78R8897 T

By:  Flynn                                                        H.B. No. 2585



A BILL TO BE ENTITLED

AN ACT

relating to a pre-license test requirement for mortgage broker and 
loan officer applicants.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Section 156.204(a)(5), Finance Code, shall be 
amended to read as follows:
	(5)  [demonstrate] provide the commissioner with 
satisfactory evidence of: (A) having taken and passed a 
pre-licensing test offered by the American Association of 
Residential Mortgage Regulators to demonstrate knowledge of the 
mortgage industry and the role and responsibilities of a mortgage 
broker, or such other comparable test as is approved by the 
commissioner; and (B) compliance with the financial requirements of 
this chapter; and
	SECTION 2.  This Act takes effect on September 1, 2003.