§ 378. Suspension, revocation, and enforcement
(a) The Banking Board may suspend or revoke the license of any licensee, if the licensee or any owner, director, officer, member, partner, stockholder, employee, or agent of the licensee, while acting on behalf of the licensee: (1) makes any material misstatement in an application for a license; (2) has been convicted of any crime […]
§ 379. Hearing procedures
(a) Before the Banking Board takes any action under section 377 or section 378 of this chapter, the Banking Board shall give the licensee an opportunity for a hearing. (b) The hearing notice to the licensee must be sent by certified mail, return receipt requested, to the principal place of business of the licensee at […]
§ 380. Limitation on name of mortgage business
A mortgage lender or mortgage broker may not do business under any trade name that misrepresents or tends to misrepresent that the mortgage lender is: (1) a bank, trust company, or savings bank; (2) a savings and loan association; (3) a credit union; or (4) an insurance company.
§ 373. Required loan disclosures
(a) (1) A licensee who offers to make or procure a loan secured by a first or subordinate mortgage on a single to four-family home to be occupied by the borrower shall provide the borrower with a financing agreement executed by the lender. (2) The financing agreement shall provide: (A) The term and principal amount […]
§ 374. Prohibited practices
(a) No mortgage lender or mortgage broker required to be licensed under this chapter may: (1) obtain any agreement or instrument in which blanks are left to be filled in after execution; (2) take an interest in collateral other than the real estate or residential property, including fixtures and appliances thereon, securing a mortgage loan; […]
§ 375. Escrow accounts
(a) All moneys required by a mortgage lender to be paid by borrowers in escrow to defray future taxes or insurance premiums, or for other lawful purposes, must be kept in accounts segregated from accounts of the mortgage lender, and shall not be commingled with other funds of the mortgage lender. (b) No licensed mortgage […]
§ 366. Rejection of license application
(a) (1) If an applicant does not meet the requirements of section 363 of this chapter, the Banking Board shall: (A) immediately notify the applicant in writing of this fact; (B) return the bond filed; and (C) refund the license fee. (2) The Banking Board shall keep the investigation fee and application fee. (b) Within […]
§ 367. License expiration and renewal; annual fee
(a) A license expires an December 31 after its effective date, unless the license is renewed for a one year term as provided in this section. (b) Before a license expires, the licensee periodically may renew the license for additional one year terms, if the licensee; (1) otherwise is entitled to be licensed; (2) submits […]
§ 368. Change of place of business
(a) A licensee may not change the place of business for which a license is issued, unless the licensee: (1) notifies the Banking Board in writing of the proposed change; and (2) receives the written consent of the Banking Board. (b) The application for a change of place of business shall be approved, unless the […]
§ 369. Recordkeeping requirements
(a) Each licensee shall keep and make available to the Banking Board at the licensee’s place of business any books and records that the Banking Board, by regulation requires to enable the Banking Board to enforce this chapter and any regulation adopted under this chapter. (b) Each mortgage lender required to be licensed under this […]