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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. 156.2015. RESIDENTIAL MORTGAGE LOAN ORIGINATION ACTIVITIES
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(a) Repealed by Acts 2011, 82nd Leg., R.S., Ch. 655, Sec. 65(a)(3), eff. September 1, 2011.
(b) An individual required to be licensed under this chapter may not act as a residential mortgage loan originator unless:
(1) the individual's license under this chapter otherwise authorizes the individual to act as a residential mortgage loan originator;
(2) the individual is enrolled with the Nationwide Mortgage Licensing System and Registry as required by Section 180.052; and
(3) the individual complies with other applicable requirements of Chapter 180 and rules adopted under that chapter.
(c) An employee of a credit union subsidiary organization may not act as a residential mortgage loan originator unless the employee:
(1) is licensed under this chapter;
(2) is enrolled with the Nationwide Mortgage Licensing System and Registry as required by Section 180.052; and
(3) complies with other applicable requirements of Chapter 180 and rules adopted under that chapter.
(d) The finance commission may adopt rules under this chapter as required to carry out the intentions of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (Pub. L. No. 110-289).