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A BILL TO BE ENTITLED
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AN ACT
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relating to an exemption from residential mortgage loan originator |
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licensing requirements. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 157.0121(b), Finance Code, is amended to |
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read as follows: |
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(b) The following individuals are exempt from this chapter: |
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(1) a registered mortgage loan originator when acting |
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for: |
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(A) a depository institution; |
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(B) a subsidiary of a depository institution that |
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is: |
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(i) owned and controlled by the depository |
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institution; and |
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(ii) regulated by a federal banking agency; |
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or |
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(C) an institution regulated by the Farm Credit |
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Administration; |
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(2) an individual who offers or negotiates the terms |
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of a residential mortgage loan with or on behalf of an immediate |
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family member of the individual; |
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(3) a licensed attorney who negotiates the terms of a |
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residential mortgage loan on behalf of a client as an ancillary |
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matter to the attorney's representation of the client, unless the |
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attorney: |
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(A) takes a residential mortgage loan |
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application; and |
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(B) offers or negotiates the terms of a |
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residential mortgage loan; |
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(4) an individual who offers or negotiates terms of a |
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residential mortgage loan secured by a dwelling that serves as the |
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individual's residence; |
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(5) any owner of residential real estate who in any |
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12-consecutive-month period makes no more than three [five] |
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residential mortgage loans to purchasers of the property for all or |
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part of the purchase price of the residential real estate against |
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which the mortgage is secured; and |
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(6) an individual who is exempt as provided by Section |
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180.003(b). |
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SECTION 2. This Act takes effect September 1, 2023. |