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: 557
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THE TEXAS REGULATORY LOAN ACT
clearly would have justified the commissioner in refusing to issue such
license.
The hearing shall be held upon twenty (20) days notice in writing
setting forth the time and place thereof and a concise statement of the
facts alleged to sustain the suspension or revocation. The hearing shall
be full, fair and public. Such suspension or revocation and its effective
date shall be set forth in a written order accompanied by findings of fact
and a copy thereof shall be forthwith delivered to the licensee. Such or-
der, findings and the evidence considered by the commissioner shall be
filed with the public records of the commission.
(b) Any licensee may surrender any license by delivering it to the
commissioner with written notice of its surrender, but such surrender
shall not affect his civil or criminal liability for acts committed prior
thereto.
(c) No revocation, suspension, or surrender of any license shall im-
pair or affect the obligation of any pre-existing lawful contract between
the licensee and any borrower.
(d) The commissioner may reinstate suspended licenses or issue new
licenses to a person whose license or licenses have been revoked if no fact
or condition then exists which clearly would have justified the commission-
er in refusing originally to issue such license under this Act.
Examination of Licensees; Access to Records; Investigations; Injunctions
Sec. 12. (a) At least once each year and at such other times as the
commissioner shall deem necessary, the commissioner, or his duly author-
ized representative shall make an examination of the place of business of
each licensee and shall inquire into and examine the loans, transactions,
books, accounts, papers, correspondence, and records of such licensee inso-
far as they pertain to the business regulated by this Act. In the course
of such examination, the commissioner or his duly authorized representa-
tive shall have free access to the office, places of business, files, safes and
vaults of such licensees, and shall have the right to make copies of such
books, accounts, papers, correspondence and records. The commissioner
or his duly authorized representative may, during the course of such ex-
amination, administer oaths and examine any person under oath upon any
subject pertinent to any matter about which the commissioner is author-
ized or required by this Act to consider, investigate, or secure informa-
tion. Any licensee who shall fail or refuse to let the commissioner or his
duly authorized representative examine or make copies of such books, or
other relevant documents shall thereby be deemed in violation of this Act
and such failure or refusal shall constitute grounds for the suspension or
revocation of such license. The information obtained in the course of such
examination shall be confidential. Each licensee shall pay to the commis-
sioner the cost of the examination, but not to exceed Fifty Dollars ($50)
per day per examiner and the total cost of examinations assessed and
charged a licensee in any one calendar year shall not exceed Two Hundred
Fifty Dollars ($250) for each licensed office.
(b) For the purpose of discovering violations of this Act or of secur-
ing information required hereunder, the commissioner or his duly author-
ized representatives may investigate the books, accounts, papers, corre-
spondence and records of any licensee or other person who the commis-
sioner has reasonable cause to believe is violating any provision of this
Act whether or not such person shall claim to be within the authority or
scope of this Act. For the purposes of this subsection any person who ad-
vertises for, solicits or holds himself out as willing to make loans with
tash advances in the amount or the value of One Thousand Five Hundred
557Ch. 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/m1/893/?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.