Relating to licensing and regulation of certain persons involved in residential mortgage lending pursuant to the Texas Secure and Fair Enforcement for Mortgage Licensing Act of 2009; providing penalties.
Impact
If enacted, HB 2248 would significantly impact how the state regulates mortgage lending, particularly focusing on the enforcement of licensing protocols. The bill is designed to close gaps in the current regulatory framework, ensuring that all residential mortgage lenders are adequately qualified and that they adhere to stringent ethical practices when servicing clients. This would serve both to protect consumers from unethical lending practices and to uphold the integrity of the mortgage lending industry in Texas.
Summary
House Bill 2248 focuses on the regulation and licensing of individuals involved in residential mortgage lending. It seeks to align these regulations with the Texas Secure and Fair Enforcement for Mortgage Licensing Act of 2009. The bill intends to enforce stricter licensing requirements for mortgage lenders to enhance consumer protection and promote fair lending practices within the state. Provisions of the bill aim to streamline the licensing process while ensuring that all individuals involved meet the necessary qualifications and standards set forth by law.
Contention
The discussions surrounding HB 2248 highlight some contention regarding the balance between regulation and accessibility for lenders. Proponents argue that enhanced regulation is necessary to protect consumers from potential exploitation in the mortgage lending market, especially given the significant financial risks involved. Conversely, critics express concerns that too much regulation might hinder legitimate lenders, making it harder for potential homeowners to access necessary financing. The debates thus revolve around finding a balance that protects consumers without creating excessive barriers to entry for mortgage lenders.
Identical
Relating to licensing and regulation of certain persons involved in residential mortgage lending pursuant to the Texas Secure and Fair Enforcement for Mortgage Licensing Act of 2009; providing penalties.
Relating to the regulation and voluntary licensing of reroofing contractors by the Texas Department of Licensing and Regulation; providing administrative and civil penalties; authorizing fees.
Relating to licensing and regulation of certain persons involved in residential mortgage lending pursuant to the Texas Secure and Fair Enforcement for Mortgage Licensing Act of 2009; providing penalties.
Relating to the regulation of residential mortgage loan originators, residential mortgage loan companies, mortgage bankers, and residential mortgage loan servicers under the jurisdiction of the Department of Savings and Mortgage Lending; changing a fee.
Relating to the regulation of residential mortgage loan originators, residential mortgage loan companies, mortgage bankers, and residential mortgage loan servicers under the jurisdiction of the Department of Savings and Mortgage Lending; changing a fee.