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.
Source:
Section 156.502 — Funding, https://statutes.capitol.texas.gov/Docs/FI/htm/FI.156.htm#156.502 (accessed Jun. 5, 2024).
