Tex.
Fin. Code Section 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 (Prelicensing Educational Courses);(5)
provides satisfactory evidence of having passed a written test that meets the requirements of Section 180.057 (Testing Requirements); 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.
Source:
Section 180.055 — Issuance of License, https://statutes.capitol.texas.gov/Docs/FI/htm/FI.180.htm#180.055 (accessed May 4, 2024).
