SECTION 51.503. Consequences for Unlicensed Individual

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(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 §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.

Source Note: The provisions of this §51.503 adopted to be effective July 14, 2022, 47 TexReg 3962

                    
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