81st Texas Legislature, Regular Session, House Bill 2774, Chapter 1317 Page: 1 of 47

Chapter 1317

H.B. No. 2774
1 AN ACT
2 relating to self-directed and semi-independent status of state
3 financial regulatory agencies and the licensing and regulation of
4 certain persons involved in residential mortgage lending; making an
5 appropriation; providing a penalty.
6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
7 SECTION 1. Section 156.101, Finance Code, is amended by
8 adding Subsection (d) to read as follows:
9 (d) The commissioner shall participate in the Nationwide
10 Mortgage Licensing System and Registry as provided by Chapter 180.
11 SECTION 2. Section 156.102, Finance Code, is amended by
12 adding Subsections (a-1) and (b-l) to read as follows:
13 (a-1) The finance commission may adopt rules under this
14 chapter as required to carry out the intentions of the federal
15 Secure and Fair Enforcement for Mortgage Licensing Act of 2008
16 (Pub. L. No. 110-289).
17 (b-1) The finance commission on the commissioner's
18 recommendation may adopt rules to promote a fair and orderly
19 administration of the fund consistent with the purposes of
20 Subchapter F.
21 SECTION 3. The heading to Section 156.104, Finance Code, is
22 amended to read as follows:
23 Sec. 156.104. MORTGAGE INDUSTRY BROKERR] ADVISORY
24 COMMITTEE .