Amend HB 2783 (House engrossment) as follows:
(1) Insert the following appropriately numbered SECTIONS to
the bill and renumber existing SECTIONS of the bill accordingly:
SECTION __. Subchapter C, Chapter 156, Finance Code, is
amended by adding Section 156.2011 to read as follows:
Sec. 156.2011. PROVISIONAL LOAN OFFICER LICENSE. (a) An
applicant for a loan officer license may be issued a provisional
loan officer license as provided by this section only if the
applicant:
(1) during the 20 months immediately preceding the
application, has at least 18 months of experience as a loan officer
employed by a person exempt from this chapter under Section
156.202; and
(2) meets the qualifications for a loan officer
license, other than the educational and examination requirements.
(b) The commissioner shall use best efforts to issue the
provisional loan officer license on or before the later of:
(1) the 10th business day after the date of receipt of
a completed application; or
(2) the second business day after the date of receipt
of the criminal background information required under Section
156.206 demonstrating that the applicant has no pending criminal
charges and has not been convicted of a criminal offense.
(c) For purposes of Subsection (b)(2), a person is
considered convicted as provided by Section 156.204(d).
(d) A provisional loan officer license is valid for 90 days
after the date the license is issued, except as provided by
Subsection (e).
(e) The commissioner may revoke a provisional loan officer
license if the commissioner discovers that the applicant has made a
misrepresentation relating to the applicant's qualifications for a
loan officer license, has violated this chapter, or does not meet
the qualifications for a provisional loan officer license. The
revocation of a provisional loan officer license is not subject to
appeal.
(f) The finance commission by rule may impose a fee not to
exceed $100 for an expedited issuance of a provisional loan officer
license. The fee is nonrefundable and is in addition to the fee for
the application for a regular loan officer license.
SECTION __. The changes in law made by Section 156.2011,
Finance Code, as added by this Act, and Section 156.204, Finance
Code, as amended by this Act, apply only to a loan officer or
mortgage broker license for which any part of an application is
submitted on or after September 1, 2007.
(2) In the recital to SECTION 5 of the bill (page 3, line
13), strike "Sections 156.204(a) and (b)," and substitute "Sections
156.204(a), (b), (c), and (e),".
(3) In SECTION 5 of the bill, in Subdivision (7) of amended
Section 156.204(a), Finance Code (page 5, line 4), strike "; and"
and substitute "; [and]".
(4) In SECTION 5 of the bill, in Subdivision (8) of amended
Section 156.204(a), Finance Code, between "commissioner" and the
period (page 5, line 7), insert the following:
; and
(9) provide the commissioner with satisfactory
evidence that:
(A) if the person has not been previously
licensed as a mortgage broker or a loan officer under this
subchapter, the person has completed 90 classroom hours of
education courses approved by the commissioner under this section;
or
(B) if the person has not been previously
licensed as a mortgage broker under this subchapter but has been
licensed as a loan officer under this subchapter, the person has
successfully completed an additional 30 classroom hours of
education courses approved by the commissioner under this section
(5) In SECTION 5 of the bill, following amended Section
156.204(b), Finance Code (page 6, between lines 13 and 14), add the
following:
(c) To be eligible to be licensed as a loan officer a person
must:
(1) be an individual who is at least 18 years of age;
(2) be a citizen of the United States or a lawfully
admitted alien;
(3) designate in the application the name of the
mortgage broker sponsoring the loan officer;
(4) provide the commissioner with satisfactory
evidence that the applicant satisfies one of the following:
(A) the person meets one of the requirements
described by Subsection (a)(4) and has[;
[(B) the person has] successfully completed 60
classroom [30] hours of education courses approved by the
commissioner under this section;
(B) [(C)] the person has 18 months of experience
as a loan officer as evidenced by documentary proof of full-time
employment as a loan officer with [a mortgage broker or] a person
exempt under Section 156.202 and has successfully completed 30
classroom hours of education courses approved by the commissioner
under this section; or
(C) [(D)] for applications received prior to
January 1, 2000, the mortgage broker that will sponsor the
applicant provides a certification under oath that the applicant
has been provided necessary and appropriate education and training
regarding all applicable state and federal law and regulations
relating to mortgage loans;
(5) not have been convicted of a criminal offense that
the commissioner determines directly relates to the occupation of a
loan officer as provided by Chapter 53, Occupations Code;
(6) satisfy the commissioner as to the individual's
good moral character, including the individual's honesty,
trustworthiness, and integrity;
(7) provide the commissioner with satisfactory
evidence of having passed an examination, offered by a testing
service or company approved by the finance commission, that
demonstrates knowledge of:
(A) the mortgage industry; and
(B) the role and responsibilities of a loan
officer; and
(8) not be in violation of this chapter, a rule adopted
under this chapter, or any order previously issued to the
individual by the commissioner.
(e) The education courses required for a mortgage broker or
loan officer license under Subsection (a)(9) or (c)(4) [(c)(4)(B)]
must cover ethics, the Real Estate Settlement Procedures Act of
1974 (12 U.S.C. Section 2601 et seq.), the Truth in Lending Act (15
U.S.C. Section 1601 et seq.), the Equal Credit Opportunity Act (15
U.S.C. Section 1691 et seq.), and the provisions of this chapter.