Bill Text: TX HB3617 | 2021-2022 | 87th Legislature | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to certain qualifications and requirements for residential mortgage loan companies, the investment and use of excess residential mortgage loan originator recovery fund fees, and the creation of the mortgage grant fund; changing a fee.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2021-06-18 - Effective on 9/1/21 [HB3617 Detail]

Download: Texas-2021-HB3617-Engrossed.html
 
 
  By: Anchia H.B. No. 3617
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to certain qualifications and requirements for
  residential mortgage loan companies.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 156.2041, Finance Code, is amended to
  read as follows:
         Sec. 156.2041.  QUALIFICATIONS AND REQUIREMENTS FOR
  LICENSE: MORTGAGE COMPANY. [(a)]  To be issued a mortgage company
  license, an applicant must:
               (1)  submit a completed application together with the
  payment of applicable fees through the Nationwide Mortgage
  Licensing System and Registry;
               (2)  designate control persons for the mortgage company
  through the Nationwide Mortgage Licensing System and Registry;
               (3)  designate an individual licensed as a residential
  mortgage loan originator under Chapter 157 as the company's
  qualifying individual;
               (4)  if applicable, submit a completed branch
  application through the Nationwide Mortgage Licensing System and
  Registry for each branch office that engages in residential
  mortgage loan activity on residential real estate located in this
  state;
               (5)  not be in violation of this chapter, a rule adopted
  under this chapter, or any order previously issued by the
  commissioner to the applicant;
               (6)  have the company name or assumed name properly
  filed with either the secretary of state or with the appropriate
  county clerk's office; and
               (7)  [maintain a physical office in this state; and
               [(8)]  provide financial statements and any other
  information required by the commissioner.
         SECTION 2.  Section 156.2042, Finance Code, is amended to
  read as follows:
         Sec. 156.2042.  QUALIFICATIONS AND REQUIREMENTS FOR
  LICENSE: CREDIT UNION SUBSIDIARY ORGANIZATION. [(a)]  To be issued
  a credit union subsidiary organization license, an applicant must:
               (1)  submit a completed application together with the
  payment of applicable fees through the Nationwide Mortgage
  Licensing System and Registry;
               (2)  designate control persons for the organization
  through the Nationwide Mortgage Licensing System and Registry;
               (3)  designate an individual licensed as a residential
  mortgage loan originator under Chapter 157 as the company's
  qualifying individual;
               (4)  submit a completed branch application through the
  Nationwide Mortgage Licensing System and Registry for each branch
  office that engages in residential mortgage loan activity on
  residential real estate located in this state; and
               (5)  not be in violation of this chapter, a rule adopted
  under this chapter, or any order previously issued by the
  commissioner to the applicant[; and
               [(6)  maintain a physical office in this state].
         SECTION 3.  Section 156.212, Finance Code, is amended to
  read as follows:
         Sec. 156.212.  MAINTENANCE AND LOCATION OF OFFICES.  [(a)  
  Each residential mortgage loan company licensed under this chapter
  shall maintain a physical office in this state.
         [(a-1)  If a residential mortgage loan company's main office
  is outside this state, the requirement of Subsection (a) is
  satisfied if the company has a branch office located in this state.
         [(b)]  If a residential mortgage loan company maintains an
  office separate and distinct from the company's main office,
  whether located in this state or not, that conducts mortgage
  business with consumers of this state or regarding residential real
  estate in this state, the company shall apply for, pay a fee of $50
  for, and obtain an additional license to be known as a branch office
  license for each additional office to be maintained by the company.
         SECTION 4.  This Act takes effect immediately if it receives
  a vote of two-thirds of all the members elected to each house, as
  provided by Section 39, Article III, Texas Constitution. If this
  Act does not receive the vote necessary for immediate effect, this
  Act takes effect September 1, 2021.
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