Sec. 156.205. FINANCIAL REQUIREMENTS

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(a) Except as provided by Subsection (b), financial requirements for holding a residential mortgage loan originator license shall be met through participation in the recovery fund.
(b) An exclusive agent of a financial services company meets the agent's financial requirements for holding a residential mortgage loan originator license by obtaining surety bond coverage in an amount equal to $1 million.

Added by Acts 1999, 76th Leg., ch. 1254, Sec. 2, eff. Sept. 1, 1999. Amended by: Acts 2005, 79th Leg., Ch. 1018 , Sec. 6.08, eff. September 1, 2005. Acts 2009, 81st Leg., R.S., Ch. 1317 , Sec. 10, eff. September 1, 2009. Acts 2011, 82nd Leg., R.S., Ch. 655 , Sec. 17, eff. September 1, 2011.

                    
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