Amend SB 324 on third reading by adding the following
appropriately numbered SECTION and renumbering subsequent SECTIONS
accordingly:
SECTION ___. Section 156.202, Finance Code, is amended to
read as follows:
Sec. 156.202. EXEMPTIONS. This chapter does not apply to:
(1) any of the following entities or an employee of any
of the following entities provided the employee is acting for the
benefit of the employer:
(A) a bank, savings bank, or savings and loan
association, or a subsidiary or an affiliate of a bank, savings
bank, or savings and loan association;
(B) a state or federal credit union;
(C) an insurance company licensed or authorized
to do business in this state under the Insurance Code;
(D) a mortgage banker;
(E) an organization that qualifies for an
exemption from state franchise and sales tax as a 501(c)(3)
organization; [or]
(F) a Farm Credit System institution; or
(G) a political subdivision of this state
involved in affordable home ownership programs;
(2) an individual who makes a mortgage loan from the
individual's own funds to a spouse, former spouse, or persons in the
lineal line of consanguinity of the individual lending the money;
(3) an owner of real property who makes a mortgage loan
to a purchaser of the property for all or part of the purchase price
of the real estate against which the mortgage is secured; or
(4) an individual who:
(A) makes a mortgage loan from the individual's
own funds;
(B) is not an authorized lender under Chapter
342, Finance Code; and
(C) does not regularly engage in the business of
making or brokering mortgage loans.