7 Tex. Admin. Code § 91.2000 – Definitions and Licensing

(a) Definitions
1. (1) Credit union subsidiary organization (CUSO) shall have the same meaning as in Finance Code §180.002.
2. (2) Residential mortgage loan originator shall have the same meaning as in Finance Code §180.002.
3. (3) Nationwide Mortgage Licensing System and Registry shall have the same meaning as in Finance Code §180.002.
(b) Licensing. A residential mortgage loan originator employed by a CUSO shall be licensed as required by Finance Code Chapters 156 and 180, and shall comply with all requirements for obtaining, renewing, and maintaining a license under those chapters and under 7 TAC Chapter 80.
(c) Supervision and Examination. The commissioner shall examine, inspect, investigate, and enforce compliance with all legal and regulatory requirements applicable to residential mortgage loan originators employed by a CUSO. The commissioner may examine, inspect, or investigate the employees of a CUSO as frequently as the commissioner considers it necessary or advisable to safeguard the public or to efficiently enforce applicable law.

Source Note:The provisions of this §91.2000 adopted to be effective November 13, 2011, 36 TexReg 7545.