Texas recently passed House Bill 3342, which amends the Texas Secure and Fair Enforcement for Mortgage Licensing Act of 2009 and changes the amount of time that may lapse before a residential mortgage loan originator (“RMLO”) must retake the required pre-licensure education requirement.
By way of background, applicants for a Texas RMLO license must satisfy certain statutory requirements, including education courses. Current law provides that an individual who fails to maintain an MLO license for at least five consecutive years must retake the pre-licensing education requirements prescribed by the federal S.A.F.E. Mortgage Licensing Act.
Effective January 1, 2018, the amount of time that may pass before an individual must retake the pre-licensing education requirements will instead be determined through the rulemaking process. At this time, it does not appear that the regulator has issued a proposed rule implementing this statute.
The bill is HB 3342, and is available here.