By: Anchia H.B. No. 3617
A BILL TO BE ENTITLED
AN ACT
relating to certain qualifications and requirements for
residential mortgage loan companies.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 156.2041, Finance Code, is amended to
read as follows:
Sec. 156.2041. QUALIFICATIONS AND REQUIREMENTS FOR
LICENSE: MORTGAGE COMPANY. [(a)] To be issued a mortgage company
license, an applicant must:
(1) submit a completed application together with the
payment of applicable fees through the Nationwide Mortgage
Licensing System and Registry;
(2) designate control persons for the mortgage company
through the Nationwide Mortgage Licensing System and Registry;
(3) designate an individual licensed as a residential
mortgage loan originator under Chapter 157 as the company's
qualifying individual;
(4) if applicable, submit a completed branch
application through the Nationwide Mortgage Licensing System and
Registry for each branch office that engages in residential
mortgage loan activity on residential real estate located in this
state;
(5) not be in violation of this chapter, a rule adopted
under this chapter, or any order previously issued by the
commissioner to the applicant;
(6) have the company name or assumed name properly
filed with either the secretary of state or with the appropriate
county clerk's office; and
(7) [maintain a physical office in this state; and
[(8)] provide financial statements and any other
information required by the commissioner.
SECTION 2. Section 156.2042, Finance Code, is amended to
read as follows:
Sec. 156.2042. QUALIFICATIONS AND REQUIREMENTS FOR
LICENSE: CREDIT UNION SUBSIDIARY ORGANIZATION. [(a)] To be issued
a credit union subsidiary organization license, an applicant must:
(1) submit a completed application together with the
payment of applicable fees through the Nationwide Mortgage
Licensing System and Registry;
(2) designate control persons for the organization
through the Nationwide Mortgage Licensing System and Registry;
(3) designate an individual licensed as a residential
mortgage loan originator under Chapter 157 as the company's
qualifying individual;
(4) submit a completed branch application through the
Nationwide Mortgage Licensing System and Registry for each branch
office that engages in residential mortgage loan activity on
residential real estate located in this state; and
(5) not be in violation of this chapter, a rule adopted
under this chapter, or any order previously issued by the
commissioner to the applicant[; and
[(6) maintain a physical office in this state].
SECTION 3. Section 156.212, Finance Code, is amended to
read as follows:
Sec. 156.212. MAINTENANCE AND LOCATION OF OFFICES. [(a)
Each residential mortgage loan company licensed under this chapter
shall maintain a physical office in this state.
[(a-1) If a residential mortgage loan company's main office
is outside this state, the requirement of Subsection (a) is
satisfied if the company has a branch office located in this state.
[(b)] If a residential mortgage loan company maintains an
office separate and distinct from the company's main office,
whether located in this state or not, that conducts mortgage
business with consumers of this state or regarding residential real
estate in this state, the company shall apply for, pay a fee of $50
for, and obtain an additional license to be known as a branch office
license for each additional office to be maintained by the company.
SECTION 4. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2021.