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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 C. RESIDENTIAL MORTGAGE LOAN COMPANY AND RESIDENTIAL MORTGAGE LOAN ORIGINATOR LICENSES AND REGISTRATION |
Sec. 156.201. LICENSES REQUIRED
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(a) A person may not act in the capacity of, engage in the business of, or advertise or hold that person out as engaging in or conducting the business of a residential mortgage loan company in this state unless the person holds an active residential mortgage loan company license, is registered under Section 156.214, or is exempt under Section 156.202.
(b) Except as provided by Subsection (b-1), an individual may not act or attempt to act as a residential mortgage loan originator unless the individual at the time is:
(1) licensed under this chapter and sponsored by a licensed residential mortgage loan company and is acting for the residential mortgage loan company; or
(2) exempt under Section 156.202.
(b-1) Unless exempt under Section 180.003(b), an exclusive agent of a registered financial services company may not act or attempt to act as a residential mortgage loan originator unless the exclusive agent at the time is licensed under this chapter and sponsored by a registered financial services company and is acting for the company.
(b-2) A residential mortgage loan originator must be sponsored by at least one residential mortgage loan company.
(c) Each residential mortgage loan company and the company's qualifying individual licensed under this chapter is responsible to the commissioner and members of the public for any act or conduct performed by the residential mortgage loan originator sponsored by or acting for the residential mortgage loan company in connection with:
(1) the origination of a residential mortgage loan; or
(2) a transaction that is related to the origination of a residential mortgage loan in which the qualifying individual knew or should have known of the transaction.