|(a) Purpose and Applicability. The purpose of this
section is to specify 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 the individual 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 License Procedure. As provided by Tex.
Occ. Code §55.004 and §55.005, the Department will process
a license application as soon as practicable and issue a license to
a qualifying applicant who is a military service member, military
veteran, or military spouse, if the applicant:
(1) holds a current license in another jurisdiction
as a residential mortgage loan originator in accordance with the S.A.F.E.
Mortgage Licensing Act, 12 U.S.C. §§5101-5117; or
(2) held a residential mortgage loan originator license
in Texas within the five years preceding the date of the application.
(e) Temporary Authority for Military Spouse. Tex. Occ.
Code §55.0041 provides that a military spouse may engage in a
business or occupation for which a license is required without obtaining
the applicable license if the spouse is currently licensed in good
standing in another jurisdiction with substantially similar licensing
requirements. However, federal law imposes specific, comprehensive
requirements governing when and under what circumstances an individual
sanctioned 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 spouse "comply with all other laws
and regulations applicable to the business or occupation." As a result,
a 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, a residential mortgage loan originator
license issued in another jurisdiction is substantially equivalent
to a Texas residential mortgage loan 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 training and
coursework, as provided by Tex. Fin. Code §180.056 and §81.104
of this title (relating to Required Education); and
(3) continuing education training and coursework, as
provided by Tex. Fin. Code §180.060 and §81.104 of this
title (relating to Required Education).