Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter C - APPLICATION PROCEDURES › Section 89.302 - Filing of New Application

Current through Reg. 49, No. 28; July 12, 2024
An application for issuance of a new license must be
					 submitted in a format prescribed by the OCCC at the date of filing and in
					 accordance with the OCCC's instructions. The OCCC 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 information. A
				  physical street address must be listed for the applicant's proposed lending
				  address, or if the applicant will have no such location, a statement to that
				  effect must be provided. For applicants with a proposed location in Texas, 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 provided 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) Owners and
				  principal parties.
(I) Proprietorships. The
				  applicant must disclose the name of any individual holding an 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) 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.