| (a) Effect on existing contracts. Revocation, suspension,
or surrender of a license does not affect a preexisting contract between
a licensee and a borrower, except no interest may be charged or received
by the licensee following the revocation, suspension, or surrender
of its license. Alternatively, a licensee whose license is revoked
or suspended may transfer or sell its accounts to a licensee, which
may continue to charge or receive the contracted rate of interest
within the authority of Texas Finance Code, Chapter 351.
(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.
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