| (a) Change of ownership. A vehicle lessor or vehicle
lease facilitator that sells or assigns to another any interest in
the licensed entity, whether a corporation or otherwise, provided
the physical location of the licensed entity remains the same, shall
notify the department in writing within 10 days by filing an application
to amend the license in the electronic licensing system designated
by the department. If the sale or assignment of any portion of the
business results in a change of entity, then the purchasing or assignee
entity must apply for and obtain a new license by submitting a new
license application in the electronic licensing system designated
by the department. A publicly held corporation licensed as a vehicle
lessor or vehicle lease facilitator needs only inform the department
of a change in ownership if one person or entity acquires 10% or greater
interest in the licensed entity by submitting a license amendment
application in the electronic licensing system designated by the department.
(b) Change of operating status of business location.
A license holder shall obtain department approval prior to opening
a satellite location or relocating an existing location, in accordance
with §215.176 of this title (relating to More than One Business
Location) by electronically submitting a new license application in
the licensing system designated by the department and receiving electronic
notice of approval prior to relocating or opening a satellite location.
A license holder shall notify the department when closing an existing
location or a satellite location by electronically submitting a license
amendment to close the license or close the satellite location in
the licensing system designated by the department.
|
| Source Note: The provisions of this §215.179 adopted to be effective February 11, 2010, 35 TexReg 883; amended to be effective February 13, 2017, 42 TexReg 571; amended to be effective June 1, 2024, 49 TexReg 2704 |
