Sec. 180.058. RECOVERY FUND FEE OR SURETY BOND REQUIREMENT. (a) A regulatory official may not issue a residential mortgage loan originator license unless the official determines that the applicant meets the surety bond requirement or has paid a recovery fund fee, as applicable, in accordance with the requirements of the S.A.F.E. Mortgage Licensing Act.
(b) Each regulatory official shall adopt rules requiring an individual licensed as a residential mortgage loan originator to obtain a surety bond or pay a recovery fund fee as the official determines appropriate to comply with the S.A.F.E. Mortgage Licensing Act.
Added by Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. 10), Sec. 1, eff. June 19, 2009.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Subtitle E - Other Financial Businesses
Chapter 180 - Residential Mortgage Loan Originators
Subchapter B. Licensing and Registration Requirements
Section 180.051. State License Required; Renewal
Section 180.0511. Temporary Authority to Originate Loans
Section 180.052. Enrollment or Registration With Nationwide Mortgage Licensing System and Registry
Section 180.053. Application Form
Section 180.054. Criminal and Other Background Checks
Section 180.055. Issuance of License
Section 180.056. Prelicensing Educational Courses
Section 180.057. Testing Requirements
Section 180.058. Recovery Fund Fee or Surety Bond Requirement
Section 180.059. Standards for License Renewal
Section 180.060. Continuing Education Courses