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.
(8) Privately held corporation--A corporation that
is not publicly held.
(9) Publicly held corporation--A corporation:
(A) subject to the registration provisions of the Securities
Act of 1933 in order to allow a public offering of voting stock; or
(B) owned directly or indirectly by a parent corporation
that is subject to the registration provisions of the Securities Act
of 1933.
(10) Registered offices--Each location other than the
licensed location where a licensee will originate, service, or collect
on retail installment sales contracts subject to Texas Finance Code,
Chapter 348. The term also includes any additional assumed name that
the licensee uses at a single location to engage in a Chapter 348
transaction.
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| Source Note: The provisions of this §84.601 adopted to be effective May 8, 2008, 33 TexReg 3576; amended to be effective November 8, 2012, 37 TexReg 8780; amended to be effective May 5, 2016, 41 TexReg 3120 |
