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Amend CSHB 2774 as follows:
(1) On page 2, strike lines 1-3 and substitute the following:
SECTION 4. Sections 156.104(a), (b), and (h), Finance Code,
are amended to read as follows:
(2) On page 2, strike lines 6-25 and substitute the
following:
(b) The advisory committee is composed of six members [to
be] appointed by [as follows:
[(1)] the commissioner. Each of the members must be
[shall appoint four members, each of whom]:
(1) under the regulatory authority of the department
[(A) must hold a mortgage broker license];
(2) [(B) is] actively engaged in the business of
originating, brokering, or funding residential mortgage loans at
the time of appointment; and
(3) [(C) has been] primarily engaged in the business
of originating, brokering, or funding residential mortgage loans
for at least two years before the member's appointment[; and
[(2) the Texas Real Estate Commission shall appoint
two members, each of whom must hold a real estate broker or
salesperson license].
(3) Add the following appropriately numbered SECTION to the
bill and renumber subsequent SECTIONS accordingly:
SECTION ____. Effective April 1, 2010, Section 156.104,
Finance Code, is amended by adding Subsection (b-1) to read as
follows:
(b-1) The members of the committee must include:
(1) three individuals licensed as residential
mortgage loan originators under this chapter, one of whom must hold
an active real estate broker or salesperson license issued under
Chapter 1101, Occupations Code; and
(2) three individuals licensed as residential
mortgage loan originators under Chapter 157, one of whom must hold
an active real estate broker or salesperson license issued under
Chapter 1101, Occupations Code.
(4) On page 3, lines 25 and 26, strike "Sections 156.204(a)
and (c), Finance Code, are amended" and substitute "Section
156.204, Finance Code, is amended by amending Subsections (a) and
(c) and adding Subsection (f)".
(5) Strike page 5, line 23, through page 6, line 8, and
substitute the following:
(9) provide the commissioner with satisfactory
evidence that:
(A) if the individual [person] has not been
previously licensed as a mortgage broker or a loan officer under
this subchapter, the individual [person] has completed 90
[classroom] hours of education courses approved by the commissioner
under this section; or
(B) if the individual [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
individual [person] has successfully completed an additional 30
[classroom] hours of education courses approved by the commissioner
under this section.
(6) Strike page 6, line 16, through page 7, line 12, and
substitute the following:
(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 successfully completed at
least 60 [classroom] hours of education courses approved by the
commissioner; [under this section;]
(B) 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 person exempt under Section
156.202 and] has successfully completed 30 [classroom] hours of
education courses approved by the commissioner under this section
if the applicant:
(i) has 18 months or more of experience as a
mortgage loan officer as evidenced by documentary proof of
full-time employment as a mortgage loan officer with a person
exempt under Section 156.202; or
(ii) is a person who meets the
qualifications under Subsection (a)(4)(B); or
(C) the person holds an active mortgage broker
license issued under this chapter [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];
(7) On page 8, between lines 1 and 2, insert the following:
(f) Subsection (c) and this subsection expire January 1,
2011.
(8) Add the following appropriately numbered SECTION to the
bill and renumber subsequent SECTIONS accordingly:
SECTION ____. Effective January 1, 2011, Section 156.204,
Finance Code, is amended by adding Subsection (c-1) to read as
follows:
(c-1) 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 has successfully completed at
least 60 hours of education courses approved by the commissioner;
(B) the person has successfully completed 30
hours of education courses approved by the commissioner under this
section if the applicant has 18 months or more of experience as a
residential mortgage loan originator as evidenced by documentary
proof of full-time employment; or
(C) the person holds an active license as a
residential mortgage loan originator under Chapter 157 and has held
that license for a minimum of one year;
(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.
(9) On page 8, line 21, strike "Subsection (k)" and
substitute "Subsections (k) and (l)".
(10) On page 11, between lines 12 and 13, insert the
following:
(l) Subsections (a) and (b) and this subsection expire
January 1, 2011.
(11) Add the following appropriately numbered SECTION to
the bill and renumber subsequent SECTIONS accordingly:
SECTION ____. Effective January 1, 2011, Section 156.208,
Finance Code, is amended by adding Subsections (a-1) and (b-1) to
read as follows:
(a-1) A mortgage broker license issued under this chapter is
valid for a term of not more than two years and may be renewed on or
before its expiration date if the mortgage broker:
(1) pays to the commissioner a renewal fee in an amount
determined by the commissioner not to exceed $375 and a recovery
fund fee provided by Section 156.502;
(2) has not been convicted of a criminal offense the
commissioner determines is directly related to the occupation of a
mortgage broker as provided by Chapter 53, Occupations Code; and
(3) provides the commissioner with satisfactory
evidence that the mortgage broker has attended, during the term of
the current license, continuing education courses in accordance
with the applicable requirements of Chapter 180.
(b-1) A loan officer license issued under this chapter is
valid for a term of not more than two years and may be renewed on or
before its expiration date if the loan officer:
(1) pays to the commissioner a renewal fee in an amount
determined by the commissioner not to exceed $275 and a recovery
fund fee provided by Section 156.502;
(2) has not been convicted of a criminal offense the
commissioner determines is directly related to the occupation of a
loan officer as provided by Chapter 53, Occupations Code; and
(3) provides the commissioner with satisfactory
evidence that the loan officer has attended, during the term of the
current license, continuing education courses in accordance with
the applicable requirements of Chapter 180.
(12) On page 12, strike lines 10-15 and substitute the
following:
(4) pay an annual registration fee in an amount
determined as follows [of the lesser of]:
(A) if the registered financial services company
has 2,000 or fewer exclusive agents acting in this state, an amount
equal to the lesser of:
(i) one-half of the license fee for a loan
officer under Section 156.203(c)(1), multiplied by the number of
exclusive agents under contract to act for the person in this state;
or
(ii) [(B)] $200,000;
(B) if the registered financial services company
has at least 2,001 but not more than 2,500 exclusive agents acting
in this state, $225,000;
(C) if the registered financial services company
has at least 2,501 but not more than 3,000 exclusive agents acting
in this state, $250,000;
(D) if the registered financial services company
has at least 3,001 but not more than 5,000 exclusive agents acting
in this state, $300,000; or
(E) if the registered financial services company
has at least 5,001 exclusive agents acting in this state, $350,000;
and