Texas Finance Code 371.002 – Purposes
Current as of: 2024 | Check for updates
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Terms Used In Texas Finance Code 371.002
- Fraud: Intentional deception resulting in injury to another.
- Personal property: All property that is not real property.
- Property: means real and personal property. See Texas Government Code 311.005
The purposes of this chapter are to:
(1) prevent fraud, unfair practices, discrimination, imposition, and abuse of state residents;
(2) exercise the state’s police power to ensure a sound system of making pawn loans and transfers of personal property by and through pawnshops;
(3) prevent transactions in stolen property and other unlawful property transactions by licensing and regulating pawnbrokers;
(4) provide for licensing and investigation fees;
(5) provide minimum capital requirements for pawnbrokers;
(6) ensure financial responsibility to the state and its residents and compliance with federal, state, and local law, including rules and ordinances; and
(7) assist local governments in the exercise of their police power.