1-1 By: Carona S.B. No. 585
1-2 (In the Senate - Filed February 7, 2001; February 8, 2001,
1-3 read first time and referred to Committee on Business and Commerce;
1-4 March 1, 2001, reported favorably by the following vote: Yeas 6,
1-5 Nays 0; March 1, 2001, sent to printer.)
1-6 A BILL TO BE ENTITLED
1-7 AN ACT
1-8 relating to exemption of certain persons from the license
1-9 requirements imposed under the Mortgage Broker License Act.
1-10 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-11 SECTION 1. Section 156.202, Finance Code, is amended to read
1-12 as follows:
1-13 Sec. 156.202. EXEMPTIONS. This chapter does not apply to:
1-14 (1) any of the following entities or an employee of
1-15 any of the following entities provided the employee is acting for
1-16 the benefit of the employer:
1-17 (A) a bank, savings bank, or savings and loan
1-18 association, or a subsidiary or an affiliate of a bank, savings
1-19 bank, or savings and loan association;
1-20 (B) a state or federal credit union;
1-21 (C) an insurance company licensed or authorized
1-22 to do business in this state under the Insurance Code;
1-23 (D) a mortgage banker; [or]
1-24 (E) an organization that qualifies for an
1-25 exemption from state franchise and sales tax as a 501(c)(3)
1-26 organization; or
1-27 (F) a Farm Credit System institution;
1-28 (2) an individual who makes a mortgage loan from the
1-29 individual's own funds to a spouse, former spouse, or persons in
1-30 the lineal line of consanguinity of the individual lending the
1-31 money;
1-32 (3) an owner of real property who makes a mortgage
1-33 loan to a purchaser of the property for all or part of the purchase
1-34 price of the real estate against which the mortgage is secured; or
1-35 (4) an individual who:
1-36 (A) makes a mortgage loan from the individual's
1-37 own funds;
1-38 (B) is not an authorized lender under Chapter
1-39 342, Finance Code; and
1-40 (C) does not regularly engage in the business of
1-41 making or brokering mortgage loans.
1-42 SECTION 2. Not later than October 1, 2001, the savings and
1-43 loan commissioner shall reimburse an employee of a Farm Credit
1-44 System institution who on the effective date of this Act holds a
1-45 license issued under Chapter 156, Finance Code, the amount of any
1-46 licensing fee, renewal fee, or recovery fund fee paid by the
1-47 employee under that chapter that is attributable to the period
1-48 beginning on the effective date of this Act and ending on the
1-49 expiration date of the employee's license.
1-50 SECTION 3. This Act takes effect September 1, 2001.
1-51 * * * * *