Texas Finance Code - FIN § 156.502. Funding

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(a) On an application for an original license or for renewal of a license issued under Chapter 157, the applicant, in addition to paying the original application fee or renewal fee, shall pay a fee in an amount determined by the commissioner, not to exceed $20.  The fee shall be deposited in the recovery fund.

(b) If the balance remaining in the recovery fund at the end of a calendar year is more than $3.5 million, the amount of money in excess of that amount shall be available to the commissioner to offset the expenses of participating in and sharing information with the Nationwide Mortgage Licensing System and Registry in accordance with Chapter 180.

Cite this article: FindLaw.com - Texas Finance Code - FIN § 156.502. Funding - last updated April 14, 2021 | https://codes.findlaw.com/tx/finance-code/fin-sect-156-502.html

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