Texas Finance Code

§ 353.501 — LICENSE REQUIRED

FI § 353.501Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 353. COMMERCIAL MOTOR VEHICLE INSTALLMENT SALES · Art. F. LICENSING; ADMINISTRATION OF CHAPTER

Statute text

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(a)A person may not act as a holder under this chapter unless the person:

(1)is an authorized lender or a credit union; or

(2)holds a license issued under Chapter 348 or this chapter.

(b)A person who is required to hold a license under this chapter must ensure that each office at which retail installment transactions are made, serviced, held, or collected under this chapter is licensed or otherwise authorized to make, service, hold, or collect retail installment transactions in accordance with this chapter and rules implementing this chapter.

(c)A person may not use any device, subterfuge, or pretense to evade the application of this section.

Legislative history

Added by Acts 2011, 82nd Leg., R.S., Ch. 117 (H.B. 2559), Sec. 17, eff. September 1, 2011.