| (v) If the applicant is a trust or estate, the trustee
or executor, as appropriate, must sign.
(F) Statement regarding previous installment transactions.
Each applicant must submit a statement that it has or has not made
or collected on any retail installment sales contract or accepted
the cash payment for a motor vehicle in one or more installments from
September 1, 2002, to date. This includes any contracts signed by
applicant as seller that are subsequently assigned to a third party.
If the applicant is purchasing another dealership and has permission
to operate under an existing license, as described in §84.604
of this title (relating to Transfer of License; New License Application
on Transfer of Ownership), the statement outlined by this subparagraph
is not required. If the applicant has engaged in any of the referenced
activities, the applicant must provide the following information:
(i) A list of all contracts used to finance the sale
of a motor vehicle in one or more installments (whether the applicant
was the original seller or whether the applicant became a holder).
The list should include the name of the buyer, contract date, vehicle
cash price, amount of down payment, net trade-in amount, total amount
financed, payment frequency (monthly, semi-monthly, bi-weekly, weekly),
total number of payments, and payment amount(s).
(ii) From the list provided by the applicant, copies
of ten (10) complete files. The complete file includes, but is not
limited to, the buyer's order, signed retail installment sales contract,
payment history, certificate of title, and other documents related
to that transaction. If there are fewer than ten (10) accounts, provide
a complete copy of each file.
(2) Other required filings.
(A) Fingerprints.
(i) For all persons meeting the definition of "principal
party" as defined in §84.601 of this title, a complete set of
legible fingerprints must be provided. All fingerprints should be
submitted in a format prescribed by the OCCC and approved by the Texas
Department of Public Safety and the Federal Bureau of Investigation.
(ii) For limited partnerships, if the owners and principal
parties under paragraph (1)(A)(v)(III)(-a-) of this section does not
produce a natural person, the applicant must provide a complete set
of legible fingerprints for individuals who are associated with the
general partner as principal parties.
(iii) For entities with complex ownership structures
that result in the identification of individuals to be fingerprinted
who do not have a substantial relationship to the proposed applicant,
the applicant may submit a request to fingerprint three officers or
similar employees with significant involvement in the proposed business.
The request should describe the relationship and significant involvement
of the individuals in the proposed business. The agency may approve
the request, seek alternative appropriate individuals, or deny the
request.
(iv) For individuals who have previously been licensed
by the OCCC and principal parties of entities currently licensed,
fingerprints are generally not required if the fingerprints are on
record with the OCCC, are less than 10 years old, and have been processed
by both the Texas Department of Public Safety and the Federal Bureau
of Investigation. Upon request, individuals and principal parties
previously licensed by the OCCC may be required to submit a new set
of fingerprints in order to complete the OCCC's records.
(v) For individuals who have previously submitted fingerprints
to another state agency (e.g., Texas Department of Motor Vehicles),
fingerprints are still required to be submitted to the OCCC, as per
Texas Finance Code, §14.152. Fingerprints cannot be disclosed
to others, except as authorized by Texas Government Code, §560.002.
(B) Contract forms. The applicant must provide information
regarding the retail installment sales contract forms it intends to
use for retail installment sales transactions involving ordinary vehicles.
The applicant does not have to provide retail installment sales contract
forms involving commercial vehicles.
(i) Custom forms. If a custom contract form is to be
prepared, a preliminary draft or proof that is complete as to format
and content and which indicates the number and distribution of copies
to be prepared for each transaction must be submitted.
(ii) Stock forms. If an applicant purchases or plans
to purchase stock forms from a supplier, the applicant must include
a statement that includes the supplier's name and address and a list
identifying the forms to be used, including the revision date of the
form, if any.
(C) Entity documents.
(i) Partnerships. A partnership applicant must submit
a complete and executed copy of the partnership agreement. This copy
must be signed and dated by all partners. If the applicant is a limited
partnership or a limited liability partnership, provide evidence of
filing with the Office of the Texas Secretary of State.
(ii) Corporations. A corporate applicant, domestic
or foreign, must provide the following documents:
(I) a complete copy of the certificate of formation
or articles of incorporation, with any amendments;
(II) a certification from the secretary of the corporation
identifying the current officers and directors as listed in the owners
and principal parties section of the application for license form;
(III) if the registered agent is not the same as the
one on file with the Office of the Texas Secretary of State, a certification
from the secretary of the corporation identifying the registered agent;
(IV) if requested, a copy of the relevant portions
of the bylaws addressing the required number of directors and the
required officer positions for the corporation;
(V) if requested, a copy of the minutes of corporate
meetings that record the election of all current officers and directors
as listed in the owners and principal parties section of the application
for license form;
(VI) if requested, a certificate of good standing from
the Texas Comptroller of Public Accounts.
(iii) Publicly held corporations. In addition to the
items required for corporations, a publicly held corporation must
file the most recent 10K or 10Q for the applicant or for the parent
company.
(iv) Limited liability companies. A limited liability
company applicant, domestic or foreign, must provide the following
documents:
(I) a complete copy of the articles of organization;
(II) a certification from the secretary of the company
identifying the current officers and directors as listed in the owners
and principal parties section of the application for license form;
(III) if the registered agent is not the same as the
one on file with the Office of the Texas Secretary of State, a certification
from the secretary of the company identifying the registered agent;
(IV) if requested, a copy of the relevant portions
of the operating agreement or regulations addressing responsibility
for operations;
(V) if requested, a copy of the minutes of company
meetings that record the election of all current officers and directors
as listed in the owners and principal parties section of the application
for license form;
(VI) if requested, a certificate of good standing from
the Texas Comptroller of Public Accounts.
(v) Trusts. A copy of the relevant portions of the
instrument that created the trust addressing management of the trust
and operations of the applicant must be filed with the application.
(vi) Estates. A copy of the instrument establishing
the estate must be filed with the application.
(vii) Foreign entities. In addition to the items required
by this section, a foreign entity must provide a certificate of authority
to do business in Texas, if applicable.
(viii) Nonprofit organizations. The applicant must
provide a copy of the relevant portions of the instrument creating
the nonprofit organization addressing management of the organization
and operations of the applicant. A nonprofit applicant must also provide
a copy of its filing with the Internal Revenue Service or other evidence
to verify that the applicant is a nonprofit organization exempt from
taxation under Internal Revenue Code of 1986, §501(c)(3).
(ix) Formation document alternative. As an alternative
to the entity-specific formation document applicable to the applicant's
entity type (e.g., for a corporation, articles of incorporation),
an applicant may submit a "certificate of formation" as defined in
Texas Business Organizations Code, §1.002, if the certificate
of formation provides the entity formation information required by
this section for that entity type.
Cont'd... |
