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(a) The commissioner shall approve the application and issue to the applicant a license to make loans under this chapter if the commissioner finds that:
(1) the financial responsibility, experience, character, and general fitness of the applicant are sufficient to:
(A) command the confidence of the public; and
(B) warrant the belief that the business will be operated lawfully and fairly, within the purposes of this chapter; and
(2) the applicant has net assets of at least $25,000 available for the operation of the business.
(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.
Cite this article: FindLaw.com - Texas Finance Code - FIN § 342.104. Approval or Denial of Application - last updated April 14, 2021 | https://codes.findlaw.com/tx/finance-code/fin-sect-342-104/
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