Tex. Fin. Code § 156.2012 · Subchapter C. RESIDENTIAL MORTGAGE LOAN COMPANY LICENSES AND REGISTRATION
REGISTERED FINANCIAL SERVICES COMPANY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A financial services company may perform the services of a residential mortgage loan company if the company is registered under this chapter.
(b) To be eligible to register as a registered financial services company, a person must:
(1) be a depository institution exempt from this chapter under Section 156.202(a-1)(4)(A) and chartered and regulated by the Office of the Comptroller of the Currency, or be a subsidiary of the institution;
(2) provide a business plan satisfactory to the commissioner that sets forth the person's plan to:
(A) provide education to its sponsored residential mortgage loan originators;
(B) handle consumer complaints relating to its sponsored residential mortgage loan originators; and
(C) supervise the residential mortgage loan origination activities of its sponsored residential mortgage loan originators;
(3) pay a registration fee in an amount not to exceed $500;
(4) designate an officer of the person to be responsible for the activities of its sponsored residential mortgage loan originators;
(5) submit a completed application through the Nationwide Mortgage Licensing System and Registry together with the applicable fee required by Subdivision (3) or Subsection (c);
(6) obtain preapproval from the commissioner that the person meets the eligibility requirements for registration as a financial services company; and
(7) not be in violation of this chapter, a rule adopted under this chapter, or any order previously issued by the commissioner to the applicant.
(c) If the commissioner determines that a person has met the requirements of Subsection (b), the commissioner shall issue a registration to the person. The registration is valid for one year, expires on December 31 of each year, and must be renewed annually by meeting the requirements under Subsection (b) and paying a renewal fee in an amount not to exceed $500. A person must renew an expired registration in the manner determined by the commissioner.
(d) A registered financial services company is subject to Subchapters D and E as if the company were licensed as a residential mortgage loan company.
Notes and commentary — not statutory text
History
Added by Acts 2007, 80th Leg., R.S., Ch. 228 (H.B. 1716), Sec. 3, eff. September 1, 2007.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. 10), Sec. 7, eff. June 19, 2009.
Acts 2009, 81st Leg., R.S., Ch. 1317 (H.B. 2774), Sec. 14, eff. September 1, 2009.
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 29, eff. September 1, 2011.
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 65(a)(9), eff. September 1, 2011.
Redesignated and amended from Finance Code, Section 156.214 by Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 32, eff. September 1, 2013.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.156.htm
- Text hash
- sha256 2ce1e7036c8d5f777afb9e1cdbfdf1845200b520cf316f1dd1bb5505f0840529
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Cited by 4 provisions
Provisions in this library whose text cites Tex. Fin. Code § 156.2012. Each shows the citation as that text prints it.
Finance Code
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.