The comptroller may not issue or renew a license if the applicant fails to:

1. (1) designate and maintain an office located in the state as required by Section 2153.153; or
2. (2) allow the comptroller to inspect records that the applicant is required to maintain under this chapter.

Acts 1999, 76th Leg., ch. 388, Sec. 1, eff. Sept. 1, 1999.