An individual acting as a residential mortgage loan originator in a motor-vehicle sale for a principal dwelling must be licensed, enrolled in the Nationwide Mortgage Licensing System and Registry, and comply with applicable Chapter 180 rules, unless an exemption or temporary authority applies.
Sec. 348.5015. RESIDENTIAL MORTGAGE LOAN ORIGINATOR LICENSE REQUIRED. (a) In this section, "Nationwide Mortgage Licensing System and Registry" and "residential mortgage loan originator" have the meanings assigned by Section 180.002. (b) Unless exempt under Section 180.003, or acting under the temporary authority described under Section 180.0511, an individual who acts as a residential mortgage loan originator in the sale of a motor vehicle to be used as a principal dwelling must: (1) be licensed to engage in that activity under this chapter; (2) be enrolled with the Nationwide Mortgage Licensing System and Registry as required by Section 180.052; and (3) comply with other applicable requirements of Chapter 180 and rules adopted under that chapter. (c) Subject to Section 14.112, the finance commission shall adopt rules establishing procedures for applying for issuing, renewing, and enforcing a license under this section. In adopting rules under this subsection, the finance commission shall ensure that: (1) the minimum eligibility requirements for issuance of a license are the same as the requirements of Section 180.055; (2) the minimum eligibility requirements for renewal of a license are the same as the requirements of Section 180.059; and (3) the applicant pays: (A) an investigation fee in a reasonable amount determined by the commissioner; and (B) a license fee in an amount determined as provided by Section 14.107. (d) 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). Added by Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. 10), Sec. 16, eff. June 19, 2009. Amended by: Acts 2019, 86th Leg., R.S., Ch. 695 (S.B. 2330), Sec. 6, eff. November 24, 2019. Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 34, eff. September 1, 2019.