Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter B - RULES FOR CREDIT ACCESS BUSINESSES › Division 3 - APPLICATION PROCEDURES › Section 83.3002 - Filing of New Application

Current through Reg. 49, No. 28; July 12, 2024
An application for issuance of a new credit access
						business license 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 to
						facilitate multistate uniformity of applications or 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 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) Compliance officer. The application must
					 list a compliance officer. The compliance officer must be an individual
					 responsible for overseeing compliance, and must be authorized to receive and
					 respond to communications from the OCCC.
(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.