Texas Finance Code

§ 351.104 — APPROVAL OR DENIAL OF APPLICATION

FI § 351.104Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 351. PROPERTY TAX LENDERS · 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 property tax 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 that the eligibility requirements of Subsection (a) are met, the commissioner shall notify the applicant.

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Legislative history

Added by Acts 2007, 80th Leg., R.S., Ch. 1220 (H.B. 2138), Sec. 1, eff. September 1, 2007.