The Texas Office of Consumer Credit Commission (OCCC) has proposed new amendments and rules to 7 TAC, Part 1, Chapter 2 Residential Mortgage Loan Originators Licensed with OCCC.
To see the draft of the rule proposal regarding residential mortgage loan originators which the agency is considering for proposal at the Finance Commission's meeting on Friday, August 16, 2013 click here.
The purpose of the proposed amendments and new rules is to provide clarification regarding license status, as well as operational requirements related to renewal and background checks. The amendments outline when an application may be withdrawn, and when licenses may be issued in an inactive or conditional status.
The new rules concern requirements for renewal, including additional background checks, and a licensee's duty to maintain current information with NMLS.
Technical corrections have also been made throughout the proposal.