Kindly note the important Texas compliance subjects below.

The Texas RECOVERY FUND NOTICE

– Texas mortgage companies are required to post the Texas Recovery Fund notice to their web advertisements and disclose it in their loan packages. For convenience, we have provided the required text for you to display on your website (highlighted). It is acceptable to display the text in the footer or on your License subpage.

– “CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”

– Additional information may be found at the following link: https://texreg.sos.state.tx.us/public/readtac$ext.TacPage?sl=R&app=9&p_dir=&p_rloc=&p_tloc=&p_ploc=&pg=1&p_tac=&ti=7&pt=4&ch=80&rl=200

– Franchise Tax Report: The State of Texas does not have Secretary of State Reports like most other jurisdictions. Rather, in lieu of a SOS report, companies that do business in Texas are required to submit an annual franchise tax return to the Texas Comptroller of Currency.

– The report is due annually May 15 of each year.

– You must file a franchise tax return even if you have $0 income or fall below the minimum threshold. Indeed, most companies fall into this category as the minimum threshold was just increased to $2.47 million. Companies with income under this number have no tax due.

– However, even if you have no tax due you still must file the return. This is referred to as a No Tax Due Return.
 
– LicensingStore does not file this report due to the extensive tax information involved, so please be sure to review the Texas Comptroller website for more information or notify your tax advisors. www.comptroller.texas.gov

*Reinstatement Period: 01/01-02/28.

*States that do not allow reinstatement are CT, GA, IN-SOS, MD, NH, OK, PR, SD, TN, UT, WV.

Christine Roscoe

Licensing Analyst

Christine@LicensingStore.com | D: 248-663-3099