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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. 156.207. ISSUANCE OF LICENSE; PROVISIONAL LICENSE
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(a) The commissioner shall issue a license to an applicant for a residential mortgage loan company license if the commissioner finds that the applicant meets all requirements and conditions for the license.
(b) When an applicant for a residential mortgage loan originator license has met all requirements and conditions for the license, the commissioner shall issue a license to the individual.
(c) In accordance with any rules adopted by the finance commission under this subsection, the commissioner may issue a provisional license to an applicant if a significant delay is necessary to process the application, review information related to the application, or obtain information related to the application. If the commissioner has not received criminal history record information from the Federal Bureau of Investigation before the 61st day after the date the commissioner requested the information, the commissioner shall issue a provisional license to the applicant, if the applicant otherwise meets all requirements and conditions for a license. If the commissioner has not received criminal history record information from the Federal Bureau of Investigation before the 181st day after the date the commissioner requested the information, the provisional status of the license ends and, except as provided by Subsection (d), the license is subject to the provisions of this chapter and other law applicable to a license issued to an applicant who meets all requirements and conditions for a license under this chapter.
(d) The commissioner may revoke a license issued under Subsection (c), regardless of whether the license is provisional, on a ground listed under Section 156.303 or on any ground that the commissioner could have denied issuance of the license on the application.