Does Chapter 342 licensure exempt mortgage bankers from the requirement to register with Texas Savings and Loan?
The Mortgage Banker Registration Act (MBRA), passed by the 78th Legislature as SB252, requires all mortgage bankers, unless specifically exempt, to register with the Texas Department of Savings and Mortgage Lending. An initial review of the legislation indicates that, unless the Finance Commission of Texas adopts a rule under subsection 157.004(4)(C), there would not be an exemption for holders of OCCC Chapter 342 licenses. For more information, please contact the Texas Department of Savings and Mortgage Lending at 877.276.5550 or 512.475.1350.
