Enrolled Bill Summary

            Senate Bill 252 amends the Finance Code to add the Mortgage Banker Registration Act. The bill requires a mortgage banker to register with the savings and loan commissioner, specifies the type of information that must be filed, and provides that such registration is valid until withdrawn or revoked. The bill requires a mortgage banker to update the information contained in the registration statement within 30 days after such information changes and authorizes the commissioner to charge a mortgage banker a registration fee not to exceed $500 annually. The bill exempts certain persons and entities from the registration requirement.

            The bill requires a mortgage banker to provide a mortgage loan applicant with a disclosure statement that provides information regarding the procedures for filing a complaint against the mortgage banker and sets out procedures for the handling of such a complaint. The bill authorizes a mortgage banker to withdraw that mortgage banker’s registration at any time and permits the commissioner to revoke the registration for certain causes. The bill provides processes that allow the mortgage banker to contest the revocation of a registration and allows a mortgage banker whose registration has been revoked to register again with the authorization of the commissioner. The bill provides that a person who is the spouse of a registered mortgage banker and who is serving as a public member of the Finance Commission of Texas immediately before the effective date of this provision is authorized to complete that term.