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.