Texas Finance Code

§ 342.104 — APPROVAL OR DENIAL OF APPLICATION

FI § 342.104Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 342. CONSUMER LOANS · Art. C. APPLICATION FOR AND ISSUANCE OF LICENSE

Statute text

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(a)The commissioner shall approve the application and issue to the applicant a license to make loans under this chapter if the commissioner finds that:

(1)the financial responsibility, experience, character, and general fitness of the applicant are sufficient to:

(A)command the confidence of the public; and

(B)warrant the belief that the business will be operated lawfully and fairly, within the purposes of this chapter; and

(2)the applicant has net assets of at least $25,000 available for the operation of the business.

(b)If the commissioner does not find the eligibility requirements of Subsection (a), the commissioner shall notify the applicant.

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Legislative history

Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999.