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TITLE 7BANKING AND SECURITIES
PART 5OFFICE OF CONSUMER CREDIT COMMISSIONER
CHAPTER 83REGULATED LENDERS AND CREDIT ACCESS BUSINESSES
SUBCHAPTER BRULES FOR CREDIT ACCESS BUSINESSES
DIVISION 4LICENSE
RULE §83.4005Effect of Revocation, Suspension, or Surrender of License

(a) Effect on existing contracts. Revocation, suspension, or surrender of a license does not affect a preexisting contract between a consumer and a credit access business, between a consumer and a lender, or a contract among all three parties. Alternatively, a credit access business whose license is revoked or suspended may transfer or sell its accounts to a licensed credit access business.

(b) 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 §83.4005 adopted to be effective November 10, 2011, 36 TexReg 7518

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