Under Chapter 156, the SML has the authority to take which of the following enforcement actions against an RMLO who violates Texas mortgage lending laws?
Correct Answer
B) Suspend or revoke the RMLO license and impose administrative penalties
The SML has broad enforcement authority under Chapter 156, including the power to suspend or revoke RMLO licenses, impose administrative penalties (fines), issue cease-and-desist orders, and take other disciplinary actions.
Why This Is the Correct Answer
The SML has broad enforcement authority under Chapter 156, including the power to suspend or revoke RMLO licenses, impose administrative penalties (fines), issue cease-and-desist orders, and take other disciplinary actions.
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A Texas MLO is originating a home equity line of credit (HELOC) for $50,000. The borrower's home is worth $250,000 with a first mortgage of $150,000. Under Texas home equity lending laws, which additional requirement must be met?
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An Illinois-licensed mortgage lender allows its license to lapse for 60 days. Under the Residential Mortgage License Act, what is the consequence?