Texas Finance Code
§ 180.0511 — TEMPORARY AUTHORITY TO ORIGINATE LOANS
FI § 180.0511Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 180. RESIDENTIAL MORTGAGE LOAN ORIGINATORS · Art. B. LICENSING AND REGISTRATION REQUIREMENTS
Statute text
View on source(a)A registered mortgage loan originator who does not hold a license issued under a chapter listed in Section 180.051(a)(1) is considered to have temporary authority to act as a residential mortgage loan originator for a period not to exceed 120 days as provided by Subsection (d) if the individual:
(1)becomes employed by an entity that is licensed or registered by this state to engage in the business of residential mortgage loan origination in this state;
(2)has not had:
(A)an application for a residential mortgage loan originator license or other loan originator license required by another jurisdiction to engage in business as a residential mortgage loan originator denied; or
(B)a residential mortgage loan originator license or other loan originator license required by another jurisdiction to engage in business as a residential mortgage loan originator revoked or suspended in any governmental jurisdiction;
(3)has not been subject to or served with a cease and desist order:
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Legislative history
Added by Acts 2019, 86th Leg., R.S., Ch. 695 (S.B. 2330), Sec. 3, eff. November 24, 2019.