| Application).
(h) Responsibility.
(1) Responsibility of transferor. Before the transferee
begins performing property tax lending activity under a license, the
transferor is responsible to any consumer and to the OCCC for all
property tax lending activity performed under the license.
(2) Responsibility of transferor and transferee. If
a transferee begins performing property tax lending activity under
a license before the OCCC's final approval of an application described
by subsection (e), then the transferor and transferee are each responsible
to any consumer and to the OCCC for activity performed under the license
during this period.
(3) Responsibility of transferee. After the OCCC's
final approval of an application described by subsection (e) of this
section, the transferee is responsible to any consumer and to the
OCCC for all property tax lending activity performed under the license.
The transferee is responsible for any transactions that it purchases
from the transferor. In addition, if the transferee receives a license
transfer, then the transferee's responsibility includes all activity
performed under the license before the license transfer.
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