Section 51.503 - Consequences for Unlicensed Individual(a) Administrative Penalty. If the Commissioner approves a claim made under Finance Code § 156.555, the Commissioner may impose an administrative penalty on the unlicensed individual whose fraudulent acts caused the claim.(b) Grounds for Denial. As provided by Finance Code § RSA 180.201(1), failure by the unlicensed individual to pay the administrative penalty imposed by this section is a violation of an order of the Commissioner and therefore constitutes grounds for denial of an application from such individual for a residential mortgage loan originator license under Finance Code Chapter 157.7 Tex. Admin. Code § 51.503
Adopted by Texas Register, Volume 47, Number 27, July 8, 2022, TexReg 3966, eff. 7/14/2022