Sec. 156.2045. QUALIFICATIONS AND REQUIREMENTS FOR REGISTRATION AND LICENSE: FINANCIAL SERVICES COMPANY AND EXCLUSIVE AGENTS

(a) To be issued a financial services company registration under Section 156.214(c), an applicant must:

(1) obtain preapproval from the commissioner that the company meets the eligibility requirements for registration as a financial services company under Section 156.214(b);

(2) submit a completed application through the Nationwide Mortgage Licensing System and Registry together with applicable fees required by Section 156.214(b)(4);

(3) provide evidence to the commissioner that the company has obtained surety bond coverage in an amount equal to $1 million;

(4) designate an officer of the company to be responsible for the activities of the company's exclusive agents; 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 financial services company exclusive agent, an individual must submit a completed application through the Nationwide Mortgage Licensing System and Registry 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 to the applicant by the commissioner;

(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; and

(8) 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.