- (a) A residential mortgage loan originator employed by a CUSO shall maintain, at the location specified in his or her application, books and records as required by 7 TAC §80.13, and shall promptly make the books and records available to the department on request. The department, through its examiners, shall periodically examine these books and records. The examination shall be conducted in a manner consistent with 7 TAC §80.20.
- (b) If the Department must travel out-of-state to conduct an examination of a residential mortgage loan originator employed by a CUSO, because the required records are maintained at a location outside of the state, the CUSO will be required to reimburse the Department for its actual costs incurred in connection with the out-of-state travel, including transportation, lodging, meals, and any other reasonably related costs.
Source Note:The provisions of this §91.2001 adopted to be effective November 13, 2011, 36 TexReg 7545.