Texas Finance Code

§ 393.607 — APPROVAL OR DENIAL OF APPLICATION

FI § 393.607Title 5. PROTECTION OF CONSUMERS OF FINANCIAL SERVICES · Ch. 393. CREDIT SERVICES ORGANIZATIONS · Art. G. LICENSING AND REGULATION OF CERTAIN CREDIT SERVICES ORGANIZATIONS

Statute text

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(a)The commissioner shall approve the application and issue to the applicant a license to operate as a credit access business for purposes of engaging in the activity to which this subchapter applies 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 subchapter; and

(2)the applicant has net assets of at least $25,000 available for the operation of the business as determined in accordance with Section 393.611.

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

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Legislative history

Added by Acts 2011, 82nd Leg., R.S., Ch. 1302 (H.B. 2594), Sec. 2, eff. January 1, 2012.