Texas Finance Code

§ 348.504 — APPROVAL OR DENIAL OF APPLICATION

FI § 348.504Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 348. MOTOR VEHICLE INSTALLMENT SALES · Art. F. LICENSING; ADMINISTRATION OF CHAPTER

Statute text

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(a)The commissioner shall approve the application and issue to the applicant a license 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 forms and contracts to be used by the applicant are appropriate and adequate to protect the interests of retail buyers.

(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

Added by Acts 2001, 77th Leg., ch. 1235, Sec. 18, eff. Sept. 1, 2001.