SECTION 89.407. 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 licensee and a borrower, except no interest may be charged or received by the licensee following the revocation, suspension, or surrender of its license. Alternatively, a licensee whose license is revoked or suspended may transfer or sell its accounts to a licensee, which may continue to charge or receive the contracted rate of interest within the authority of Texas Finance Code, Chapter 351.
(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 §89.407 adopted to be effective November 8, 2007, 32 TexReg 7920; amended to be effective July 5, 2012, 37 TexReg 4874

                    
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