PART 4. TEXAS SAVINGS AND LOAN DEPARTMENT
CHAPTER 80. MORTGAGE BROKER AND LOAN OFFICER LICENSING
SUBCHAPTER I. INSPECTIONS AND INVESTIGATIONS
The Finance Commission adopts an amendment to add new §80.20(i) of the regulations (the "Regulations") that implement the Mortgage Broker License Act, Finance Code, Chapter 156, (the "Act") without changes to the proposed text as published in the November 30, 2001, issue of the Texas Register (26 TexReg 9703). The new subsection provides for the Savings and Loan Department to be reimbursed for the costs it incurs in conducting inspections of licensees at out-of-state locations.
Background and Summary of Factual Basis for the Rule
Section 156.301 of the Act was amended, effective September 1, 2001, to provide for inspection of licensees under the Act and to permit the Commissioner to investigate licensees upon a finding of reasonable cause. The new subsection will require that when it is necessary for the Department to travel out-of-state to conduct inspections and review the records of licensees, each licensee will be required to reimburse the Department for the costs it incurs in connection with the out-of-state inspection of that licensee.
The new subsection of the Regulations, in proposed form, was reviewed with the Mortgage Broker Advisory Committee on October 9, 2001, and with the Finance Commission on October 19, 2001. The Finance Commission approved the proposed amendment to the Regulations for publication for public comment, and they were in the November 30, 2001, issue of the Texas Register. No comments were received.
On February 6, 2002, the Mortgage Broker Advisory Committee reviewed the new subsection for final adoption and advised the Commissioner and the Finance Commission that the new subsection should be adopted without changes to the form in which they were published.
The new subsection is adopted under the authority of §156.102 to adopt regulations to implement the Act and §156.301 of the Act regarding the inspection of licensees and the authority of the Commissioner to investigate certain matters.
This agency hereby certifies that the adoption has been reviewed by legal counsel and found to be a valid exercise of the agency’s legal authority.
Filed with the Office of the Secretary of State on February 25, 2002.
TRD-200201167
Timothy K. Irvine
General Counsel
Texas Savings and Loan Department
Effective date: March 17, 2002
Proposal publication date: November 30, 2001
For further information, please call: (512) 475-1350