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: 556
This legislative document is part of the collection entitled: General and Special Laws of Texas and was provided to The Portal to Texas History by the UNT Libraries Government Documents Department.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
Ch. 205 58TH LEGISLATURE-REGULAR SESSION
License; Annual Fee; Minimum Assets
Sec. 9. (a) Each license shall state the address of the office from
which the business is to be conducted and the name of the licensee. The
license shall be displayed at the place of business named in the license.
The license shall not be transferable or assignable except upon approval
by the commissioner.
(b) Each license shall remain in full force and effect until relinquished,
suspended, revoked, or has expired. Every licensee shall, on or before
each December 10th, pay the commissioner One Hundred Dollars ($100)
for each license held by him, as the annual fee for the succeeding calendar
year. If the annual fee remains unpaid fifteen (15) days after written no-
tice of delinquency has been given to the licensee by the commissioner,
the license shall thereupon expire but not before December 31st of any year
for which an annual fee has been paid.
(c) Every licensee shall maintain net assets of at least Fifteen Thou-
sand Dollars ($15,000), either used or readily available for use, in the con-
duct of the business of each licensed office.
Offices; Removal
Sec. 10. (a) A separate license shall be required for each office oper-
ated under this Act. The commissioner may issue more than one license to
any one person upon compliance with this Act as to each license. Nothing
contained herein, however, shall be construed to require a license for any
place of business devoted to accounting or other record keeping and where
loans under this Act are not made.
(b) When a licensee wishes to move his office to another location he
shall give thirty (30) days written notice to the commissioner who shall
amend the license accordingly. In such event, the licensee shall also give
fifteen (15) days written notice of his intention to remove his office to each
of the borrowers having a loan outstanding at such office.
(c) The commissioner may issue more than one (1) license but not
more than sixty (60) licenses to any one (1) person on compliance with
this Act as to each license. And it shall be unlawful for any person, after
the effective date of this Act, directly or indirectly, or through subsidiaries
or holding companies, to hold or have an interest in more than sixty (60)
licenses, the business thereof, or any interest in such license. Any per-
son holding a license under this Act which shall violate any provision
hereof shall be subject to forfeiture of his license, and if a corporation,
its charter shall be subject to forfeiture, and it shall be the duty of the At-
torney 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.
Revocation; Suspension; Surrender; Reinstatement of Licenses
Sec. 11. (a) The commissioner may, after notice and hearing, sus-
pend or revoke any license if he finds that:
(1) The licensee has failed to pay the annual license fee imposed by
this Act or an examination fee, investigation fee or other fee or charge
imposed by the commissioner under the authority of this Act; or that
(2) The licensee, either knowingly or without the exercise of due care
to prevent the same, has violated any provision of this Act or any regula-
tion or order lawfully made pursuant to and within the authority of this
Act; or that
(3) Any fact or condition exists which, if it had existed or had been
known to exist at the time of the original application for such license,
556
Upcoming Pages
Here’s what’s next.
Search Inside
This document can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Legislative Document.
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/m1/892/?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.