Texas Department of Savings & Mortgage Lending (SML) and their S.A.F.E. implementation plan have decided to remove the net worth and surety bond requirements that were previously implemented for licensure. SML was advocating the usage of a recovery fund to eliminate the net worth and surety bond requirement that so many of their applicants struggled with. This change will be effective 9/1/2009 with a notice that all licensees must meet the financial requirements or bond requirements until the new law becomes effective. Sources: http://www.sml.state.tx.us/publications/tdsml_presentations_200904_safe_nmlsr.pdf http://www.capitol.state.tx.us/tlodocs/81R/billtext/pdf/HB00010F.pdf
Customer Service Representative
Texas Department of Savings and Mortgage Lending
Licensing Division
512-475-1350 or 877-276-5550(Phone) 512-475-1360 (Fax)
www.sml.state.tx.us
licensing@sml.state.tx.us
