Texas § 180.055 ISSUANCE OF LICENSE.

Texas Statutes

§ 180.055 — ISSUANCE OF LICENSE.

Texas § 180.055

Code FIFinance Code

This text of Texas § 180.055 (ISSUANCE OF LICENSE.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Finance Code Code Ann. § 180.055 (2026).

Text

Sec. 180.055. ISSUANCE OF LICENSE.

(a)The regulatory official may not issue a residential mortgage loan originator license to an individual unless the regulatory official determines, at a minimum, that the applicant:

(1)has not had a residential mortgage loan originator license revoked in any governmental jurisdiction;

(2)has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:

(A)during the seven-year period preceding the date of application; or

(B)at any time preceding the date of application, if the felony involved an act of fraud, dishonesty, breach of trust, or money laundering;

(3)demonstrates financial responsibility, character, and general fitness so as to command the confidence of the community and to warrant a dete

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Sec. 180.055. ISSUANCE OF LICENSE. (a) The regulatory official may not issue a residential mortgage loan originator license to an individual unless the regulatory official determines, at a minimum, that the applicant:
(1) has not had a residential mortgage loan originator license revoked in any governmental jurisdiction;
(2) has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:
(A) during the seven-year period preceding the date of application; or
(B) at any time preceding the date of application, if the felony involved an act of fraud, dishonesty, breach of trust, or money laundering;
(3) demonstrates financial responsibility, character, and general fitness so as to command the confidence of the community and to warrant a determination that the individual will operate honestly, fairly, and efficiently as a residential mortgage loan originator within the purposes of this chapter and any other appropriate regulatory law of this state;
(4) provides satisfactory evidence that the applicant has completed prelicensing education courses described by Section 180.056 ;
(5) provides satisfactory evidence of having passed a written test that meets the requirements of Section 180.057 ; and
(6) has paid a recovery fund fee or obtained a surety bond as required under the appropriate state regulatory law.
(b) A revocation that has been formally vacated may not be considered a license revocation for purposes of Subsection (a)(1).
(c) A conviction for which a full pardon has been granted may not be considered a conviction for purposes of Subsection (a)(2).
(d) For purposes of Subsection (a)(3), an individual is considered not to be financially responsible if the individual has shown a lack of regard in managing the individual's own financial affairs or condition. A determination that an individual has not shown financial responsibility may not be based on the individual's default on a student loan but may include:
(1) an outstanding judgment against the individual, other than a judgment imposed solely as a result of medical expenses;
(2) an outstanding tax lien or other governmental liens and filings;
(3) a foreclosure during the three-year period preceding the date of the license application; and
(4) a pattern of seriously delinquent accounts, other than student loan accounts, during the three-year period preceding the date of the application.

Legislative History

Added by Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. 10 ), Sec. 1, eff. June 19, 2009. Amended by: Acts 2019, 86th Leg., R.S., Ch. 506 (S.B. 37 ), Sec. 5, eff. June 7, 2019.