(a) Inactivation of active license. A licensee may
cease operating under a regulated loan license and choose to inactivate
the license. A license may be inactivated by giving notice of the
cessation of operations not less than 30 calendar days prior to the
anticipated inactivation date. 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 §83.310 of this title
(relating to Fees), or the license will expire as described by §83.403
of this title (relating to License Term and Annual Renewal).
(b) Activation of inactive license. A licensee may
activate an inactive license by giving notice of the intended activation
not less than 30 calendar days prior to the anticipated activation
date. 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 §83.310 of this title.
(c) Voluntary surrender of license. Subject to §83.406(b)
of this title (relating to Effect of Revocation, Suspension, or Surrender
of License), a licensee may voluntarily surrender a license by providing
written notice of the cessation of operations, a request to surrender
the license, and the license certificate. A voluntary surrender will
result in cancellation of the license.
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Source Note: The provisions of this §83.309 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 5, 2019, 44 TexReg 4716 |