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Texas Finance Code - FIN § 154.107. Required Renewal for Sellers

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A seller that has outstanding contracts shall renew the seller's permit until the contracts are fully discharged.

(b) A seller may renew the seller's permit as an unrestricted permit if the seller:

(1) wishes to continue to sell prepaid funeral benefits;  and

(2) demonstrates to the commissioner that the seller continues to meet the qualifications and satisfy the requirements that apply to an applicant for a permit.

(c) A seller must renew the seller's permit as a restricted permit if the seller:

(1) cannot demonstrate to the commissioner that the seller continues to meet the qualifications and satisfy the requirements that apply to an applicant for a permit;  or

(2) no longer wishes to sell prepaid funeral benefits.

(d) A seller that holds a restricted permit may not sell prepaid funeral benefits during the period a restricted permit is in effect.  A contract entered into by a seller that at the time the contract is entered into holds a restricted permit is void and unenforceable and is not eligible for payment from a guaranty fund established under this chapter.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 154.107. Required Renewal for Sellers - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-154-107/

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