TX Amends Licensing Provisions for Regulated Lenders and Residential Mortgage Loan Originators

The Finance Commission of Texas recently amended certain provisions in Chapter 2 and Chapter 83 in Title 7 of the Texas Administrative Code to, among other things, specify the license term, renewal process, and expiration date for regulated lenders and residential mortgage loan originators (RMLOs) regulated by the Texas Office of Consumer Credit Commissioner.  These amendments went into effect on September 5, 2019.

For the regulated lender license and RMLO license, the amendments clarify that the licenses are effective from the date of issuance until December 31 and that they must renewed annually to remain effective.  After the licenses are renewed, they are effective for a term of 1 year, from January 1 to December 31.  The amendments also state that if an RMLO license expires, it may be reinstated during the period from January 1 through the last day of February.  For the regulated lender license, the amendments provide that an expired license may be reinstated no later than 180 days after its expiration date by paying the annual assessment fee and a $1,000 late filing fee.