Introduced on the tenth of February, 2009, and Enacted on June 19th of the same year, House Bill 10 Requires Texas Mortgage Originators (regardless of whether they are employed by a mortgage broker/bank or not) be both licensed, and to either 1) Obtain and post a surety bond for their license or 2) pay into a recovery fun.
This Bill applies to those licensed and engaging in the sale of a Motor Vehicle that is used as a dwelling, or those making, transacting or negotiating property tax for a principle dwelling.
This Bill applies to Credit Unions.
Bond requirements or Recovery fund fees are yet to be announced as of the enactment date of this Bill.
