Texas Finance Code
§ 347.4515 — RESIDENTIAL MORTGAGE LOAN ORIGINATOR LICENSE REQUIRED
FI § 347.4515Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 347. MANUFACTURED HOME CREDIT TRANSACTIONS · Art. J. RIGHTS AND DUTIES OF CREDITOR AND RESIDENTIAL MORTGAGE LOAN ORIGINATOR
Statute text
View on source(a)In this section, "Nationwide Mortgage Licensing System and Registry" and "residential mortgage loan originator" have the meanings assigned by Section 180.002. (a-1) A license issued under this section is valid for the period prescribed by finance commission rule adopted under Section 14.112.
(b)Unless exempt under Section 180.003, or acting under the temporary authority described under Section 180.0511, an individual who acts as a residential mortgage loan originator in the making, transacting, or negotiating of an extension of credit subject to this chapter must:
(1)be individually licensed to engage in that activity under this chapter;
(2)be enrolled with the Nationwide Mortgage Licensing System and Registry as required by Section 180.052; and
(3)comply with other applicable requirements of Chapter 180 and rules adopted under that chapter.
(c)Subject to Section 14.112, the finance commission shall adopt rules establishing procedures for issuing, renewing, and enforcing an individual license under this section. In adopting rules under this subsection, the finance commission shall ensure that:
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Legislative history
Acts 2019, 86th Leg., R.S., Ch. 695 (S.B. 2330), Sec. 5, eff. November 24, 2019. Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 32, eff. September 1, 2019.