- (a) Effect on existing contracts. Revocation, suspension, or surrender of a license does not affect a preexisting contract between a lender and a borrower, except no interest may be charged or received by the lender following the revocation, suspension, or surrender of its license. Alternatively, a lender whose license is revoked or suspended may transfer or sell its accounts to a licensed property tax lender who may continue to charge or receive the contracted rate of interest within the authority of Texas Finance Code, §351.001, et seq. (Acts 2007, 80th Leg., ch. 1220).
- (b) Surrendering to avoid administrative action. A licensee may not surrender a license after an administrative action has been initiated without the written agreement of the OCCC.
Source Note:The provisions of this §89.407 adopted to be effective November 8, 2007, 32 TexReg 7920.