Bill Text: TX HB3342 | 2017-2018 | 85th Legislature | Comm Sub
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the prelicensing education requirements for residential mortgage loan originators.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2017-06-12 - Effective on 1/1/18 [HB3342 Detail]
Download: Texas-2017-HB3342-Comm_Sub.html
Bill Title: Relating to the prelicensing education requirements for residential mortgage loan originators.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2017-06-12 - Effective on 1/1/18 [HB3342 Detail]
Download: Texas-2017-HB3342-Comm_Sub.html
85R18490 TSR-D | |||
By: Parker | H.B. No. 3342 | ||
Substitute the following for H.B. No. 3342: | |||
By: Holland | C.S.H.B. No. 3342 |
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relating to the prelicensing education requirements for | ||
residential mortgage loan originators. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 180.056(h), Finance Code, is amended to | ||
read as follows: | ||
(h) An individual who fails to maintain a residential | ||
mortgage loan originator license for the period of time established | ||
by rule of the rulemaking authority [ |
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prescribed by the S.A.F.E. Mortgage Licensing Act. | ||
SECTION 2. (a) Not later than December 1, 2017, the Finance | ||
Commission of Texas shall adopt the rules required under Section | ||
180.056(h), Finance Code, as amended by this Act. | ||
(b) The change in law made by this Act applies only to an | ||
application for a license filed on or after December 1, 2017. An | ||
application for a license filed before December 1, 2017, is | ||
governed by the law in effect on the date the application was filed, | ||
and the former law is continued in effect for that purpose. | ||
SECTION 3. This Act takes effect September 1, 2017. |