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Texas Statutes (Last Updated: January 4, 2014) |
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FINANCE CODE |
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Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES |
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Subtitle E. OTHER FINANCIAL BUSINESSES |
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Chapter 156. RESIDENTIAL MORTGAGE LOAN COMPANIES AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS |
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Subchapter B. ADMINISTRATION PROVISIONS |
Sec. 156.104. MORTGAGE INDUSTRY ADVISORY COMMITTEE
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(a) The mortgage industry advisory committee is created to advise and assist the commissioner.
(b) The advisory committee is composed of six members appointed by the commissioner. Each of the members must be:
(1) under the regulatory authority of the department;
(2) actively engaged in the business of originating, brokering, or funding residential mortgage loans at the time of appointment; and
(3) primarily engaged in the business of originating, brokering, or funding residential mortgage loans for at least two years before the member's appointment.
(b-1) The members of the committee must include six individuals licensed by the department as residential mortgage loan originators, two of whom must hold an active real estate broker or salesperson license issued under Chapter 1101, Occupations Code.
(c) Appointments to the advisory committee shall be made without regard to the sex, race, color, age, disability, religion, or national origin of the appointees.
(d) The members of the advisory committee serve for a staggered three-year term, with the terms of two members expiring February 1 of each year.
(e) The advisory committee shall meet at least twice a year at the call of the commissioner.
(f) The commissioner may remove a member of the advisory committee if:
(1) the member does not have at the time of appointment the qualifications required by Subsection (b); or
(2) the commissioner determines that the member cannot discharge the member's duties for a substantial part of the term for which the member is appointed.
(g) In the event of a vacancy during a term, the appointing entity or official shall fill the vacancy for the unexpired part of the term with a person who meets the qualifications of the vacated position.
(h) In addition to other powers and duties delegated to the advisory committee by the commissioner, the advisory committee shall advise the commissioner with respect to:
(1) the proposal and adoption of rules relating to:
(A) the licensing of residential mortgage loan originators or residential mortgage loan companies;
(B) the education and experience requirements for licensing residential mortgage loan originators; and
(C) the conduct and ethics of residential mortgage loan originators;
(2) the form of or format for any applications or other documents under this chapter; and
(3) the interpretation, implementation, and enforcement of this chapter.
(i) Each member of the advisory committee is entitled to a per diem allowance and to reimbursement of travel expenses necessarily incurred in performing functions as a member of the committee, subject to any applicable limitation in the General Appropriations Act.
(j) The advisory committee shall take a record vote on any matter described by Subsection (h)(1). The commissioner shall inform the finance commission of:
(1) the result of the vote; and
(2) any additional information the commissioner considers necessary to ensure the finance commission is sufficiently notified of the advisory committee's recommendations.
(k) A record vote taken by the advisory committee under Subsection (j) is only a recommendation and does not supersede the rulemaking authority of the finance commission under this subchapter.