Texas Finance Code 156.2012 – Registered Financial Services Company
(a) A financial services company may perform the services of a residential mortgage loan company if the company is registered under this chapter.
(b) To be eligible to register as a registered financial services company, a person must:
(1) be a depository institution exempt from this chapter under § 156.202(a-1)(4)(A) and chartered and regulated by the Office of the Comptroller of the Currency, or be a subsidiary of the institution;
(2) provide a business plan satisfactory to the commissioner that sets forth the person’s plan to:
(A) provide education to its sponsored residential mortgage loan originators;
(B) handle consumer complaints relating to its sponsored residential mortgage loan originators; and
(C) supervise the residential mortgage loan origination activities of its sponsored residential mortgage loan originators;
(3) pay a registration fee in an amount not to exceed $500;
(4) designate an officer of the person to be responsible for the activities of its sponsored residential mortgage loan originators;
(5) submit a completed application through the Nationwide Mortgage Licensing System and Registry together with the applicable fee required by Subdivision (3) or Subsection (c);
(6) obtain preapproval from the commissioner that the person meets the eligibility requirements for registration as a financial services company; and
(7) not be in violation of this chapter, a rule adopted under this chapter, or any order previously issued by the commissioner to the applicant.
Terms Used In Texas Finance Code 156.2012
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Rule: includes regulation. See Texas Government Code 311.005
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) If the commissioner determines that a person has met the requirements of Subsection (b), the commissioner shall issue a registration to the person. The registration is valid for one year, expires on December 31 of each year, and must be renewed annually by meeting the requirements under Subsection (b) and paying a renewal fee in an amount not to exceed $500. A person must renew an expired registration in the manner determined by the commissioner.
(d) A registered financial services company is subject to Subchapters D and E as if the company were licensed as a residential mortgage loan company.