Tex. Finance Code § 180.058
RECOVERY FUND FEE OR SURETY BOND REQUIREMENT
Texas · Texas Finance Code · Status: effective
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- Citation
- Tex. Finance Code § 180.058, RECOVERY FUND FEE OR SURETY BOND REQUIREMENT, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/646503
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Full text
(a) A regulatory official may not issue a residential mortgage loan originator license unless the official determines that the applicant meets the surety bond requirement or has paid a recovery fund fee, as applicable, in accordance with the requirements of the S.A.F.E. Mortgage Licensing Act.
(b) Each regulatory official shall adopt rules requiring an individual licensed as a residential mortgage loan originator to obtain a surety bond or pay a recovery fund fee as the official determines appropriate to comply with the S.A.F.E. Mortgage Licensing Act.