§ 157.015 — RENEWAL OF LICENSE.

Texas § 157.015

• Jurisdiction: Texas
• Code FI: Finance Code

Text

Sec. 157.015. RENEWAL OF LICENSE. (a) A residential mortgage loan originator license issued under this chapter is valid through December 31 of the year of issuance and may be renewed on or before its expiration date if the residential mortgage loan originator:
(1) pays to the commissioner a renewal fee in an amount determined by the commissioner not to exceed $500 and a recovery fund fee as provided by Section 156.502 ;
(2) continues to meet the minimum requirements for license issuance; and
(3) provides the commissioner with satisfactory evidence that the residential mortgage loan originator has attended, during the term of the current license, continuing education courses in accordance with the applicable requirements of Chapter 180 .
(b) Repealed by Acts 2013, 83rd Leg., R.S., Ch. 160, Sec. 87(8), eff. September 1, 2013.
(c) An application for renewal shall be in the form prescribed by the commissioner.
(d) On receipt of a request for a renewal of a license issued under this subchapter, the commissioner may conduct a criminal background check under Section 157.0132 .
(d-1) A renewal fee is not refundable and may not be credited or applied to any other fee or indebtedness owed by the person paying the fee.
(e) The commissioner shall issue a renewal residential mortgage loan originator license if the commissioner finds that the applicant meets all of the requirements and conditions for the license.
(f) The commissioner may deny the renewal application for a residential mortgage loan originator license for the same reasons and grounds on which the commissioner could have denied an original application for a license, other than on the basis of the person's default on a student loan.
(g) The commissioner may deny the renewal application for a residential mortgage loan originator license if:
(1) the person seeking the renewal of the residential mortgage loan originator license is in violation of this chapter, Chapter 156 , or Chapter 180 , an applicable rule adopted under this chapter, Chapter 156 , or Chapter 180 , or any order previously issued to the person by the commissioner;
(2) the person seeking renewal of the residential mortgage loan originator license is in default in the payment of any administrative penalty, fee, charge, or other indebtedness owed under this title; or
(3) during the current term of the license, the commissioner becomes aware of any fact that would have been grounds for denial of an original license if the fact had been known by the commissioner on the date the license was granted.
(h) In addition to the disciplinary action by the commissioner authorized under Section 157.024 (a)(6), the commissioner may collect a fee in an amount not to exceed $50 for any returned check or credit card charge back.

Legislative History

Added by Acts 2009, 81st Leg., R.S., Ch. 1147 (H.B. 2779 ), Sec. 8, eff. April 1, 2010. Amended by: Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004 ), Sec. 64, 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. 506 (S.B. 37 ), Sec. 4, eff. June 7, 2019.