Texas Enacts Licensing Provisions
The Texas Finance Commission has adopted provisions regarding licensing requirements for certain licensees. These provisions are effective immediately.
License Term
The new provision states that a license for a new residential mortgage loan originator is effective from the date of issuance until December 31. A license must be renewed annually. Once a license is renewed, it is effective for a term of one year, from January 1 until December 31.
Annual Fees
Under the new provision, annual renewal fees are due by December 31. A license will expire on December 31 if the annual fee has not been paid by this date. After expiration, a license may be reinstated any time between January 1 and the last day of February.
Read the full provision here.
Elizabeth Dailey, JD, is a Regulatory Compliance Director with CLA. She is a graduate of the University of New Hampshire and earned her juris doctor at New England Law. She is admitted to the Massachusetts Bar.
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