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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 157. REGISTRATION OF MORTGAGE BANKERS |
Sec. 157.012. LICENSE REQUIRED FOR CERTAIN EMPLOYEES OF MORTGAGE BANKERS
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(a) An employee of a mortgage banker may not act in the capacity of a residential mortgage loan originator unless the employee:
(1) is licensed under this chapter, sponsored by a registered mortgage banker, and enrolled with the Nationwide Mortgage Licensing System and Registry as required by Section 180.052; and
(2) complies with other applicable requirements of Chapter 180 and rules adopted by the finance commission under that chapter.
(b) The finance commission may adopt rules under this chapter as required to carry out the intentions of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (Pub. L. No. 110-289).
(c) To be eligible to be licensed as a residential mortgage loan originator, an employee of a mortgage banker, in addition to the requirements of Subsection (a), must:
(1) satisfy the commissioner as to the employee's good moral character, including the employee's honesty, trustworthiness, and integrity;
(2) not be in violation of this chapter, Chapter 180, or any rules adopted under this chapter or Chapter 180;
(3) provide the commissioner with satisfactory evidence that the employee meets the qualifications provided by Chapter 180; and
(4) be a citizen of the United States or a lawfully admitted alien.
(d) A mortgage banker employee who is not a residential mortgage loan originator is not required to enroll with the Nationwide Mortgage Licensing System and Registry or be licensed under this chapter.