Texas Register, Volume 38, Number 27, Pages 4243-4444, July 5, 2013 Page: 4,258
4243-4444 p. ; 28 cm.View a full description of this periodical.
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(G) copies of all advertisements in the medium (e.g.,
recorded audio, video, and print) in which they were published or dis-
tributed.
(c) A company and/or originator shall maintain such other
books and records as may be required to evidence compliance with
applicable state and federal laws and regulations including, but not
limited to: the Real Estate Settlement Procedures Act, the Equal Credit
Opportunity Act, and the Truth in Lending Act.
(d) A company and/or originator shall maintain such other
books and records as the Commissioner or the Commissioner's de-
signee may from time to time specify in writing.
(e) All books and records required by this section shall be
maintained in good order and shall be produced for the Commissioner
or the Commissioner's designee upon request. Failure to produce
such books and records upon request, after a reasonable time for
compliance, may be grounds for suspension or revocation of a license.
(f) All books and records required by this section shall be
maintained for three years or such longer period(s) as may be required
by applicable state and/or federal laws and regulations.
(g) An originator may meet applicable recordkeeping require-
ments if his or her sponsoring company maintains the required records.
(h) Upon termination of operations, the licensee shall notify
the Commissioner, in writing, within ten days where the required
records will be maintained for the prescribed periods. If such records
are transferred to another licensee the transferee shall, in writing,
within ten days of accepting responsibility for maintaining such
records, notify the Commissioner.
80.205. Mortgage Call Reports.
(a) Call Report.
(1) A company shall file a mortgage call report on a quar-
terly basis. The filing deadlines are set by the Nationwide Mortgage
Licensing System and Registry.
(2) A call report is required to be filed for each quarter a
license is held, including partial quarters.
(3) The call report shall be submitted through and in the
manner and form prescribed by the Nationwide Mortgage Licensing
System and Registry.
(b) Statement of Condition Report.
(1) A company shall file a statement of condition on an an-
nual basis.
(2) A statement of condition report is required to be filed
for each year a license is held, including partial years.
(3) The statement of condition report shall be submitted
through and in the manner and form prescribed by the Nationwide
Mortgage Licensing System and Registry.
(c) Submission of a call report or statement of condition re-
port, by a company, satisfies the requirements of an originator under
Finance Code, 180.101 for the period of sponsorship, provided that
the originator's information is included in the report.
(d) Failure to file a mortgage call report or a statement of con-
dition report may [ean] result in [an] administrative action [penalty for
eaeh missed er late filing].
This agency hereby certifies that the proposal has been reviewed
by legal counsel and found to be within the agency's legal author-
ity to adopt.Filed with the Office of the Secretary of State on June 24, 2013.
TRD-201302631
Caroline C. Jones
General Counsel
Texas Department of Savings and Mortgage Lending
Earliest possible date of adoption: August 4, 2013
For further information, please call: (512) 475-1297
SUBCHAPTER D. COMPLIANCE AND
ENFORCEMENT
7 TAC 80.301
The amendments are proposed under Finance Code, 156.102,
which grants rulemaking authority to the Finance Commission of
Texas.
The statutory provision affected by the proposed amendments
are contained in Finance Code, Chapters 156 and 180.
80.301. Complaints, Investigations, Administrative Penalties, and
Disciplinary and/or Enforcement Actions.
(a) Upon receipt of a written complaint alleging acts or omis-
sions of a person, as defined in Finance Code, 180.002(14), required to
be licensed under Finance Code, Chapter 156, the Commissioner or the
Commissioner's designee will make an initial determination whether
the complaint sets forth reasonable cause to warrant an investigation:
(1) if it has been determined that the complaint warrants
an investigation, advise all parties who are subject of the complaint by
written notice that a complaint has been filed and an investigation will
be conducted. The investigation will be conducted as is deemed appro-
priate in light of all the relevant facts and circumstance then known.
Such investigation may include any or all of the following:
(A) review of documentary evidence;
(B) interviews with complainants, licensees, and third
parties;
(C) obtaining reports, advice, and other comments and
assistance of other state and/or federal regulatory, enforcement, or
oversight bodies; and
(D) other lawful investigative techniques as the Com-
missioner reasonably deems necessary and/or appropriate, including,
but not limited to, requesting that complainants and/or other parties
made the subject of complaints provide explanatory, clarifying, or sup-
plemental information.
(2) if determined that a complaint does not warrant inves-
tigation, advise the complainant of the right to bring forth additional
facts or information to have the initiation of an investigation reconsid-
ered, and close the file.
(b) The Commissioner may, upon a finding of reasonable
cause, investigate a licensee or registrant to determine whether they
are complying with Finance Code, Chapter 156 and this chapter.
(c) The Commissioner may conduct an undercover or covert
investigation only if the Commissioner, after due consideration of the
circumstances, determines that the investigation is necessary to prevent
immediate harm and to carry out the purposes of Finance Code, Chapter
156.
(d) Reasonable cause will be deemed to exist if the Commis-
sioner has received information from a source he or she has no reason
to believe to be other than reliable, including documentary or other ev-38 TexReg 4258 July 5, 2013 Texas Register
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Texas. Secretary of State. Texas Register, Volume 38, Number 27, Pages 4243-4444, July 5, 2013, periodical, July 5, 2013; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth326801/m1/16/: accessed April 26, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.