1-1 By: Wise, et al. (Senate Sponsor - Staples) H.B. No. 1493
1-2 (In the Senate - Received from the House April 26, 2001;
1-3 April 27, 2001, read first time and referred to Committee on
1-4 Business and Commerce; May 7, 2001, reported favorably by the
1-5 following vote: Yeas 7, Nays 0; May 7, 2001, sent to printer.)
1-6 A BILL TO BE ENTITLED
1-7 AN ACT
1-8 relating to the regulation of mortgage brokers.
1-9 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-10 SECTION 1. Subchapter B, Chapter 156, Finance Code, is
1-11 amended by adding Section 156.105 to read as follows:
1-12 Sec. 156.105. STANDARD FORMS. (a) The finance commission,
1-13 by rule, shall adopt one or more standard forms for use by a
1-14 mortgage broker or loan officer in representing that an applicant
1-15 for a mortgage loan is preapproved or has prequalified for the
1-16 loan.
1-17 (b) The finance commission shall adopt rules requiring a
1-18 mortgage broker or loan officer licensed under this chapter to use
1-19 the forms adopted by the finance commission under Subsection (a).
1-20 SECTION 2. Section 156.206(b), Finance Code, is amended to
1-21 read as follows:
1-22 (b) The commissioner shall obtain criminal history record
1-23 information on an applicant that is maintained by the Department of
1-24 Public Safety and shall[. By rule, the commissioner may require
1-25 applicants to submit information and fingerprints necessary for the
1-26 commissioner to] obtain criminal history record [background]
1-27 information on an applicant maintained by [from] the Federal Bureau
1-28 of Investigation. The commissioner may also obtain criminal
1-29 history record information from any court or any local, state, or
1-30 national governmental agency.
1-31 SECTION 3. Subchapter C, Chapter 156, Finance Code, is
1-32 amended by adding Section 156.213 to read as follows:
1-33 Sec. 156.213. ANNUAL REPORT. (a) Each licensed mortgage
1-34 broker shall file an annual report with the commissioner on a form
1-35 prescribed by the commissioner. The report must include:
1-36 (1) data on loan origination in this state for the
1-37 mortgage broker and each loan officer sponsored by the mortgage
1-38 broker; and
1-39 (2) any other information required by the
1-40 commissioner.
1-41 (b) Information contained in the annual report related to
1-42 loan origination volume or other trade information is confidential
1-43 and may not be disclosed by the commissioner or any other employee
1-44 of the Savings and Loan Department.
1-45 SECTION 4. Section 156.302(e), Finance Code, is amended to
1-46 read as follows:
1-47 (e) An appeal of an administrative [A proceeding to impose
1-48 the] penalty under this section is considered to be a contested
1-49 case under Chapter 2001, Government Code.
1-50 SECTION 5. Not later than January 1, 2002, the Finance
1-51 Commission of Texas shall adopt the standard forms and rules
1-52 required by Section 156.105, Finance Code, as added by this Act.
1-53 SECTION 6. This Act takes effect September 1, 2001.
1-54 * * * * *