SRC-TJG H.B. 2585 78(R)   BILL ANALYSIS


Senate Research Center   H.B. 2585
78R11866 RCJ-FBy: Flynn (Carona)
Administration
5/8/2003
Engrossed


DIGEST AND PURPOSE 

Current law does not require applicants for mortgage broker or loan
officer licenses to demonstrate their knowledge of the mortgage lending
industry or the responsibilities of their proposed profession.  H.B. 2585
requires an applicant for a mortgage broker or loan officer license to
pass a pre-licensing test. 

RULEMAKING AUTHORITY

This bill does not expressly grant any additional rulemaking authority to
a state officer, institution, or agency. 

SECTION BY SECTION ANALYSIS

SECTION 1.  Amends Sections 156.204(a) and (c), Finance Code, as follows:

(a)  Adds providing the savings and loan commissioner (commissioner) with
satisfactory evidence, rather than demonstrating evidence, of having
passed a certain test and complying with the financial requirements of
this chapter to the list of requirements needed to be eligible to be
licensed as a mortgage broker. 

(c) Adds providing the commissioner with satisfactory evidence of having
passed a certain test to the list of requirements needed to be eligible to
be licenced as a loan officer.  Makes nonsubstantive changes. 

SECTION 2.  Effective date: September 1, 2003.
            Makes application of this Act prospective.