| (a) When a Class A or B license is reclassified as
a Class C license, a fee in the amount of the difference in the cost
of the licenses shall be paid. There shall be no refund when a Class
C license is reclassified as a Class A or Class B license.
(b) The department may approve the assignment of a
company license to the spouse or heir(s) of a deceased owner provided:
(1) A copy of the owner's death certificate is filed
with the department; and
(2) A copy of the Will, Order Admitting Will to Probate,
Letters of Testament, Affidavit of Heirship with two affiants' signatures,
or Order of Heirship is filed with the department.
(c) Other assignments will be permitted only under
one of the conditions detailed in this subsection:
(1) the ownership in the assignor and assignee will
remain the same;
(2) the owners holding at least 25% ownership in the
original license, and collectively holding a majority ownership interest,
consent to the assignment; or
(3) if there is an insufficient number of owners holding
at least 25% ownership in the original license to potentially hold
a majority in ownership interest in the license, the license may be
assigned by majority vote of the entity's board of directors or equivalent
level decision making body of the licensee. The license holder must
provide the department written documentation reflecting the vote and
the intended date of assignment.
(d) The assignor must provide the department written
documentation establishing the intended date of assignment and notarized
statements establishing the consent of a majority of the owners of
the current license. The assignee must ensure any new owners are in
compliance with the requirement of the Act. The assignee may not perform
regulated services prior to the proposed date of assignment or the
date of the department's approval of all required license applications
or fingerprint submissions for new owners, whichever is later. The
assignor must cease performance of all regulated services on the earlier
of either the proposed date of assignment or the date of surrender
or termination of any related owner licenses.
(e) An additional assignment fee will be assessed as
provided by this chapter upon assignment of a license under subsection
(b) or (c) of this section.
(f) A license may only be terminated by consent of
the owners holding at least 25% in the licensed company and collectively
holding a majority ownership interest, unless the ownership structure
of the company has an insufficient number of such owners to potentially
represent a majority, in which case the license may be terminated
by majority vote of the entity's board of directors or equivalent
level decision making body of the licensee. The license holder must
provide the department written documentation reflecting the vote and
the intended date of termination.
|
| Source Note: The provisions of this §35.26 adopted to be effective May 6, 2014, 39 TexReg 3606; amended to be effective March 15, 2018, 43 TexReg 1444; amended to be effective December 29, 2019, 44 TexReg 8028 |
