Texas Register, Volume 37, Number 35, Pages 6819-7008, August 31, 2012 Page: 6,857
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7 TAC 84.601 - 84.605, 84.607 - 84.611, 84.613, 84.614
The amendments are proposed under Texas Finance Code,
11.304, which authorizes the commission to adopt rules to
enforce Title 4 of the Texas Finance Code. Additionally, Texas
Finance Code, 348.513 grants the commission the authority
to adopt rules to enforce the motor vehicle installment sales
The statutory provisions affected by the proposed amendments
are contained in Texas Finance Code, Chapter 348.
Words and terms used in this chapter that are defined in Texas Finance
Code, Chapter 348, have the same meanings as defined in Chapter 348.
The following words and terms, when used in this chapter, will [shall]
have the following meanings, unless the context clearly indicates oth-
(1) - (2) (No change.)
(3) Commissioner--The Consumer Credit Commissioner
of the State of Texas.
(4) [(-3)] Foreign entity--An entity formed under the laws
of a jurisdiction other than the State of Texas.
(5) [(4)] Licensed location--The central or main location
of the entity.
(6) OCCC--The Office of Consumer Credit Commissioner
of the State of Texas.
(7) [(-5)] Principal party--An individual with a substantial
relationship to the proposed business of the applicant. The following
individuals are [considered to be] principal parties:
(A) proprietors, to include spouses with community
(B) general partners;
(C) officers of privately held [privately-held] corpora-
tions, to include the chief executive officer or president, the chief oper-
ating officer or vice president of operations, and those with substantial
responsibility for operations or compliance with Texas Finance Code,
(D) directors of privately held [privately-held] corpora-
(E) individuals associated with publicly held [publiely-
held] corporations designated by the applicant as follows:
(i) officers as provided by subparagraph (C) of this
paragraph section ] (as if the corporation was privately held [privately-
(ii) three officers or similar employees with signifi-
cant involvement in the corporation's activities governed by Texas Fi-
nance Code, Chapter 348. One of the persons designated must [shall]
be responsible for assembling and providing the information required
on behalf of the applicant and must [shall] sign the application for the
(F) voting members of a limited liability company
(G) trustees and executors;
(H) officers of nonprofit organizations;
(I) individuals designated as [a] principal parties [party]
where necessary to fairly assess the applicant's financial responsibility,
experience, character, general fitness, and sufficiency to command the
confidence of the public and warrant the belief that the business will be
operated lawfully and fairly as required by the commissioner; and
(J) individuals may be accepted as principal parties in
compliance with this paragraph upon approval by the commissioner
for certain privately held [privately-held] entities with complex own-
ership structures. Three officers or similar employees with significant
involvement in the entity's activities governed by Texas Finance Code,
Chapter 348 may be designated upon approval by the commissioner.
(8) [(6)] Privately held [Privately-held] corporation--A
corporation that is not publicly held [pubiely-held].
(9) [(-7)] Publicly held [Publiely-held] corporation--A cor-
(A) subject to the registration provisions of the Securi-
ties Act of 1933 in order to allow a public offering of voting stock; or
(B) owned directly or indirectly by a parent corporation
that is subject to the registration provisions of the Securities Act of
(10) [(8)] Registered offices--Each location other than the
licensed location where a licensee will originate, service, or collect on
retail installment sales contracts subject to Texas Finance Code, Chap-
ter 348. The term also includes any additional assumed name that the
licensee uses at a single location to engage in a Chapter 348 transac-
84.602. Filing of New Application.
An application for issuance of a new motor vehicle sales finance license
issued under Texas Finance Code, Chapter 348 or 353 must be submit-
ted in a format prescribed by the commissioner at the date of filing and
in accordance with the commissioner's instructions. The commissioner
may accept the use of prescribed alternative formats in order to accept
approved electronic submissions. Appropriate fees must be filed with
the application, and the application must include the following:
(1) Required application information. All questions must
(A) Application for license [Motor Vehicle Sales
(i) - (ii) (No change.)
(iii) Registered agent. The registered agent must be
designated by each applicant. The registered agent is the person or
entity to whom any legal notice may be delivered. The agent must be
a Texas resident and list an address for legal service. If the registered
agent is a natural person, the address must be a different address than
the licensed location address. If the applicant is a corporation or a
limited liability company, the registered agent should be the one on
file with the Office of the Texas Secretary of State. If the registered
agent is not the same as the agent filed with the Office of the Texas
Secretary of State, then the applicant must submit a certification from
the secretary of the company identifying the registered agent.
eepted in a manner approved by the commissioner ]
fl) If the applicant is a prpietor each owner
(> If the applicant is a partnershi eah gen-
eval partner must sign.]
f(lJ/ If the applicant is a corporation an authoe-
rized officer must sign]
PROPOSED RULES August 31, 2012 37 TexReg 6857
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Texas. Secretary of State. Texas Register, Volume 37, Number 35, Pages 6819-7008, August 31, 2012, periodical, August 31, 2012; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth253227/m1/39/: accessed June 25, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.