By: Parker (Senate Sponsor - Buckingham) H.B. No. 3342
(In the Senate - Received from the House May 5, 2017;
May 8, 2017, read first time and referred to Committee on Business &
Commerce; May 19, 2017, reported adversely, with favorable
Committee Substitute by the following vote: Yeas 8, Nays 0;
May 19, 2017, sent to printer.)
Click here to see the committee vote
COMMITTEE SUBSTITUTE FOR H.B. No. 3342 By: Creighton
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. This Act takes effect January 1, 2018.
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