The Finance Commission of Texas (the “Commission”) has adopted amendments to §80.2, concerning definitions; §80.3, concerning licensing – general; §80.5, concerning renewals; §80.6, concerning sponsorship and termination of sponsorship; §80.10, concerning prohibition on false, misleading, or deceptive practices and improper dealings; §80.12, concerning display of license verification and license record changes; §80.13, concerning books and records; §80.18, concerning enforceability of liens; and, §80.23, concerning annual reports. Notice of the Commission’s adoption of these amendments was published in the October 31, 2008 issue of the Texas Register (Vol. 33, No. 44). These amendments were adopted without changes to the text of the proposed amendments published for comment in the August 22, 2008 issue of the Texas Register (Vol. 33, No. 34). See this firm’s August 25, 2008 memo advising you of the proposed amendments and the Commission’s request for comments. According to the Commission, the purpose of the amendments is to conform the Rules to the Texas Department of Savings and Mortgage Lending’s current practice, to eliminate obsolete provisions, and to add clarification. Sections 80.2 and 80.3 have been revised to add clarification. Section 80.5 has been revised to remove obsolete language. Section 80.6 adds language to clarify a current practice. Section 80.10 has been revised to improve consumer awareness and clarify procedures. Sections 80.12 and 80.13 have been revised to clarify procedures. Section 80.18 has been revised to delete a form that does not pertain to the Section, and that already exists in §80.9. Section 80.23 has been revised for clarification. The text of the amendments, as published in the August 22, 2008 issue of the Texas Register, is attached. Underlined language indicates additions and bracketed language with strikethroughs indicates deletions. The effective date of the adopted amendments to the Mortgage Broker and Loan Officer Rules is November 6, 2008.
