| (g) Transferee's authority to engage in business. If
a transferee has filed a complete application including a request
for permission to operate as described by subsection (e), by the deadline
described by subsection (d), then the transferee may engage in business
as a regulated lender. However, the transferee must immediately cease
doing business if the OCCC denies the request for permission to operate
or denies the application. If the OCCC denies the application, then
the transferee has a right to a hearing on the denial, as provided
by §83.307(d) of this title (relating to Processing of Application).
(h) Responsibility.
(1) Responsibility of transferor. Before the transferee
begins performing regulated lender activity under a license, the transferor
is responsible to any consumer and to the OCCC for all regulated lender
activity performed under the license.
(2) Responsibility of transferor and transferee. If
a transferee begins performing regulated lender activity under a license
before the OCCC's final approval of an application described by subsection
(e), then the transferor and transferee are each responsible to any
consumer and to the OCCC for activity performed under the license
during this period.
(3) Responsibility of transferee. After the OCCC's
final approval of an application described by subsection (e), the
transferee is responsible to any consumer and to the OCCC for all
regulated lender activity performed under the license. The transferee
is responsible for any transactions that it purchases from the transferor.
In addition, if the transferee receives a license transfer, then the
transferee's responsibility includes all activity performed under
the license before the license transfer.
|
| Source Note: The provisions of this §83.303 adopted to be effective January 4, 2007, 31 TexReg 10765; amended to be effective November 4, 2010, 35 TexReg 9698; amended to be effective July 10, 2014, 39 TexReg 5142; amended to be effective September 8, 2016, 41 TexReg 6676 |
