Section 84.601 - DefinitionsWords and terms used in this chapter that are defined in Texas Finance Code, Chapter 348, have the same meanings as defined in Chapter 348. The following words and terms, when used in this chapter, will have the following meanings, unless the context clearly indicates otherwise.
(1) Affiliate--A business entity directly or indirectly through one or more intermediaries that is under common control with the applicant or licensee.(2) Applicant--An entity that has filed the required forms and fees to operate under a license from the Office of Consumer Credit Commissioner pursuant to Texas Finance Code, Chapter 348.(3) Commissioner--The Consumer Credit Commissioner of the State of Texas.(4) Foreign entity--An entity formed under the laws of a jurisdiction other than the State of Texas.(5) Licensed location--The central or main location of the entity.(6) OCCC--The Office of Consumer Credit Commissioner of the State of Texas.(7) Principal party--An individual with a substantial relationship to the proposed business of the applicant. The following individuals are principal parties: (A) a proprietor holding a 100% ownership interest;(C) officers of privately held corporations, to include the chief executive officer or president, the chief operating officer or vice president of operations, and those with substantial responsibility for operations or compliance with Texas Finance Code, Chapter 348;(D) directors of privately held corporations;(E) individuals associated with publicly held corporations designated by the applicant as follows: (i) officers as provided by subparagraph (C) of this paragraph (as if the corporation was privately held); or(ii) three officers or similar employees with significant involvement in the corporation's activities governed by Texas Finance Code, Chapter 348. One of the persons designated must be responsible for assembling and providing the information required on behalf of the applicant and must sign the application for the applicant;(F) voting members of a limited liability company;(G) trustees and executors;(H) officers of nonprofit organizations;(I) individuals designated as principal parties where necessary to fairly assess the applicant's financial responsibility, experience, character, general fitness, and sufficiency to command the confidence of the public and warrant the belief that the business will be operated lawfully and fairly as required by the commissioner; and(J) individuals may be accepted as principal parties in compliance with this paragraph upon approval by the commissioner for certain privately held entities with complex ownership structures. Three officers or similar employees with significant involvement in the entity's activities governed by Texas Finance Code, Chapter 348 may be designated upon approval by the commissioner.(8) Privately held corporation--A corporation that is not publicly held.(9) Publicly held corporation--A corporation: (A) subject to the registration provisions of the Securities Act of 1933 in order to allow a public offering of voting stock; or(B) owned directly or indirectly by a parent corporation that is subject to the registration provisions of the Securities Act of 1933.(10) Registered offices--Each location other than the licensed location where a licensee will originate, service, or collect on retail installment sales contracts subject to Texas Finance Code, Chapter 348. The term also includes any additional assumed name that the licensee uses at a single location to engage in a Chapter 348 transaction.7 Tex. Admin. Code § 84.601
The provisions of this §84.601 adopted to be effective May 8, 2008, 33 TexReg 3576; amended to be effective November 8, 2012, 37 TexReg 8780; Amended by Texas Register, Volume 41, Number 18, April 29, 2016, TexReg 3134, eff. 5/5/2016