Effective May 9, 2010, the Finance Commission of Texas (“Finance Commission”) adopted amendments to §§80.1 and 80.2, §§80.8 through 80.15, §§80.20 through 80.23 and new Subchapter L, Licensing, (§§80.301 through 80.307) of the Texas Residential Mortgage Loan Originator Regulations (formerly titled the “Mortgage Broker and Loan Officer Licensing Regulations”) contained in the Texas Administrative Code at 7 TAC Chapter 80. The text of these amended and new regulations (“Rules”) may be found at: http://info.sos.state.tx.us/pls/pub/readtac$ext.ViewTAC?tac_view=4&ti=7&pt=4&ch=80. This memorandum briefly summarizes the Rules, and you are advised to read the Rules and not rely solely on the below summary: Subchapter A – Licensing (Note: Apparently, amended Subchapter A and new Subchapter L will both be in effect during the balance of 2010. The amendment to §80.1(see below) states that Subchapter A is rescinded January 1, 2011, and replaced with new Subchapter L; and, the Finance Commission’s preamble statement published with the Rules in the above-cited issue of the Texas Register states that new Subchapter L addresses the TDSML’s licensing program effective April 2, 2010. Each subchapter, however, has provisions that are inconsistent with or overlap provisions in the other subchapter, and it remains to be seen how the TDSML will administer these subchapters together for the remainder of 2010.) 1. The amendment to §80.1, Scope, adds a statement that Subchapter A is rescinded January 1, 2011, and replaced with new Subchapter L. 2. The amendment to §80.2, Definitions, replaces the definition for “Mortgage Loan” with the definition for “Residential Mortgage Loan,” which is revised in language and more limited in scope. The amendment also adds definitions for “Dwelling” and “Residential Real Estate.”
