AI-assisted research summary: Providers and commercial sales-based financing brokers must register with the Office of Consumer Credit Commissioner before doing business in Texas, then renew annually and pay the required fees.
Sec. 398.053. PROVIDER AND BROKER REGISTRATION. (a) A person may not engage in business as a provider or a commercial sales-based financing broker for compensation in this state unless, before conducting business, the person registers with the Office of Consumer Credit Commissioner. The registration is effective on receipt by the commissioner of a completed registration form as provided by Subsection (d) and the required registration fee and remains effective until renewal or termination by the Office of Consumer Credit Commissioner. (b) On or before January 31 of each year after filing an initial registration, a provider or broker shall file a renewal registration form with the required renewal registration fee. (c) The provider or broker shall pay a registration fee on filing an initial registration and a renewal registration fee on filing a renewal registration. (d) The registration or renewal registration form must include: (1) the name of the provider or broker; (2) the name under which the provider or broker transacts business, if different from the name of the provider or broker; (3) the address of the provider's or broker's principal office, which may be outside this state; (4) the name and address in this state of a designated agent for service of process; and (5) any judgment, memorandum of understanding, cease and desist order, or conviction against the provider or broker, or any person that otherwise controls the provider or broker or a director or officer of the provider or broker, related to a violation of law, act of fraud, breach of trust, or money laundering. (e) The Office of Consumer Credit Commissioner shall: (1) by rule set the registration fee and registration renewal fee in amounts sufficient to cover the registration costs; and (2) adopt a form to be used for a registration or renewal registration under this section. Added by Acts 2025, 89th Leg., R.S., Ch. 723 (H.B. 700), Sec. 1, eff. September 1, 2025.