{"data":{"id":"us-tx/tex.-finance-code-180.055","jurisdiction":"us-tx","citation":"Tex. Finance Code § 180.055","heading":"ISSUANCE OF LICENSE.","body":"(a) The regulatory official may not issue a residential mortgage loan originator license to an individual unless the regulatory official determines, at a minimum, that the applicant:\n(1) has not had a residential mortgage loan originator license revoked in any governmental jurisdiction;\n(2) has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:\n(A) during the seven-year period preceding the date of application; or\n(B) at any time preceding the date of application, if the felony involved an act of fraud, dishonesty, breach of trust, or money laundering;\n(3) demonstrates financial responsibility, character, and general fitness so as to command the confidence of the community and to warrant a determination that the individual will operate honestly, fairly, and efficiently as a residential mortgage loan originator within the purposes of this chapter and any other appropriate regulatory law of this state;\n(4) provides satisfactory evidence that the applicant has completed prelicensing education courses described by Section 180.056;\n(5) provides satisfactory evidence of having passed a written test that meets the requirements of Section 180.057; and\n(6) has paid a recovery fund fee or obtained a surety bond as required under the appropriate state regulatory law.\n(b) A revocation that has been formally vacated may not be considered a license revocation for purposes of Subsection (a)(1).\n(c) A conviction for which a full pardon has been granted may not be considered a conviction for purposes of Subsection (a)(2).\n(d) For purposes of Subsection (a)(3), an individual is considered not to be financially responsible if the individual has shown a lack of regard in managing the individual's own financial affairs or condition. A determination that an individual has not shown financial responsibility may not be based on the individual's default on a student loan but may include:\n(1) an outstanding judgment against the individual, other than a judgment imposed solely as a result of medical expenses;\n(2) an outstanding tax lien or other governmental liens and filings;\n(3) a foreclosure during the three-year period preceding the date of the license application; and\n(4) a pattern of seriously delinquent accounts, other than student loan accounts, during the three-year period preceding the date of the application.\nAdded by Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. 10), Sec. 1, eff. June 19, 2009.\nAmended by:\nActs 2019, 86th Leg., R.S., Ch. 506 (S.B. 37), Sec. 5, eff. June 7, 2019.","path":["FINANCE CODE","TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES","SUBTITLE E. OTHER FINANCIAL BUSINESSES","CHAPTER 180. RESIDENTIAL MORTGAGE LOAN ORIGINATORS","SUBCHAPTER B. LICENSING AND REGISTRATION REQUIREMENTS"],"source_url":"https://statutes.capitol.texas.gov/Docs/FI/htm/FI.180.htm#180.055","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:13Z","sha256":"3faa99ce8a776d2b332744a62bb62941660b3e34c9af2e26a286b92f74f24df5","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-finance-code-180.054","next":"us-tx/tex.-finance-code-180.056"},"notice":"GroundRules: Original legal text. Not legal advice."}