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Order Total to Thomas Law Firm, P.C., 6116 N. Central Expressway, Suite 922, Dallas, TX 75206
Who Can I Talk To About My Purchase Order? Call Herb Thomas at 214-692-7611
- LOUISIANA Article1086. Licensure requirement. Beginning January 1, 2000, no person shall engage in any residential mortgage lending activity in this state unless such person has first obtained a license in accordance with the provisions of this Chapter. Any person engaged in residential mortgage lending activities in this state on January 1, 1999, may continue to be so engaged and shall by March 1, 2000, have applied for a license and by July 1, 2000, have obtained a license. The Residential Mortgage Lending Act (ARMLA@) was enacted in the 1999 Louisiana Legislative session and signed into law on July 9, 1999. The Act governs first and subordinate mortgage loans secured by immovable residential property located in Louisiana. It provides for licensure or exempt registration of the mortgage industry.
- Who must be licensed?Unless exempt, any person who engages in Aresidential mortgage lending activity@ in connection with real estate located in Louisiana, must obtain a residential mortgage lender license, an exempt registration statement or an originator license.
- Is a corporation required to have a licensed originator?Yes, unless exempt under Section 1087(C)(1). A corporation, partnership, firm, association, etc. is recognized by law as having rights and duties separate and apart from its owners. They can only act through a natural person who is a licensed originator.
- What are originator licensure qualification requirements?Must be employed by a licensed or exempt mortgage lender and/or broker.After July 1, 2000, new applicants must have completed ten hours of professional education courses approved by the Residential Mortgage Lending Board prior to submitting an application for licensure or engaging in loan originations. After July 1, 2001, new applicants must have completed ten hours of professional education and successfully passed a written test prior to applying for a license.
- Article
1087. Exemptions: (10) Any person who contracts for no more than
four residential loan transactions over any calendar year, including
those acting as originators.C.(1) The following employers and
their employees shall be exempt from the provisions of Part IIof
this Chapter; however, the employers shall file a registration
statement as required in R.S.6:1087(E):(a) Any person licensed,
supervised, or audited by the Federal National Mortgage Association,
theFederal Home Loan Mortgage Corporation, or the Government
National Mortgage Associationas an approved seller, servicer,
mortgagee, or issuer, and any subsidiary or affiliate of such
person subject to licensing, supervision, or auditing by the
United States Department of Housing and Urban Development as
an approved seller, servicer, mortgagee, or issuer, or who has
satisfied Veterans Administration requirements to qualify for
automatic
authority.
Where Can I Find More Information on Mortgage Broker and Mortgage Lender Licenses in the 50 States? @ Mortgage License Mall
- FLORIDA Effective January 1, 2000, mortgage
lenders and correspondent mortgage lenders must provide the Florida
Banking and Finance Department with information relating to loan
originators or associates. The initial report must be filed on
or before April 30, 2000. Thereafter, quarterly reports must
be filed only if a person became or ceased to be an originator
or associate for the lender during the immediate preceding quarter.
A similar reporting requirement applies to mortgage brokerage
businesses with respect to associates of the business.The reporting
requirements, although effective January 1, 2000, were added
as part of Chapter 99-213 (S.B. 1326) which was otherwise effective
October 1, 1999.
- TEXAS
The
Texas Savings and Loan Commissioner has adopted regulations implementing
the Mortgage Broker License Act. The Act (Finance Code, Chapter
156) was enacted by the Texas Legislature and signed into law
on July 19, 1999, and became effective on September 1, 1999.
The Act requires all mortgage brokers and loan officers, except
for those specifically exempt, to be licensed by January 1, 2000,
and contains provisions governing disclosures to mortgage applicants,
standards of professional conduct and activities of licensees,
including advertising practices.The regulations address several
provisions of the Act that have generated significant discussion
within the department and mortgage industry, including the following:
licensing requirements and exemptions from licensing; physical
office requirements; disclosures and advertising; false, misleading
or deceptive practices; hearings; interpretations; complaints
and investigations; continuing education; and books and records.In
addition, since the Act is a consumer protection statute, the
proposed rules are intended to offer disclosure and information
to consumers in connection with the accessing of mortgage broker
services in the state of Texas. Furthermore, the proposed rules
are intended to minimize, to the extent practicable, unnecessary
disruptions in the lawful operation of mortgage brokerage businesses.The
full text of the adopted regulations can be viewed at http://www.tsld.state.tx.us/
THOMAS LAW FIRM, P.C.
8080 NORTH CENTRAL EXPRESSWAY
SUITE 890
DALLAS, TEXAS 75206
214.692.7611 (VOICE) OR 692-7613 (FAX)
Not Certified by the Texas Board of Legal Specialization but licensed to practice in all areas of the law
