| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to the prelicensing education requirements for |
|
|
residential mortgage loan originators. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 180.056(h), Finance Code, is amended to |
|
|
read as follows: |
|
|
(h) An individual who fails to maintain a residential |
|
|
mortgage loan originator license for the period of time established |
|
|
by rule of the rulemaking authority [at least five consecutive
|
|
|
years] must retake the prelicensing education requirements |
|
|
prescribed by the S.A.F.E. Mortgage Licensing Act. |
|
|
SECTION 2. (a) Not later than December 1, 2017, the Finance |
|
|
Commission of Texas shall adopt the rules required under Section |
|
|
180.056(h), Finance Code, as amended by this Act. |
|
|
(b) The change in law made by this Act applies only to an |
|
|
application for a license filed on or after December 1, 2017. An |
|
|
application for a license filed before December 1, 2017, is |
|
|
governed by the law in effect on the date the application was filed, |
|
|
and the former law is continued in effect for that purpose. |
|
|
SECTION 3. This Act takes effect September 1, 2017. |