
|
(6) have the company name or assumed name properly |
|
|
filed with either the secretary of state or with the appropriate |
|
|
county clerk's office; |
|
|
(7) maintain a physical office in this state; and |
|
|
(8) provide financial statements and any other |
|
|
information required by the commissioner. |
|
|
SECTION 2. Section 156.2042, Finance Code is amended to |
|
|
read as follows: |
|
|
Sec. 156.2042. QUALIFICATIONS AND REQUIREMENTS FOR |
|
|
LICENSE: CREDIT UNION SUBSIDIARY ORGANIZATION. (a) To be issued a |
|
|
credit union subsidiary organization license, an applicant must: |
|
|
(1) submit a completed application together with the |
|
|
payment of applicable fees through the Nationwide Mortgage |
|
|
Licensing System and Registry; |
|
|
(2) designate control persons for the organization |
|
|
through the Nationwide Mortgage Licensing System and Registry; |
|
|
(3) designate an individual licensed as a residential |
|
|
mortgage loan originator under Chapter 157 as the company's |
|
|
qualifying individual; |
|
|
(4) submit a complete branch application through the |
|
|
Nationwide Mortgage Licensing System and Registry for each branch |
|
|
office that engages in residential mortgage loan activity on |
|
|
residential real estate located in this state; |
|
|
(5) not be in violation of this chapter, a rule adopted |
|
|
under this chapter, or any order previously issued by the |
|
|
commissioner to the applicant; and |
|
|
(6) maintain a physical office in this state. |
|
|
SECTION 3. Section 156.212, Finance Code is amended to read |
|
|
as follows: |
|
|
Sec. 156.212. MAINTENANCE AND LOCATION OF OFFICES. |
|
|
(a) Each residential mortgage loan company licensed under this |
|
|
chapter shall maintain a physical office in this state. |
|
|
(a-1) If a residential mortgage loan company's main office |
|
|
is outside this state, the requirement of Subsection (a) is |
|
|
satisfied if the company has a branch office located in this state. |
|
|
(b) If a residential mortgage loan company maintains an |
|
|
office separate and distinct from the company's main office, |
|
|
whether located in this state or not, that conducts mortgage |
|
|
business with consumers of this state or regarding residential real |
|
|
estate in this state, the company shall apply for, pay a fee of $50 |
|
|
for, and obtain an additional license to be known as a branch office |
|
|
license for each additional office to be maintained by the company. |
|
|
SECTION 4. This Act takes effect immediately if it receives |
|
|
a vote of two-thirds of all the members elected to each house, as |
|
|
provided by Section 39, Article III, Texas Constitution. If this |
|
|
Act does not receive the vote necessary for immediate effect, this |
|
|
Act takes effect September 1, 2021. |