(a) The finance commission may adopt rules to prohibit false, misleading, or deceptive practices by residential mortgage loan originators but may not adopt any other rules restricting competitive bidding or advertising by residential mortgage loan originators. When adopting rules under this subsection, the finance commission may not restrict:
(1) the use of any medium for an advertisement;
(2) the personal appearance of or voice of a person in an advertisement;
(3) the size or duration of an advertisement; or
(4) a residential mortgage loan originator’s advertisement under a trade name.
(b) The finance commission may adopt rules regarding books and records that a residential mortgage loan originator licensed under this chapter is required to keep, including the location at which the books and records must be kept.

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Terms Used In Texas Finance Code 157.02015

  • 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

(c) The finance commission shall consult with the commissioner when proposing and adopting rules under this section.

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