85R18490 TSR-D
By: Parker H.B. No. 3342
A BILL TO BE ENTITLED
AN ACT
relating to the prelicensing education requirements for
residential mortgage loan originators.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 180.056(h), Finance Code, is amended to
read as follows:
(h) An individual who fails to maintain a residential
mortgage loan originator license for the period of time established
by rule of the rulemaking authority [at least five consecutive
years] must retake the prelicensing education requirements
prescribed by the S.A.F.E. Mortgage Licensing Act.
SECTION 2. (a) Not later than December 1, 2017, the Finance
Commission of Texas shall adopt the rules required under Section
180.056(h), Finance Code, as amended by this Act.
(b) The change in law made by this Act applies only to an
application for a license filed on or after December 1, 2017. An
application for a license filed before December 1, 2017, is
governed by the law in effect on the date the application was filed,
and the former law is continued in effect for that purpose.
SECTION 3. This Act takes effect September 1, 2017.