Texas Administrative Code
Title 7 - BANKING AND SECURITIES
Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING
Chapter 51 - DEPARTMENT ADMINISTRATION
Subchapter F - MORTGAGE GRANT FUND: RECOVERY CLAIMS FOR UNLICENSED ACTIVITY
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.