Texas Finance Code

§ 180.057 — TESTING REQUIREMENTS

FI § 180.057Title 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)An applicant for a residential mortgage loan originator license must pass a qualified, written test that:

(1)meets the standards and requirements established by the S.A.F.E. Mortgage Licensing Act;

(2)is developed by the Nationwide Mortgage Licensing System and Registry; and

(3)is administered by a test provider in accordance with the S.A.F.E. Mortgage Licensing Act.

(b)An individual may retake the test the number of times and within the period prescribed by the S.A.F.E. Mortgage Licensing Act.

(c)An individual who fails to maintain a residential mortgage loan originator license for at least five consecutive years must retake the test.

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Legislative history

Added by Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. 10), Sec. 1, eff. June 19, 2009.