Texas Finance Code 154.111 – Successor Permit Holder
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(a) The commission shall adopt rules governing the selection of a successor permit holder.
(b) A successor permit holder to whom the commissioner transfers a contract under § 154.413 shall perform the contract and is entitled to retain the money that would have been due the person whose permit was canceled, including any money seized by the commissioner.
Terms Used In Texas Finance Code 154.111
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
(c) Any premium received through the selection process that exceeds the claims against the prior permit holder shall be deposited in the fund maintained under § 154.351.