TX SAFE Act - What am I missing?

[Coy Morgan]

Maybe I'm missing something, but it seems to be that if you have your Retailers License in Texas then you don't have to have a license to be a RMLO.

Texas Finance Code Chapter 180.002(19)(B)(iii):

Residential mortgage loan originator does NOT include: an individual licensed under Chapter 1201, Occupations Code

Chapter 1201 is the statute that requires a reseller to have the Retailers license if you buy/sell 2 or more MHs per year.

So, my understanding is if you follow the law of Chapter 1201 and go to the class in Austin and carry your surety bond and get your Retailers license, that you do not have to mess with the SAFE Act license requirements.

I'm sure I'm missing something, which is why I'm posting it. Please let me know your thoughts.