Sec. 353.504. APPROVAL OR DENIAL OF APPLICATION. (a) The commissioner shall approve the application and issue to the applicant a license under this chapter if the commissioner finds that the financial responsibility, experience, character, and general fitness of the applicant are sufficient to:
(1) command the confidence of the public; and
(2) warrant the belief that the business will be operated lawfully and fairly, within the purposes of this chapter.
(b) If the commissioner does not find the eligibility requirements of Subsection (a), the commissioner shall notify the applicant.
(c) If an applicant requests a hearing on the application not later than the 30th day after the date of notification under Subsection (b), the applicant is entitled to a hearing not later than the 60th day after the date of the request.
(d) The commissioner shall approve or deny the application not later than the 60th day after the date of the filing of a completed application with payment of the required fees, or if a hearing is held, after the date of the completion of the hearing on the application. The commissioner and the applicant may agree to a later date in writing.
Added by Acts 2011, 82nd Leg., R.S., Ch. 117 (H.B. 2559), Sec. 17, eff. September 1, 2011.
Structure Texas Statutes
Title 4 - Regulation of Interest, Loans, and Financed Transactions
Subtitle B - Loans and Financed Transactions
Chapter 353 - Commercial Motor Vehicle Installment Sales
Subchapter F. Licensing; Administration of Chapter
Section 353.501. License Required
Section 353.502. Application Requirements
Section 353.503. Investigation of Application
Section 353.504. Approval or Denial of Application
Section 353.505. Disposition of Fees on Denial of Application
Section 353.5055. License Term
Section 353.5065. Grounds for Refusal of Renewal
Section 353.507. Expiration of License on Failure to Pay Fee
Section 353.508. License Suspension or Revocation
Section 353.509. Reinstatement of Suspended License; Issuance of New License After Revocation
Section 353.510. Surrender of License
Section 353.511. Effect of License Suspension, Revocation, or Surrender
Section 353.512. Transfer or Assignment of License
Section 353.513. Adoption of Rules