Tex. Fin. Code § 157.012 · Subchapter D. LICENSING OF RESIDENTIAL MORTGAGE LOAN ORIGINATORS; DISCLOSURES AND REQUIREMENTS
LICENSE REQUIRED FOR RESIDENTIAL MORTGAGE LOAN ORIGINATORS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) An individual may not act or attempt to act in the capacity of a residential mortgage loan originator unless the individual is exempt under Section 157.0121 or 180.003(b), is acting under the temporary authority described under Section 180.0511, or:
(1) is licensed under this chapter, sponsored by an appropriate entity, and enrolled with the Nationwide Mortgage Licensing System and Registry as required by Section 180.052; and
(2) complies with other applicable requirements of Chapter 180 and rules adopted by the finance commission under that chapter.
(b) The finance commission may adopt rules under this chapter as required to carry out the intentions of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (Pub. L. No. 110-289).
(c) To be eligible to be licensed as a residential mortgage loan originator, the individual, in addition to meeting the requirements of Subsection (a), must:
(1) satisfy the commissioner as to the individual's honesty, trustworthiness, and integrity;
(2) not be in violation of this chapter, Chapter 180, or any rules adopted under this chapter or Chapter 180;
(3) provide the commissioner with satisfactory evidence that the individual meets the qualifications provided by Chapter 180; and
(4) be a citizen of the United States or a lawfully admitted alien.
(d) Repealed by Acts 2013, 83rd Leg., R.S., Ch. 160, Sec. 87(8), eff. September 1, 2013.
(e) In this section, "appropriate entity" means an entity:
(1) that is licensed or registered under this chapter or Chapter 156; and
(2) for which the individual is acting as a residential mortgage loan originator.
Notes and commentary — not statutory text
History
Reenacted and amended by Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 51, eff. September 1, 2011.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 58, eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 59, eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 87(8), eff. September 1, 2013.
Acts 2019, 86th Leg., R.S., Ch. 20 (S.B. 614), Sec. 21, eff. September 1, 2019.
Acts 2019, 86th Leg., R.S., Ch. 695 (S.B. 2330), Sec. 1, eff. November 24, 2019.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.157.htm
- Text hash
- sha256 433eaaff3ad7d0158859d8d8019a68c5abeb9ac750ced164f588cab1f82d6585
- 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.
Finance Code
- Tex. Fin. Code ch. 156RESIDENTIAL MORTGAGE LOAN COMPANIESPrinted as Chapter 156
- Tex. Fin. Code § 157.0121EXEMPTIONS FROM RESIDENTIAL MORTGAGE LOAN ORIGINATOR REQUIREMENTS.Printed as Section 157.0121 or 180.003(b)
- Tex. Fin. Code ch. 180RESIDENTIAL MORTGAGE LOAN ORIGINATORSPrinted as Chapter 180
- Tex. Fin. Code § 180.003EXEMPTION.Printed as Section 157.0121 or 180.003(b)
- Tex. Fin. Code § 180.0511TEMPORARY AUTHORITY TO ORIGINATE LOANS.Printed as Section 180.0511
- Tex. Fin. Code § 180.052ENROLLMENT OR REGISTRATION WITH NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY.Printed as Section 180.052
Cited by 1 provision
Provisions in this library whose text cites Tex. Fin. Code § 157.012. Each shows the citation as that text prints it.
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