Texas Finance Code 393.101 – Registration Statement
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(a) Before conducting business in this state, a credit services organization shall register with the secretary of state by filing a statement that:
(1) contains the name and address of:
(A) the organization; and
(B) each person who directly or indirectly owns or controls at least 10 percent of the outstanding shares of stock in the organization; and
(2) fully discloses any litigation or unresolved complaint relating to the operation of the organization filed with a governmental authority of this state or contains a notarized statement that there has been no litigation or unresolved complaint of that type.
(b) The organization shall keep a copy of the registration statement in its files.
Terms Used In Texas Finance Code 393.101
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- 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) The secretary of state may not require an organization to provide information other than information contained in the registration statement.
(d) A registration certificate expires on the first anniversary of its date of issuance. A registered credit services organization may renew a registration certificate by filing a renewal application, in the form prescribed by the secretary of state, and paying the renewal fee.