Tex. Fin. Code Section 156.104
Mortgage Industry Advisory Committee


(a)

The mortgage industry advisory committee is created to advise and assist the commissioner.

(b)

The advisory committee is composed of six members appointed by the commissioner. Each of the members must be:

(1)

under the regulatory authority of the department;

(2)

actively engaged in the business of originating, brokering, or funding residential mortgage loans at the time of appointment; and

(3)

primarily engaged in the business of originating, brokering, or funding residential mortgage loans for at least two years before the member’s appointment.

(b-1)

The members of the committee must include six individuals licensed by the department as residential mortgage loan originators, two of whom must hold an active real estate broker or salesperson license issued under Chapter 1101 (Real Estate Brokers and Sales Agents), Occupations Code.

(c)

Appointments to the advisory committee shall be made without regard to the sex, race, color, age, disability, religion, or national origin of the appointees.

(d)

The members of the advisory committee serve for a staggered three-year term, with the terms of two members expiring February 1 of each year.

(e)

The advisory committee shall meet at least twice a year at the call of the commissioner.

(f)

The commissioner may remove a member of the advisory committee if:

(1)

the member does not maintain the qualifications required by Subsection (b); or

(2)

the commissioner determines that the member cannot discharge the member’s duties for a substantial part of the term for which the member is appointed.

(g)

In the event of a vacancy during a term, the appointing entity or official shall fill the vacancy for the unexpired part of the term with a person who meets the qualifications of the vacated position.

(h)

In addition to other powers and duties delegated to the advisory committee by the commissioner, the advisory committee shall advise the commissioner with respect to:

(1)

the proposal and adoption of rules relating to the mortgage industry;

(2)

the form of or format for any applications or other documents under this chapter or Chapter 157 (Mortgage Bankers and Residential Mortgage Loan Originators); and

(3)

the interpretation, implementation, and enforcement of this chapter and Chapter 157 (Mortgage Bankers and Residential Mortgage Loan Originators).

(i)

Each member of the advisory committee is entitled to a per diem allowance and to reimbursement of travel expenses necessarily incurred in performing functions as a member of the committee, subject to any applicable limitation in the General Appropriations Act.

(j)

The advisory committee shall take a record vote on any matter described by Subsection (h)(1). The commissioner shall inform the finance commission of:

(1)

the result of the vote; and

(2)

any additional information the commissioner considers necessary to ensure the finance commission is sufficiently notified of the advisory committee’s recommendations.

(k)

A record vote taken by the advisory committee under Subsection (j) is only a recommendation and does not supersede the rulemaking authority of the finance commission under this subchapter.
Added by Acts 1999, 76th Leg., ch. 1254, Sec. 2, eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 867, Sec. 87, eff. Sept. 1, 2001.
Amended by:
Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 6.03, eff. September 1, 2005.
Acts 2009, 81st Leg., R.S., Ch. 1317 (H.B. 2774), Sec. 3, eff. September 1, 2009.
Acts 2009, 81st Leg., R.S., Ch. 1317 (H.B. 2774), Sec. 4, eff. September 1, 2009.
Acts 2009, 81st Leg., R.S., Ch. 1317 (H.B. 2774), Sec. 5, eff. April 1, 2010.
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 10, eff. September 1, 2011.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 10, eff. September 1, 2013.

Source: Section 156.104 — Mortgage Industry Advisory Committee, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­156.­htm#156.­104 (accessed Mar. 23, 2024).

156.001
Short Title
156.002
Definitions
156.003
Secondary Market Transactions
156.004
Disclosure to Applicant
156.005
Affiliated Business Arrangements
156.101
Administration and Enforcement of Chapter
156.102
Rulemaking Authority
156.103
Powers of Commissioner
156.104
Mortgage Industry Advisory Committee
156.105
Standard Forms
156.201
Licenses Required
156.202
Exemptions
156.203
Application
156.206
Criminal and Other Background Checks
156.207
Issuance of License
156.208
Renewals
156.209
Denial of Applications and Renewals
156.210
Conditional License
156.211
Change of Address or Sponsorship
156.212
Maintenance and Location of Offices
156.213
Mortgage Call Report
156.301
Inspections
156.302
Administrative Penalty
156.303
Disciplinary Action
156.304
Fee Assessment and Disclosure
156.305
Restitution
156.401
Hearings and Judicial Review
156.402
Civil Actions and Injunctive Relief
156.403
Burden of Proof to Establish an Exemption
156.404
Reliance on Written Notices from Commissioner
156.406
Unlicensed Activity
156.501
Recovery Fund
156.502
Funding
156.503
Statute of Limitations
156.504
Procedure for Recovery
156.505
Recovery Limits
156.506
Revocation or Suspension of License for Payment from Recovery Fund
156.507
Subrogation
156.508
Failure to Comply with Subchapter or Rule Adopted by the Finance Commission
156.551
Mortgage Grant Fund
156.552
Funding
156.553
Management of Fund
156.554
Disbursement from Fund
156.555
Payment of Claims for Fraudulent Unlicensed Activity
156.556
Rules
156.2012
Registered Financial Services Company
156.2041
Qualifications and Requirements for License: Mortgage Company
156.2042
Qualifications and Requirements for License: Credit Union Subsidiary Organization
156.2043
Qualifications and Requirements for License: Auxiliary Mortgage Loan Activity Company
156.2044
Qualifications and Requirements for License: Independent Contractor Loan Processor or Underwriter Company
156.2046
Conviction of Offense
156.2081
Reinstatement After Expiration
156.3011
Issuance and Enforcement of Subpoena

Accessed:
Mar. 23, 2024

§ 156.104’s source at texas​.gov