Sec. 156.2042. QUALIFICATIONS AND REQUIREMENTS FOR LICENSES: CREDIT UNION SUBSIDIARY ORGANIZATION AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS    


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  • (a) To be issued 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 this chapter 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.

    (b) To be issued a license to act as a credit union subsidiary organization residential mortgage loan originator, an individual must submit a completed application through the Nationwide Mortgage Licensing System and Registry together with the payment of applicable fees and must establish to the satisfaction of the commissioner that the applicant:

    (1) has not had a residential mortgage loan originator license revoked in any governmental jurisdiction;

    (2) is not in violation of this chapter, a rule adopted under this chapter, or any order previously issued by the commissioner to the applicant;

    (3) has not been convicted of, or pled guilty or no contest to, a felony in a domestic, foreign, or military court during the seven-year period preceding the date of the application;

    (4) at any time preceding the date of the application, has not been convicted of, or pled guilty or no contest to, a felony in a domestic, foreign, or military court involving fraud, dishonesty, breach of trust, or money laundering;

    (5) demonstrates the financial responsibility, good moral character, and general fitness necessary to operate in an honest, trustworthy, fair, and efficient manner as a residential mortgage loan originator under this chapter;

    (6) has successfully completed at least 20 hours of prelicensing education courses approved by the Nationwide Mortgage Licensing System and Registry;

    (7) has passed both the state and national components of a written test that meets the requirements of Section 180.057;

    (8) has paid a recovery fund fee as required by Section 156.502(a); and

    (9) is a citizen of the United States or a lawfully admitted alien.

Added by Acts 2011, 82nd Leg., R.S., Ch. 655 , Sec. 16, eff. September 1, 2011.