81st Texas Legislature, Regular Session, House Bill 2779, Chapter 1147 Page: 1 of 27

H.B. No. 2779
Chapter 1147
1 AN ACT
2 relating to the regulation of certain mortgage banker employees who
3 are residential mortgage loan originators; providing penalties.
4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
5 SECTION 1. Section 157.001, Finance Code, is amended to
6 read as follows:
7 Sec. 157.001. SHORT TITLE. This chapter may be cited as the
8 Mortgage Banker Registration and Residential Mortgage Loan
9 Originator License Act.
10 SECTION 2. Section 157.002, Finance Code, is amended to
11 read as follows:
12 Sec. 157.002. DEFINITIONS. In this chapter:
13 (1) "Commissioner" means the savings and mortgage
14 lending commissioner.
15 (2) "Disciplinary action" means any order by the
16 commissioner that requires one or more of the following:
17 (A) suspension or revocation of a residential
18 mortgage loan originator license under this chapter;
19 (B) probation of a suspension or revocation of a
20 residential mortgage loan originator license under this chapter on
21 terms and conditions that the commissioner determines appropriate;
22 (C) a reprimand of a person with a residential
23 mortgage loan originator license under this chapter; or
24 (D) an administrative penalty imposed on a person