Bill Text: TX SB1203 | 2015-2016 | 84th Legislature | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to exemptions from the applicability of the Texas Secure and Fair Enforcement for Mortgage Licensing Act of 2009 and other laws applicable to residential mortgage loan originators.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2015-05-29 - Effective on 9/1/15 [SB1203 Detail]
Download: Texas-2015-SB1203-Introduced.html
Bill Title: Relating to exemptions from the applicability of the Texas Secure and Fair Enforcement for Mortgage Licensing Act of 2009 and other laws applicable to residential mortgage loan originators.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2015-05-29 - Effective on 9/1/15 [SB1203 Detail]
Download: Texas-2015-SB1203-Introduced.html
| 84R9765 CLG-F | ||
| By: Rodríguez | S.B. No. 1203 | |
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| relating to exemptions from the applicability of the Texas Secure | ||
| and Fair Enforcement for Mortgage Licensing Act of 2009. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Sections 180.003(a) and (c), Finance Code, are | ||
| amended to read as follows: | ||
| (a) The following persons are exempt from this chapter: | ||
| (1) a registered mortgage loan originator when acting | ||
| for an entity described by Section 180.002(16)(A)(i), (ii), or | ||
| (iii); | ||
| (2) an individual who offers or negotiates terms of a | ||
| residential mortgage loan with or on behalf of an immediate family | ||
| member of the individual; | ||
| (3) a licensed attorney who negotiates the terms of a | ||
| residential mortgage loan on behalf of a client as an ancillary | ||
| matter to the attorney's representation of the client, unless the | ||
| attorney: | ||
| (A) takes a residential mortgage loan | ||
| application; and | ||
| (B) offers or negotiates the terms of a | ||
| residential mortgage loan; | ||
| (4) an individual who offers or negotiates terms of a | ||
| residential mortgage loan secured by a dwelling that serves as the | ||
| individual's residence; | ||
| (5) a nonprofit organization providing self-help | ||
| housing that originates [ |
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| for borrowers who have provided part of the labor to construct the | ||
| dwelling securing the loan; | ||
| (6) an owner of residential real estate who in any | ||
| 12-consecutive-month period makes no more than five residential | ||
| mortgage loans to purchasers of the property for all or part of the | ||
| purchase price of the residential real estate against which the | ||
| mortgage is secured; and | ||
| (7) an owner of a dwelling who in any | ||
| 12-consecutive-month period makes no more than five residential | ||
| mortgage loans to purchasers of the property for all or part of the | ||
| purchase price of the dwelling against which the mortgage or | ||
| security interest is secured. | ||
| (c) The finance commission shall [ |
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| from the licensing requirements of this chapter to a municipality, | ||
| county, community development corporation, or public or private | ||
| grant administrator to the extent the entity is administering the | ||
| Texas HOME Investment Partnerships program or a program of the | ||
| Texas Housing Trust Fund if the commission determines that granting | ||
| the exemption is not inconsistent with the intentions of the | ||
| federal Secure and Fair Enforcement for Mortgage Licensing Act of | ||
| 2008 (Pub. L. No. 110-289). | ||
| SECTION 2. This Act takes effect September 1, 2015. | ||
