|(a) Purpose. This section specifies licensing requirements
for military service members, military veterans, and military spouses,
in accordance with Occupations Code Chapter 55.
(b) Definitions. In this section, the terms "military
service member," "military spouse," and "military veteran" have the
meanings assigned by Tex. Occ. Code §55.001.
(c) Late Renewal (Reinstatement). As provided by Tex.
Occ. Code §55.002, an individual is exempt from any increased
fee or other penalty for failing to renew his or her originator license
in a timely manner if the individual establishes to the satisfaction
of the Commissioner that he or she failed to timely renew the license
because the individual was serving as a military service member. A
military service member who fails to timely renew his or her originator
license must seek reinstatement of the license within the time period
prescribed by Tex. Fin. Code §157.016; otherwise, the individual
must obtain a new license, including complying with the requirements
and procedures then in existence for obtaining an original license.
(d) Expedited Review and Processing. Tex. Occ. Code §55.005
provides that a military service member, military veteran, or military
spouse is entitled to expedited review and processing of his or her
application for an originator license. A military service member,
military veteran, or military spouse seeking expedited review of his
or her application must, after applying for the license in NMLS, make
a written request for expedited review using the form prescribed by
the Commissioner and posted on the Department's website (sml.texas.gov),
including providing the supporting documentation specified by the
form, to enable the Department to verify the individual's status as
a military service member, military veteran, or military spouse. The
Department, on or before 30 days after the date it receives a complete
application and request for expedited review from a qualifying applicant
who is a military service member, military veteran, or military spouse,
will process the application and, provided the applicant is otherwise
eligible to receive the license, issue a license to the applicant,
if the applicant:
(1) is licensed as an originator in another jurisdiction
with substantially equivalent licensing requirements; or
(2) was licensed as an originator in Texas within the
5 years preceding the date of the application.
(e) Temporary Authority for Military Service Member
or Military Spouse. Tex. Occ. Code §55.0041 provides that a military
service member or military spouse may engage in a business or occupation
for which a license is required without obtaining the applicable license
if the member or spouse is currently licensed in good standing in
another jurisdiction with substantially equivalent licensing requirements.
However, federal law imposes specific, comprehensive requirements
governing when and under what circumstances an individual licensed
to act as an originator in another jurisdiction may act under temporary
authority in this state (12 U.S.C. §5117 (relating to Employment
Transition of Loan Originators)). Tex. Occ. Code §55.0041(c)
further requires that a military service member or military spouse
"comply with all other laws and regulations applicable to the business
or occupation." As a result, a military service member or military
spouse seeking to avail himself or herself of the temporary authority
conferred by Tex. Occ. Code §55.0041 must apply for and seek
temporary authority in accordance with Tex. Fin. Code §180.0511
and §81.102 of this title (relating to Temporary Authority).
(f) Substantial Equivalency. For purposes of this section
and Tex. Occ. Code §55.004, an originator license issued in another
jurisdiction is substantially equivalent to a Texas originator license
if it is issued in accordance with the requirements of the S.A.F.E
Mortgage Licensing Act, 12 U.S.C. §§5501-5117. The Department
will verify a license issued in another jurisdiction through NMLS.
(g) Credit for Military Experience. As provided by
Tex. Occ. Code §55.007, with respect to an applicant who is a
military service member or military veteran, the Department will credit
verified military service, training, or education toward the requirements
for an originator license by considering the service, training, or
education as part of the applicant's employment history. The following
items cannot be substituted for military service, training, or education:
(1) the pre-licensing examination, as provided by Tex.
Fin. Code §180.057;
(2) the required pre-licensing education and coursework,
as provided by Tex. Fin. Code §180.056 and §81.104 of this
title (relating to Required Education); and
(3) continuing education and coursework, as provided
by Tex. Fin. Code §180.060 and §81.104 of this title.