Words and terms used in this chapter that are defined in Texas Finance Code, Chapter 394, Subchapter C, have the same meanings as defined in Chapter 394. The following term, when used in this chapter, shall have the following meaning, unless the context clearly indicates otherwise. Principal party--All adult individuals with a substantial relationship to the proposed debt management services business of the applicant. Individuals with a substantial relationship to the proposed debt management services business of the applicant include:

1. (1) corporate officers, to include the Chief Executive Officer or President, the Chief Financial Officer or Treasurer, and those with substantial responsibility for debt management services operations or compliance with the Finance Code;
2. (2) shareholders owning 10% or more of the outstanding voting stock; or
3. (3) owners, trustees, or governing persons of other organizational entities applying for registration under this chapter.

Source Note:The provisions of this §88.101 adopted to be effective November 10, 2005, 30 TexReg 7213.