Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter F - LICENSING › Section 84.602 - Filing of New Application

Current through Reg. 49, No. 28; July 12, 2024
An application for issuance of a new motor vehicle sales
					 finance license issued under Texas Finance Code, Chapter 348 or 353 must be
					 submitted 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 be answered.
(A) Application
				  for license.
(i) Location. A physical street
				  address must be listed for the applicant's proposed licensed location. A post
				  office box or a mail box location at a private mail-receiving service generally
				  may not be used. If the address has not yet been determined or if the
				  application is for an inactive license, then the application must so
				  indicate.
(ii) Responsible person.
				  The person responsible for the day-to-day operations of the applicant's
				  proposed offices must be named.
(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.
(iv) List of
				  registered offices. Each additional location, other than the licensed location
				  shown on the application, must be listed. The applicant should provide the
				  assumed name (DBA), physical address, telephone number, and the person
				  responsible for day-to-day operations 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.
(v) Owners and
				  principal parties.
(I) Proprietorships. The
				  applicant must disclose the name of the individual holding a 100% ownership
				  interest in the business and the name of any individual responsible for
				  operating the business. If requested, the applicant must also disclose the
				  names of the spouses of these individuals.
(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, §
													RSA
				  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) 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, §
														RSA
				  1.002, and a description of the ownership of
				  each legal entity must be provided.
(-b-) Limited partners. The applicant should
				  provide a complete list of all limited partners owning 10% or more of the
				  partnership.
(-c-) Limited
				  partnerships that register as limited liability partnerships. The applicant
				  should provide the same information as that required for limited
				  partnerships.
(IV)
				  Corporations. Each officer and director must be named. Each shareholder holding
				  10% or more of the voting stock must be named if the corporation is 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)
				  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, §
													RSA
				  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)
				  Trusts or estates. Each trustee or executor, as appropriate, must be
				  listed.
(VII) Nonprofit
				  organizations. Each officer must be listed.
(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)
				  Alternative filings for all entity types. The commissioner may also accept
				  other filings submitted to a governmental authority that the commissioner deems
				  to have information substantially equivalent in coverage and reliability to a
				  filing under subclauses (I) - (VIII) of this clause.