| (a) License term. A new residential mortgage loan originator
license is effective from the date of its issuance until December
31. A license must be renewed annually in order to remain effective.
After renewal, a license is effective for a term of one year, from
January 1 to December 31.
(b) Requirements. A license may be renewed if:
(1) the RMLO submits a completed application for renewal
through the NMLS together with the payment of the applicable renewal
application fee;
(2) the OCCC determines that the RMLO continues to
meet the minimum requirements for license issuance, including financial
responsibility, character, and general fitness, as provided in Texas
Finance Code, §180.055, and subsection (g) of this section; and
(3) the RMLO provides satisfactory evidence that the
RMLO has completed the continuing education requirements of Texas
Finance Code, §180.060.
(c) Due date for annual fees. Annual renewal fees are
due by December 31 of each year.
(d) Expiration. A residential mortgage loan originator
license expires on December 31 if the annual renewal fee has not been
paid by December 31. After expiration, a license may be reinstated
during the period from January 1 through the last day of February.
(e) Rejection of renewal. Renewal of a license may
be rejected for reasons provided in Texas Finance Code, §180.201.
(f) Additional information. The OCCC may require additional,
clarifying, or supplemental information from any applicant for the
renewal of a license pursuant to Texas Finance Code, Chapter 180 in
order to determine compliance with the law.
(g) Additional background checks. After initial issuance
of a license, the OCCC may require additional criminal and credit
background checks in order to determine an RMLO's continuing compliance
with the law.
|
