Texas Register, Volume 37, Number 35, Pages 6819-7008, August 31, 2012 Page: 6,858

[r(TV If the applicant is a limited liability corn-
pan, an authorized member or manager must sign.]
V If the applicant is a trust or estate the trustee
or exec tor, as appropriate, must sign
[V If the applicant is a nonprofit orani zation-t
an authorized officer must sign.
(iv) [(B)] List of registered offices [Registered Of-
fiees for a Meter Vehicle Sales Finance License]. Each additional
location, other than the licensed location shown on the application
[Application for Motor vehicle Sales Finance License], must be listed.
The applicant should provide the assumed name (DBA), physical ad-
dress, telephone number, and the person responsible for day-to-day op-
erations for each registered office. A registered office is required for
any additional assumed name that the licensee uses at a single location
to engage in a Texas Finance Code, Chapter 348 or 353 transaction.
(y) [(C-)] [Disclosre of] Owners and principal par-
ties [Principal Parties].
) [(i)] Proprietorships. The applicant must dis-
close who owns and who is responsible for operating the business. All
community property interests [interest] must also be disclosed. If the
business interest is owned by a married individual as separate property,
documentation establishing or confirming separate property status must
be provided.
(I) [(ii)] General partnerships. Each partner
must be listed and the percentage of ownership stated. If a general
partner is wholly or partially owned by a legal entity and not a natural
person, a narrative or diagram must be included that lists the names and
titles of all meeting the definition of "managerial official," as contained
in Texas Business Organizations Code, 1.002, and a description of the
ownership of each legal entity must be provided. General partnerships
that register as limited liability partnerships should provide the same
information as that required for general partnerships.
(III) [(i4] Limited partnerships. Each partner,
general and limited, fulfilling the requirements of items (-a-) - (-c-) of
this subclause must be listed and the percentage of ownership stated.
(-a-) [()] General partners. The applicant
should provide the complete ownership, regardless of percentage
owned, for all general partners. If a general partner is wholly or
partially owned by a legal entity and not a natural person, a narrative or
diagram must be included that lists the names and titles of all meeting
the definition of "managerial official," as contained in Texas Business
Organizations Code, 1.002, and a description of the ownership of
each legal entity must be provided.
(-b-) [(I)] Limited partners. The applicant
should provide a complete list of all limited partners owning 10% or
more of the partnership.
(-c-) [(III)] Limited partnerships that register
as limited liability partnerships. The applicant should provide the same
information as that required for limited partnerships.
(IV) [(iv)] Corporations. Each officer and direc-
tor must be named. Each shareholder holding 10% or more of the vot-
ing stock must be named if the corporation is privately held [privately-
held]. If a parent corporation is the sole or part owner of the proposed
business, a narrative or diagram must be included that describes each
level of ownership of 10% or greater.
(V) [(v)] Limited liability companies. Each
"manager," "officer," and "member" owning 10% or more of the
company, as those terms are defined in Texas Business Organizations
Code, 1.002, and each agent owning 10% or more of the company
must be listed. If a member is a legal entity and not a natural person,

a narrative or diagram must be included that describes each level of
ownership of 10% or greater.
(VI) [(a4)] Trusts or estates. Each trustee or ex-
ecutor, as appropriate, must be listed.
(VII) [(ii)] Nonprofit organizations. Each offi-
cer must be listed.
(VIII) [(viii)] All entity types. If a parent entity
is a different type of legal business entity than the applicant, the parent
entity's owners and principal parties should be disclosed according to
the parent's entity type.
(IX) [(ix)] Alternative filings for all entity types.
The commissioner may also accept other filings submitted to a gov-
ernmental authority that the commissioner deems to have information
substantially equivalent in coverage and reliability to a filing under
subclauses (I) - (VIII) of this clause [clauses (i) - (vii) of this sub-
paragraph].
(B) [(D)] Disclosure questions. [Application Question-
naire.] All applicable questions must be answered. Questions requiring
a "yes" answer must be accompanied by an explanatory statement and
any appropriate documentation requested.
[E~ Appointment of Statutory Agent and Consent to
Service The appointment of statutory agent and consent to service
must be provided by each applicant The statutory agent is the person
er entity to whom any legal notice may e delivered The agent must
e a Texas resident and list an address for legal service f the statutory
agent is a natural person the address must e a physical residential ad-
fdress If the applicant is a corporation r a limited liability company
the statutoy agent should be the registered agent on fie with the Texas
Secretary ofState If the statutory agent is not the same as the regis-
tered agent filed with the Secretary of State, then the applicant mrnst
submit certified minutes appointing the new agent.]
(C) Personal information.
(i [(F-f] Personal affidavit [Affidavit]. Each indi-
vidual meeting the definition of"principal party" as defined in 84.601
of this title (relating to Definitions) must provide a personal affidavit.
All requested information must be provided.
(ii) [(G)] Personal questionnaire [Questionnaire].
Each individual meeting the definition of "principal party" as defined
in 84.601 of this title must provide a personal questionnaire. Each
question must be answered. If any question, except question 1, is
answered "yes," an explanation must be provided.
(ii.i [4)] Employment history [History]. Each
individual meeting the definition of "principal party" as defined in
84.601 of this title must provide an employment history. Each
principal party should provide a continuous 10-year history, [with no
gaps,] accounting for time spent as a student, unemployed, or retired.
The employment history must also include the individual's association
with the entity applying for the license.
(D) Additional requirements.
[_/ [()] Statement of experience [Experience]. Each
applicant should provide information that relates to the applicant's prior
experience in the motor vehicle sales finance business. If the applicant
or its principal parties do not have significant experience in the same
type of business as planned for the prospective licensee, the applicant
must provide a written statement explaining the applicant's relevant
business experience or education, why the commissioner should find
that the applicant has the requisite experience, and how the applicant
plans to obtain the necessary knowledge to operate lawfully and fairly.

37 TexReg 6858 August 31, 2012 Texas Register