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
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 |
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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. [ |
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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) [ |
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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. [ |
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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[ |
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[ |
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SECTION 3. Section 156.212, Finance Code, is amended to | ||
read as follows: | ||
Sec. 156.212. MAINTENANCE AND LOCATION OF OFFICES. [ |
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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. |