General and Special Laws of The State of Texas Passed By The Third Called Session of the Fifty-Seventh Legislature and the Regular Session of the Fifty-Eighth Legislature Page: 555
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THE TEXAS REGULATORY LOAN ACT
(c) Every applicant shall, also, at the time of filing any such appli-
cation, file with the commissioner a bond satisfactory to him and in an
amount not less than Five Thousand Dollars ($5,000) for the first li-
cense and One Thousand Dollars ($1,000) for each additional license
with a surety company qualified to do business in this state as surety,
whose total liability in the aggregate shall not exceed the amount of such
bond so fixed. The said bond shall run to the state for the use of the
state and of any person or persons who may have cause of action against
the obligor of said bond under the provisions of this Act. Such bond shall
be conditioned that said obligor will faithfully conform to and abide by
the provisions of this Act and of all rules and regulations lawfully made
by the commissioner hereunder, and will pay to the state and to any
such person or persons any and all amounts of money that may become
due or owing to the state or to such person or persons from said obligor
under and by virtue of the provisions of this Act during the calendar year
for which said bond is given.
(d) No person who is not a citizen of the State of Texas shall be eligible
to receive a license under this Act. No license shall be issued to a corpora-
tion unless the same be incorporated under the laws of this state, and at
least fifty-one per cent (51%) of the stock of the corporation is owned at
all times by citizens of the State of Texas and who possess the qualifica-
tions required of other applicants for license; provided, however, the re-
strictions contained in the preceding clause shall not apply to domestic
or foreign corporations which are doing business in this state under char-
ter or license prior to January 8, 1963, but any such corporation which
does not meet the requirements of such restrictions shall not be issued a
license for any place of business other than those being operated by it on
January 8, 1963. Partnerships, firms, and associations applying for li-
censes shall be composed wholly of citizens possessing the qualifications
above enumerated. Any person holding a license under this Act who
shall violate any provision hereof, or any rule or regulation promulgated
hereunder, shall be subject to forfeiture of its license and if a corporation,
its charter shall be subject to forfeiture, and it shall be the duty of the
Attorney General, when any such violation is called to his attention, to
file suit for such forfeiture of charter and cancellation of the license in
a District Court in Travis County, Texas.
Issuance or Denial of License
Sec. 8. (a) On filing of such application, bond, and payment of the
required fees, the commissioner shall investigate the facts and if he shall
find the financial responsibility, experience, character and general fitness
of the applicant are such as to command the confidence of the public and
to warrant belief the business will be operated lawfully and fairly, within
the purposes of this Act, and the applicant has available for the operation
of such business net assets of at least Fifteen Thousand Dollars ($15,000),
he shall grant such application and issue to the applicant a license which
shall be his license and authority to make loans under the provisions of
this Act.
(b) If the commissioner shall not so find, he shall notify the applicant,
who shall, on request within thirty (30) days, be entitled to a hearing on
such application within sixty (60) days after the date of said request.
The investigation fee shall be retained by the commissioner, but the annual
fee shall be returned to the applicant in the event of denial.
(c) The commissioner shall grant or deny each application for a license
within thirty (30) days from its filing with the required fees, or, from the
hearing thereon, if any, unless the period is extended by written agreement
between the applicant and the commissioner.
555Ch. 205
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Texas. Legislature. General and Special Laws of The State of Texas Passed By The Third Called Session of the Fifty-Seventh Legislature and the Regular Session of the Fifty-Eighth Legislature, legislative document, 1963; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth221759/m1/891/?q=+date%3A1945-1972: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.