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A BILL TO BE ENTITLED
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AN ACT
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relating to exemptions from the applicability of the Texas Secure |
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and Fair Enforcement for Mortgage Licensing Act of 2009. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 180.003(a) and (c), Finance Code, are |
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amended to read as follows: |
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(a) The following persons are exempt from this chapter: |
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(1) a registered mortgage loan originator when acting |
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for an entity described by Section 180.002(16)(A)(i), (ii), or |
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(iii); |
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(2) an individual who offers or negotiates terms of a |
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residential mortgage loan with or on behalf of an immediate family |
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member of the individual; |
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(3) a licensed attorney who negotiates the terms of a |
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residential mortgage loan on behalf of a client as an ancillary |
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matter to the attorney's representation of the client, unless the |
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attorney: |
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(A) takes a residential mortgage loan |
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application; and |
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(B) offers or negotiates the terms of a |
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residential mortgage loan; |
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(4) an individual who offers or negotiates terms of a |
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residential mortgage loan secured by a dwelling that serves as the |
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individual's residence; |
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(5) a nonprofit organization providing self-help |
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housing that originates [zero interest] residential mortgage loans |
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for borrowers who have provided part of the labor to construct the |
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dwelling securing the loan; |
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(6) an owner of residential real estate who in any |
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12-consecutive-month period makes no more than five residential |
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mortgage loans to purchasers of the property for all or part of the |
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purchase price of the residential real estate against which the |
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mortgage is secured; and |
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(7) an owner of a dwelling who in any |
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12-consecutive-month period makes no more than five residential |
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mortgage loans to purchasers of the property for all or part of the |
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purchase price of the dwelling against which the mortgage or |
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security interest is secured. |
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(c) The finance commission shall [may] grant an exemption |
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from the licensing requirements of this chapter to a municipality, |
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county, community development corporation, or public or private |
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grant administrator to the extent the entity is administering the |
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Texas HOME Investment Partnerships program or a program of the |
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Texas Housing Trust Fund if the commission determines that granting |
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the exemption is not inconsistent with the intentions of the |
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federal Secure and Fair Enforcement for Mortgage Licensing Act of |
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2008 (Pub. L. No. 110-289). |
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SECTION 2. This Act takes effect September 1, 2015. |