Texas Register, Volume 38, Number 35, Pages 5587-5800, August 30, 2013 Page: 5,611
5587-5800 p. ; 28 cm.View a full description of this periodical.
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no significant fiscal impact for state government as a result of
enforcing or administering the proposed rule.
Mr. Reisman has also determined that for each year of the first
five years the proposed rule is in effect the public benefit will
be clarity in the law. There will not be an effect on small busi-
nesses. There is no anticipated economic cost to persons who
are required to comply with the proposed rule.
The Texas Ethics Commission invites comments on the pro-
posed rule from any member of the public. A written statement
should be mailed or delivered to Natalia Luna Ashley, Texas
Ethics Commission, P.O. Box 12070, Austin, Texas 78711-2070
or by facsimile (FAX) to (512) 463-5777. A person who wants
to offer spoken comments to the commission concerning the
proposed rule may do so at any commission meeting during
the agenda item "Communication to the Commission from the
Public" and during the public comment period at a commission
meeting when the commission considers final adoption of the
proposed rule. Information concerning the date, time, and
location of commission meetings is available by telephoning
(512) 463-5800 or on the Texas Ethics Commission's website
at www.ethics.state.tx.us.
The new rule is proposed under Government Code, Chapter
571, 571.062, which authorizes the commission to adopt rules
concerning the laws administered and enforced by the commis-
sion.
The proposed new rule affects the Election Code, Title 15,
254.031.
20.58. Disclosure of Political Expenditure.
(a) An expenditure that is not paid during the reporting period
in which the obligation to pay the expenditure is incurred shall be re-
ported on the Unpaid Incurred Obligations Schedule for the reporting
period in which the obligation to pay is incurred.
(b) The use of political contributions to pay an expenditure
previously disclosed on an Unpaid Incurred Obligations Schedule shall
be reported on the appropriate disbursements schedule for the reporting
period in which the payment is made.
(c) The use of personal funds to pay an expenditure previously
disclosed on an Unpaid Incurred Obligations Schedule shall be reported
on the Political Expenditure Made from Personal Funds Schedule for
the reporting period in which the payment is made.
(d) The effective date of this rule is January 1, 2015.
This agency hereby certifies that the proposal has been reviewed
by legal counsel and found to be within the agency's legal author-
ity to adopt.
Filed with the Office of the Secretary of State on August 15, 2013.
TRD-201303411
Natalia Luna Ashley
Special Counsel
Texas Ethics Commission
Earliest possible date of adoption: September 29, 2013
For further information, please call: (512) 463-5800
TITLE 7. BANKING AND SECURITIESPART 1.
TEXASFINANCE COMMISSION OF
CHAPTER 2. RESIDENTIAL MORTGAGE
LOAN ORIGINATORS APPLYING FOR
LICENSURE WITH THE OFFICE OF
CONSUMER CREDIT COMMISSIONER UNDER
THE SECURE AND FAIR ENFORCEMENT FOR
MORTGAGE LICENSING ACT
The Finance Commission of Texas (commission) proposes
amendments to 7 TAC 2.101 - 2.105 and new 2.201
and 2.202, concerning residential mortgage loan originators
applying for licensure with the Office of Consumer Credit Com-
missioner (OCCC) under the Secure and Fair Enforcement for
Mortgage Licensing Act.
In general, the purpose of the proposed amendments and new
rules is to provide clarification regarding license status, as well
as operational requirements related to renewal and background
checks. The proposed rule changes place into regulation exist-
ing agency policy and do not impose new requirements on li-
censees.
The amendments outline when an application may be with-
drawn, and when licenses may be issued in an inactive or
conditional status. The new rules concern requirements for re-
newal, including additional background checks, and a licensee's
duty to maintain current information with NMLS. The following
paragraphs outline the purposes of each rule amendment and
both new rules.
The proposed amendments to 2.101 serve to update and
streamline the definitions. In paragraph (1), the proposed
amendments revise the acronym for the Nationwide Mortgage
Licensing System and Registry to be "NMLS," which has be-
come most widely used. In paragraph (3), two changes are
proposed in the definition of "RMLO": the word "registered" will
be replaced with "residential," and the phrase "licensed with the
OCCC" will be added. Additionally, unnecessary language is
proposed for deletion from paragraph (3).
In 2.102, concerning registration with NMLS, parallel amend-
ments are being made using the updated acronym as revised
in 2.101. This section also includes the proposed addition of
three new subsections. Subsection (c) relates to the withdrawal
of an application if it has not been completed 30 days after notice
of deficiency. Subsection (d) outlines how a license may be is-
sued in an inactive status, and how that status may be changed
to active upon verification of a registered or licensed employer.
Subsection (e) provides that licenses may be issued on a condi-
tional basis.
Technical corrections have been made to the following sec-
tions: 2.103, Fingerprint Submissions; 2.104, Application and
Renewal Fees; and 2.105, Recovery Fund Fees. Proposed
amendments using the updated NMLS acronym are included
in both 2.103 and 2.104 to provide consistency throughout
the rules. The proposed amendments to 2.104(a) clarify that,
in addition to all fees being nonrefundable, these fees are also
"nontransferable." In 2.105, the phrase "or renewal" is being
added for clarity, along with a technical correction.
Proposed new Subchapter B contains two new rules outlining
operational requirements for OCCC licensees.
Proposed new 2.201 provides the requirements and pro-
cedures related to license renewal. Subsection (a) lists thePROPOSED RULES August 30, 2013 38 TexReg 5611
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Texas. Secretary of State. Texas Register, Volume 38, Number 35, Pages 5587-5800, August 30, 2013, periodical, August 30, 2013; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth342086/m1/25/: accessed April 27, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.