HB 199

Abstract

This Act amends various chapters under Title 5 to facilitate the modernization of certain practices and procedures at the Office of the State Bank Commissioner. In particular, this Act authorizes the State Bank Commissioner to require applicants for financial services licenses for mortgage loan brokers (Chapter 21), licensed lenders (Chapter 22), money transmitters (Chapter 23), check cashers (Chapter 27) and motor vehicle sales finance companies (Chapter 29) to provide fingerprints for purposes of criminal background checks. Mortgage loan originators licensed by the State Bank Commissioner pursuant to Chapter 24 already are required to provide fingerprints in connection with license applications, and many other states also require criminal background checks for other types of financial services licensees. This Act also authorizes the State Bank Commissioner to expand the Office's participation in a multi-state automated licensing system, by using that system to process license applications for money transmitters, check cashers, and motor vehicle sales finance companies. That same system is currently used for processing license applications for mortgage loan brokers, licensed lenders, and mortgage loan originators. Lastly, this Act establishes a sunset provision of July 1, 2019 for §2509E of Title 6 concerning the maximum rate of interest on debts for federal workers in response to a federal government shutdown.