Current as of April 14, 2021 | Updated by FindLaw Staff
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(a) The following persons are exempt from this chapter:
(1) a registered mortgage loan originator when acting for an entity described by Section 180.002(16)(A)(i), (ii), or (iii);
(2) an individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member of the individual;
(3) a licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney's representation of the client, unless the attorney:
(A) takes a residential mortgage loan application; and
(B) offers or negotiates the terms of a residential mortgage loan;
(4) an individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that serves as the individual's residence;
(5) an owner of residential real estate who in any 12-consecutive-month period makes no more than five residential mortgage loans to purchasers of the property for all or part of the purchase price of the residential real estate against which the mortgage is secured; and
(6) an owner of a dwelling who in any 12-consecutive-month period makes no more than five residential mortgage loans to purchasers of the property for all or part of the purchase price of the dwelling against which the mortgage or security interest is secured.
(b) An individual is exempt from this chapter, other than Section 180.171, if the individual:
(1) in any 12-consecutive-month period originates five or fewer closed residential mortgage loans exclusively for a single federally chartered depository institution and the loans are closed within that period;
(2) is contractually prohibited from soliciting, processing, negotiating, or placing a residential mortgage loan with a person other than the depository institution described by Subdivision (1); and
(3) is sponsored by a life insurance company, or an affiliate of the company, authorized to engage in business in this state.
(c) The finance commission may grant an exemption from the licensing requirements of this chapter to a municipality, county, community development corporation, or public or private grant administrator to the extent the entity is administering the Texas HOME Investment Partnerships program if the commission determines that granting the exemption is not inconsistent with the intentions of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (Pub. L. No. 110-289).
Cite this article: FindLaw.com - Texas Finance Code - FIN § 180.003. Exemption - last updated April 14, 2021 | https://codes.findlaw.com/tx/finance-code/fin-sect-180-003/
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