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 84.601 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
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 have the
					 following meanings, unless the context clearly indicates otherwise.
(1) Affiliate--A business entity directly or
				  indirectly through one or more intermediaries that is under common control with
				  the applicant or licensee.
(2)
				  Applicant--An entity that has filed the required forms and fees to operate
				  under a license from the Office of Consumer Credit Commissioner pursuant to
				  Texas Finance Code, Chapter 348.
(3) Commissioner--The Consumer Credit
				  Commissioner of the State of Texas.
(4) Foreign entity--An entity formed under
				  the laws of a jurisdiction other than the State of Texas.
(5) Licensed location--The central or main
				  location of the entity.
(6)
				  OCCC--The Office of Consumer Credit Commissioner of the State of
				  Texas.
(7) Principal party--An
				  individual with a substantial relationship to the proposed business of the
				  applicant. The following individuals are principal parties:
(A) a proprietor holding a 100% ownership
				  interest;
(B) general
				  partners;
(C) officers of privately
				  held corporations, to include the chief executive officer or president, the
				  chief operating officer or vice president of operations, and those with
				  substantial responsibility for operations or compliance with Texas Finance
				  Code, Chapter 348;
(D) directors of
				  privately held corporations;
(E)
				  individuals associated with publicly held corporations designated by the
				  applicant as follows:
(i) officers as
				  provided by subparagraph (C) of this paragraph (as if the corporation was
				  privately held); or
(ii) three
				  officers or similar employees with significant involvement in the corporation's
				  activities governed by Texas Finance Code, Chapter 348. One of the persons
				  designated must be responsible for assembling and providing the information
				  required on behalf of the applicant and must sign the application for the
				  applicant;
(F) voting
				  members of a limited liability company;
(G) trustees and executors;
(H) officers of nonprofit
				  organizations;
(I) individuals
				  designated as principal parties 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 entities with complex
				  ownership 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.