Texas Finance Code
§ 159.252 — INSPECTION; INVESTIGATION
FI § 159.252Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 159. WRAP MORTGAGE LOAN FINANCING · Art. F. ENFORCEMENT OF CERTAIN REGISTRATION REQUIREMENTS
Statute text
View on source(a)The commissioner may conduct an inspection of a wrap lender registered under Chapter 158 as the commissioner determines necessary to determine whether the wrap lender is complying with that chapter and applicable rules. The inspection may include an inspection of the books, records, documents, operations, and facilities of the wrap lender. The commissioner may share evidence of criminal activity gathered during an inspection or investigation with any state or federal law enforcement agency.
(b)For reasonable cause, the commissioner at any time may investigate a wrap lender registered under Chapter 158 to determine whether the lender is complying with that chapter and applicable rules.
(c)The commissioner may conduct an undercover or covert investigation only if the commissioner, after due consideration of the circumstances, determines that the investigation is necessary to prevent immediate harm and to carry out the purposes of Chapter 158.
(d)The finance commission by rule shall provide guidelines to govern an inspection or investigation under this section, including rules to:
(1)determine the information and records of the wrap lender to which the commissioner may demand access during an inspection or investigation; and
(2)establish what constitutes reasonable cause for an investigation.
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Legislative history
Added by Acts 2021, 87th Leg., R.S., Ch. 76 (S.B. 43), Sec. 3, eff. January 1, 2022.