By Wise, et al. H.B. No. 1493
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the regulation of mortgage brokers.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Subchapter B, Chapter 156, Finance Code, is
1-5 amended by adding Section 156.105 to read as follows:
1-6 Sec. 156.105. STANDARD FORMS. (a) The finance commission,
1-7 by rule, shall adopt one or more standard forms for use by a
1-8 mortgage broker or loan officer in representing that an applicant
1-9 for a mortgage loan is preapproved or has prequalified for the
1-10 loan.
1-11 (b) The finance commission shall adopt rules requiring a
1-12 mortgage broker or loan officer licensed under this chapter to use
1-13 the forms adopted by the finance commission under Subsection (a).
1-14 SECTION 2. Section 156.206(b), Finance Code, is amended to
1-15 read as follows:
1-16 (b) The commissioner shall obtain criminal history record
1-17 information on an applicant that is maintained by the Department of
1-18 Public Safety and shall[. By rule, the commissioner may require
1-19 applicants to submit information and fingerprints necessary for the
1-20 commissioner to] obtain criminal history record [background]
1-21 information on an applicant maintained by [from] the Federal Bureau
1-22 of Investigation. The commissioner may also obtain criminal
1-23 history record information from any court or any local, state, or
1-24 national governmental agency.
2-1 SECTION 3. Subchapter C, Chapter 156, Finance Code, is
2-2 amended by adding Section 156.213 to read as follows:
2-3 Sec. 156.213. ANNUAL REPORT. (a) Each licensed mortgage
2-4 broker shall file an annual report with the commissioner on a form
2-5 prescribed by the commissioner. The report must include:
2-6 (1) data on loan origination in this state for the
2-7 mortgage broker and each loan officer sponsored by the mortgage
2-8 broker; and
2-9 (2) any other information required by the
2-10 commissioner.
2-11 (b) Information contained in the annual report related to
2-12 loan origination volume or other trade information is confidential
2-13 and may not be disclosed by the commissioner or any other employee
2-14 of the Savings and Loan Department.
2-15 SECTION 4. Section 156.302(e), Finance Code, is amended to
2-16 read as follows:
2-17 (e) An appeal of an administrative [A proceeding to impose
2-18 the] penalty under this section is considered to be a contested
2-19 case under Chapter 2001, Government Code.
2-20 SECTION 5. Not later than January 1, 2002, the Finance
2-21 Commission of Texas shall adopt the standard forms and rules
2-22 required by Section 156.105, Finance Code, as added by this Act.
2-23 SECTION 6. This Act takes effect September 1, 2001.