Texas Finance Code
§ 371.072 — NET ASSETS REQUIREMENT
FI § 371.072Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part C. PAWNSHOPS · Ch. 371. PAWNSHOPS · Art. B. PAWNSHOP LICENSE
Statute text
View on source(a)Except as provided by Subsection (b), a pawnbroker shall maintain net assets of at least $150,000 that are used or readily available for use in the business of each pawnshop.
(b)A pawnbroker who held a license under this chapter before September 1, 1999, shall maintain net assets that are used or readily available for use in the business for that existing license of at least the amount required on August 31, 1999. The net assets requirement of this subsection remains in effect without regard to a change in ownership or relocation of the license.
(c)Net assets must be represented by a capital investment unencumbered by a lien or other encumbrance and subject to a claim by a general creditor. Text of subsec. (d) as amended by Acts 1999, 76th Leg., ch. 801, Sec. 4
(d)Subject to Subsection (b), a pawnbroker shall maintain for each pawnshop net assets, as that term was defined at the time the license was issued, that are used or readily available for use in the business of the pawnshop of at least the amount required on:
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Legislative history
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 801, Sec. 4, eff. Sept. 1, 1999; Acts 1999, 76th Leg., ch. 1399, Sec. 4, eff. Sept. 1, 1999.