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Texas Statutes (Last Updated: January 4, 2014) |
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FINANCE CODE |
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Title 5. PROTECTION OF CONSUMERS OF FINANCIAL SERVICES |
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Chapter 393. CREDIT SERVICES ORGANIZATIONS |
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Subchapter G. LICENSING AND REGULATION OF CERTAIN CREDIT SERVICES ORGANIZATIONS |
Sec. 393.614. LICENSE SUSPENSION OR REVOCATION
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(a) After notice and a hearing the commissioner may suspend or revoke a license if the commissioner finds that:
(1) the license holder failed to pay the annual license fee, an examination fee, an investigation fee, or another charge imposed by the commissioner under this subchapter;
(2) the license holder, knowingly or without the exercise of due care, violated this chapter or a rule adopted or order issued under this chapter; or
(3) a fact or condition exists that, if it had existed or had been known to exist at the time of the original application for the license, clearly would have justified the commissioner's denial of the application.
(b) If in a three-year period the commissioner suspends or revokes under this section the licenses of five or more credit access businesses owned or controlled by the same person, including a corporation that owns multiple businesses, the commissioner may suspend or revoke the licenses of all credit access businesses owned or controlled by that person.