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House Bill 3617 |
House Author: Anchia |
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Effective: 9-1-21 |
Senate Sponsor: Zaffirini |
House Bill 3617 amends the Finance Code to remove the authority of the savings and mortgage lending commissioner to set fee amounts under the Residential Mortgage Loan Company Licensing and Registration Act and Mortgage Banker Registration and Residential Mortgage Loan Originator License Act for deposit in the recovery fund established for purposes of those acts. The bill removes the requirement for an applicant for a mortgage company license, credit union subsidiary organization license, or residential mortgage loan company license to maintain a physical office in Texas. The bill removes the authorization for the investment or reinvestment of amounts in the recovery fund in the same manner as funds of the Employees Retirement System of Texas and authorizes those amounts to be invested and reinvested instead in accordance with the Public Funds Investment Act and under the prudent person standard described in the Texas Constitution. The bill also repeals certain provisions regarding the use of the recovery fund to reimburse certain expenses.
House Bill 3617 provides for the establishment, composition, and management of a mortgage grant fund. The bill provides for disbursements from the fund and for payment of a claim made by a residential mortgage loan applicant for fraudulent unlicensed activity.