Texas Amends Provision Governing Use of NMLS

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Texas has added provisions to its Financial Code granting the Texas Office of Consumer Credit Commissioner (the Commissioner) new authority over financial service industry licensees. The law allows the Commissioner to require licensees to utilize NMLS for licensing and registration activities. The amendment also authorizes the Commissioner to use NMLS as a channeling agent to obtain information, including criminal history records from the FBI, U.S. Department of Justice, or any other agency as directed by the Commissioner. The provisions are effective on September 1, 2013.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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