Section 156.2042 - [Multiple Versions] Qualifications and Requirements for License: Credit Union Subsidiary Organization(a) To be issued a credit union subsidiary organization license, an applicant must: (1) submit a completed application together with the payment of applicable fees through the Nationwide Mortgage Licensing System and Registry;(2) designate control persons for the organization through the Nationwide Mortgage Licensing System and Registry;(3) designate an individual licensed as a residential mortgage loan originator under Chapter 157 as the company's qualifying individual;(4) submit a completed branch application through the Nationwide Mortgage Licensing System and Registry for each branch office that engages in residential mortgage loan activity on residential real estate located in this state; and(5) not be in violation of this chapter, a rule adopted under this chapter, or any order previously issued by the commissioner to the applicant.Tex. Fin. Code § 156.2042
Amended by Acts 2021, 87th Leg., R.S., Ch. 963 (S.B. 1900), Sec. 5, eff. 9/1/2021 Amended byActs 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 87(5), eff. 9/1/2013 Amended byActs 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 19, eff. 9/1/2013