| (a) Inactivation of active license. A licensee may
cease operating under a motor vehicle sales finance license and choose
to inactivate the license. A license may be inactivated by giving
notice of the cessation of operations not less than 10 calendar days
prior to the anticipated inactivation date. Registered offices will
be designated as closed when a license is inactivated. Notification
must be provided by filing a license amendment or an approved electronic
submission as prescribed by the OCCC. The notice must include the
new mailing address for the license, the effective date of the inactivation,
and the fee for amending the license. A licensee must continue to
pay the yearly renewal fees for an inactive license as outlined in §84.611
of this title (relating to Fees), or the license will expire.
(b) Activation of inactive license. A licensee may
activate an inactive license by giving notice of the intended activation
not less than 10 calendar days prior to the anticipated activation
date. Registered offices must be listed and appropriate fees paid
upon activation of a license. Notification must be provided by filing
a license amendment or an approved electronic submission as prescribed
by the OCCC. The notice must include the contemplated new address
of the licensed office, the approximate date of activation, and the
fee for amending the license as outlined in §84.611 of this title.
(c) Voluntary surrender of license. Subject to subsection
(e) of this section, a licensee may voluntarily surrender a license
by providing written notice of the cessation of operations, a request
to surrender the license, and by submitting the license certificate.
A voluntary surrender will result in cancellation of the license.
(d) Surrendering to avoid administrative action. A
licensee may not surrender a license after an administrative action
has been initiated without the written agreement of the OCCC.
|
| Source Note: The provisions of this §84.610 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; amended to be effective September 5, 2019, 44 TexReg 4717 |
