Sec. 349.502. OFFENSE OF ENGAGING IN LENDING BUSINESS WITHOUT PROPER AUTHORITY. (a) A person commits an offense if the person engages in a business that is subject to Chapter 342, 346, or 351 without holding the license or other authorization required under that chapter.
(b) An offense under this section is a misdemeanor punishable by a fine of not more than $1,000.
(c) Each loan made without the authority required by Chapter 342, 346, or 351 is a separate offense.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.57, eff. Sept. 1, 1999.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 1220 (H.B. 2138), Sec. 2, eff. September 1, 2007.
Structure Texas Statutes
Title 4 - Regulation of Interest, Loans, and Financed Transactions
Subtitle B - Loans and Financed Transactions
Chapter 349 - Penalties and Liabilities
Subchapter F. Criminal Offenses
Section 349.501. Offense of Charges Exceeding Twice Amount Authorized
Section 349.502. Offense of Engaging in Lending Business Without Proper Authority
Section 349.503. Certain Proceedings in Connection With Sale-Leaseback Transaction