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Texas Statutes (Last Updated: January 4, 2014) |
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FINANCE CODE |
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Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS |
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Subtitle B. LOANS AND FINANCED TRANSACTIONS |
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Chapter 348. MOTOR VEHICLE INSTALLMENT SALES |
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Subchapter F. LICENSING; ADMINISTRATION OF CHAPTER |
Sec. 348.5015. RESIDENTIAL MORTGAGE LOAN ORIGINATOR LICENSE REQUIRED
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(a) In this section, "Nationwide Mortgage Licensing System and Registry" and "residential mortgage loan originator" have the meanings assigned by Section 180.002.
(b) Unless exempt under Section 180.003, an individual who acts as a residential mortgage loan originator in the sale of a motor vehicle to be used as a principal dwelling must:
(1) be licensed to engage in that activity under this chapter;
(2) be enrolled with the Nationwide Mortgage Licensing System and Registry as required by Section 180.052; and
(3) comply with other applicable requirements of Chapter 180 and rules adopted under that chapter.
(c) The finance commission shall adopt rules establishing procedures for applying for issuing, renewing, and enforcing a license under this section. In adopting rules under this subsection, the finance commission shall ensure that:
(1) the minimum eligibility requirements for issuance of a license are the same as the requirements of Section 180.055;
(2) the minimum eligibility requirements for renewal of a license are the same as the requirements of Section 180.059; and
(3) the applicant pays:
(A) an investigation fee in a reasonable amount determined by the commissioner; and
(B) an annual license fee in an amount determined as provided by Section 14.107.
(d) 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).