1. (a) A decision is final:

   1. (1) if a motion for rehearing is not filed on time, on the expiration of the period for filing a motion for rehearing; or

   2. (2) if a motion for rehearing is filed on time, on the date:

      1. (A) the order overruling the motion for rehearing is rendered; or
      2. (B) the motion is overruled by operation of law.
2. (b) The timely filing of a motion for rehearing is a prerequisite to judicial review. A decision is appealable when a motion for rehearing has been denied in all respects by action of the Securities Commissioner, or the Board pursuant to §105.22 of this title (relating to Board Action on Motion for Rehearing), or by operation of law.
3. (c) A person who is aggrieved by a final decision of the Securities Commissioner in a contested case may seek judicial review of the decision. Judicial review of such a decision is under the substantial evidence rule.

Source Note:The provisions of this §105.18 adopted to be effective April 8, 1997, 22 TexReg 3213; amended to be effective December 6, 1998, 23 TexReg 12292.