43.02.020 Lending Licenses Required, Applications, and License Fees

(a) Each Lending Operation, Key Employee, Service Provider, and Loan Product shall be licensed by the Commission. The form and content of the license application shall be determined by the commission. The Commission may promulgate rules regarding licensing, provisional, and temporary licenses, and application materials. Key Employees and Service Providers of each Lending Operation shall be registered with the Commission with the submission of each Lending Operation and Loan Product license application.

(b) Each application shall include payment of the appropriate license fee as set forth by the Commission.

(d) A License may not be assigned or transferred and is only valid for use by the Person in whose name it is issued.

(e) Evidence that the Commission has licensed the Lending Operation shall be conspicuously displayed in all marketing materials related to Covered Loans.

(f) Every Person who applies for a License and accepts that License thereby acknowledges the civil enforcement jurisdiction and authority of the Commission and consents to that authority and jurisdiction.

(g) Consistent with Chapter 43.04 of this Code, the Commission may deny, suspend, revoke, or refuse renewal of any License issued under this Code only if the Commission issues a final order that the applicant or Licensee has:

(1) intentionally or recklessly used any deceptive, unfair, or abusive practice;

(2) forged another Person's name on any Covered Loan application;

(3) discriminated on a prohibited basis against any Person in the application or servicing of Covered Loans;

(4) engaged in a pattern or practice of violating any provision of this Code;

(5) refused to comply with an order issued under Chapter 43.04 of this Code.

(h) The Commission shall make the final administrative decision as to whether a License shall be issued, suspended, or revoked. License denials, suspension, revocation, or refusal shall be subject to review by binding arbitration.