Texas Administrative Code
Title 7 - BANKING AND SECURITIES
Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER
Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES
Subchapter A - RULES FOR REGULATED LENDERS
Division 4 - LICENSE
Section 83.406 - Effect of Revocation, Suspension, or Surrender of License
Current through Reg. 50, No. 13; March 28, 2025
(a) Effect on existing contracts. Revocation, suspension, or surrender of a license does not affect a preexisting contract between a lender and a borrower, except that no more than 10% interest may be charged or received by the lender following the revocation, suspension, or surrender of its license. Alternatively, a lender whose license is revoked or suspended may transfer or sell its accounts to an authorized lender, which may continue to charge or receive the contracted rate of interest within the authority of Texas Finance Code, Chapter 342.
(b) Surrendering to avoid administrative action. A licensee may not surrender a license after an administrative action has been initiated without the written agreement of the OCCC.
