(a) A license holder who violates this chapter is subject to revocation of the holder’s license and, if the license holder is a corporation, forfeiture of its charter.
(b) When the attorney general is notified of a violation of this chapter and revocation of a license, the attorney general shall file suit in a district court in Travis County, if the license holder is a corporation, for forfeiture of the license holder’s charter.

Terms Used In Texas Finance Code 342.157

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
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