Enrolled Bill Summary

Senate Bill 988	Senate Author:  Carona
Effective:  9-1-05	House Sponsor:  Flynn

            Senate Bill 988 amends the Finance Code to increase from 15 to 30 the number of hours of approved education courses that must be completed by a person applying for a loan officer license and requires that such courses cover ethics and certain state and federal lending laws.  The bill requires the Texas Finance Commission to include as approved course topics those that are acceptable to trade associations related to the loan industry and authorizes the commission to approve any course endorsed by the Texas Real Estate Commission, the Mortgage Bankers Association of America, or the National Association of Mortgage Brokers.  The bill also requires the commission to adopt a rule that requires licensed mortgage brokers and loan officers to attend at least 8 hours of courses related to residential mortgage lending before renewing their licenses.