 |
Texas Statutes (Last Updated: January 4, 2014) |
 |
FINANCE CODE |
|
Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES |
|
Subtitle E. OTHER FINANCIAL BUSINESSES |
|
Chapter 156. RESIDENTIAL MORTGAGE LOAN COMPANIES AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS |
|
Subchapter C. RESIDENTIAL MORTGAGE LOAN COMPANY AND RESIDENTIAL MORTGAGE LOAN ORIGINATOR LICENSES AND REGISTRATION |
Sec. 156.208. RENEWALS
-
(a) Expired.
(a-1) A residential mortgage loan company license issued under this chapter is valid through December 31 of the year of issuance and may be renewed on or before its expiration date if the residential mortgage loan company:
(1) pays to the commissioner a renewal fee in an amount determined by the commissioner not to exceed $375; and
(2) has not shown a pattern or practice of abusive mortgage activity and has no civil judgments or liens that, in the commissioner's opinion, directly impact the ability of the residential mortgage loan company to conduct business while safeguarding and protecting the public interest.
(b) Expired.
(b-1) Except as provided by Subsection (b-2), a residential mortgage loan originator license issued under this chapter is valid through December 31 of the year of issuance and may be renewed on or before its expiration date if the residential mortgage loan originator:
(1) pays to the commissioner a renewal fee in an amount determined by the commissioner not to exceed $375 and a recovery fund fee provided by Section 156.502;
(2) continues to meet the minimum requirements for license issuance; and
(3) provides the commissioner with satisfactory evidence that the residential mortgage loan originator has attended, during the term of the current license, continuing education courses in accordance with the applicable requirements of Chapter 180.
(b-2) A license issued under this chapter to a registered financial services company's exclusive agent is valid through December 31 of the year of issuance and may be renewed on or before the expiration date if the exclusive agent complies with the requirements of Subsections (b-1)(2) and (3).
(c) The commissioner may require residential mortgage loan originators to submit requests for renewal on a form prescribed by the commissioner.
(d) On receipt of a request for a renewal of a license issued under this subchapter, the commissioner may conduct a criminal background check under Section 156.206.
(e) A renewal fee is not refundable and may not be credited or applied to any other fee or indebtedness owed by the person paying the fee.
(f) Repealed by Acts 2011, 82nd Leg., R.S., Ch. 655, Sec. 65(a)(7), eff. September 1, 2011.
(g) Repealed by Acts 2011, 82nd Leg., R.S., Ch. 655, Sec. 65(a)(7), eff. September 1, 2011.
(h) Repealed by Acts 2011, 82nd Leg., R.S., Ch. 655, Sec. 65(a)(7), eff. September 1, 2011.
(i) Repealed by Acts 2011, 82nd Leg., R.S., Ch. 655, Sec. 65(a)(7), eff. September 1, 2011.
(j) The commissioner may deny the renewal of a residential mortgage loan originator license if:
(1) the residential mortgage loan originator is in violation of this chapter, a rule adopted under this chapter, or any order previously issued to the individual by the commissioner;
(2) the residential mortgage loan originator is in default in the payment of any administrative penalty, fee, charge, or other indebtedness owed under this title;
(3) during the current term of the license, the commissioner becomes aware of any fact that would have been grounds for denial of an original license if the fact had been known by the commissioner on the date the license was granted; or
(4) the residential mortgage loan originator is in default on a student loan administered by the Texas Guaranteed Student Loan Corporation, pursuant to Section 57.491, Education Code.
(k) In addition to the disciplinary action by the commissioner authorized under Section 156.303(a)(7), the commissioner may collect a fee in an amount not to exceed $50 for any returned check or credit card charge back.
(l) Expired.