The Finance Commission of Texas (Finance Commission) proposes new Chapter 2 to Title 7 of the Texas Administrative Code (7 TAC Chapter 2, Sections 2.101 – 2.105). The text of these new regulations (“Proposed Rules”) may be found in the above cited issue of the Texas Register and, for your convenience, are reprinted in this memorandum. You are advised to read these Proposed Rules and not rely on the summary contained in this memorandum.

The purpose of the Proposed Rules is to provide for certain application procedures and fees for those individuals seeing to obtain or renew their licenses as a residential mortgage loan originator (RMLO) from the Office of Consumer Credit Commissioner (OCCC), as required by Chapter 180 of the Texas Finance Code enacted by the 2009 session of the Texas Legislature in House Bill 10 (i.e., Texas SAFE Act). For a detailed summary of the Texas SAFE Act, see our November 13, 2009 memorandum posted on our website http://www.bmandg.com/ under “Our Clients and Friends” web page.

Written comments on the Proposed Rules may be submitted to Laurie Hobbs, Assistant General Counsel, Office of Consumer Credit Commissioner, 2601 North Lamar Boulevard, Austin, Texas 78705-4207 or e-mailed to laurie.hobbs@occc.state.tx.us, no later than April 12, 2010.

See attached for complete memorandum