Tex. Fin. Code Section 156.502
Funding


(a)

On an application for an original license issued under Chapter 157 (Mortgage Bankers and Residential Mortgage Loan Originators), the applicant, in addition to paying the original application fee, shall pay a fee in the amount of $20. The fee shall be deposited in the recovery fund.

(a-1)

All or any portion of the amount of a penalty that is collected by the commissioner under Sections 156.302 (Administrative Penalty), 156.303 (Disciplinary Action; Cease and Desist Order), 157.023 (Administrative Penalty), 157.024 (Disciplinary Action; Cease and Desist Order), 157.031 (Unlicensed Activity; Offense), 158.105 (Cease and Desist Order), and 180.202 (Administrative Penalty), as determined by the commissioner, may be deposited to the credit of the recovery fund at the end of each fiscal year.

(b)

If the balance remaining in the recovery fund at the end of a calendar year is more than $3.5 million, the amount of money in excess of that amount shall be remitted by the commissioner to the comptroller for deposit in the mortgage grant fund established under Subchapter G.
Added by Acts 1999, 76th Leg., ch. 1254, Sec. 2, eff. Sept. 1, 1999.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1317 (H.B. 2774), Sec. 20, eff. September 1, 2009.
Acts 2009, 81st Leg., R.S., Ch. 1317 (H.B. 2774), Sec. 21, eff. September 1, 2009.
Acts 2009, 81st Leg., R.S., Ch. 1317 (H.B. 2774), Sec. 29, eff. September 1, 2009.
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 39, eff. September 1, 2011.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 41, eff. September 1, 2013.
Acts 2021, 87th Leg., R.S., Ch. 929 (H.B. 3617), Sec. 6, eff. September 1, 2021.
Acts 2021, 87th Leg., R.S., Ch. 963 (S.B. 1900), Sec. 7(3), eff. September 1, 2021.

Source: Section 156.502 — Funding, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­156.­htm#156.­502 (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

§ 156.502’s source at texas​.gov