SECTION 83.4005. Effect of Revocation, Suspension, or Surrender of License

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(a) Effect on existing contracts. Revocation, suspension, or surrender of a license does not affect a preexisting contract between a consumer and a credit access business, between a consumer and a lender, or a contract among all three parties. Alternatively, a credit access business whose license is revoked or suspended may transfer or sell its accounts to a licensed credit access business.
(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.

Source Note: The provisions of this §83.4005 adopted to be effective November 10, 2011, 36 TexReg 7518

                    
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