Texas Finance Code

§ 180.055 — ISSUANCE OF LICENSE

FI § 180.055Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 180. RESIDENTIAL MORTGAGE LOAN ORIGINATORS · Art. B. LICENSING AND REGISTRATION REQUIREMENTS

Statute text

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(a)The regulatory official may not issue a residential mortgage loan originator license to an individual unless the regulatory official determines, at a minimum, that the applicant:

(1)has not had a residential mortgage loan originator license revoked in any governmental jurisdiction;

(2)has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:

(A)during the seven-year period preceding the date of application; or

(B)at any time preceding the date of application, if the felony involved an act of fraud, dishonesty, breach of trust, or money laundering;

(3)demonstrates financial responsibility, character, and general fitness so as to command the confidence of the community and to warrant a determination that the individual will operate honestly, fairly, and efficiently as a residential mortgage loan originator within the purposes of this chapter and any other appropriate regulatory law of this state;

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Legislative history

Acts 2019, 86th Leg., R.S., Ch. 506 (S.B. 37), Sec. 5, eff. June 7, 2019.