(a) Five or more residents of this state may apply to incorporate an association by submitting to the commissioner an application and the filing fee.
(b) An application must contain:
(1) two copies of the association’s articles of incorporation identifying:
(A) the name of the association;
(B) the location of the principal office; and
(C) the names and addresses of the initial directors;
(2) two copies of the association’s bylaws;
(3) data sufficiently detailed and comprehensive to enable the commissioner to make a determination under Section 62.007, including statements, exhibits, and maps;
(4) other information relating to the association and its operation that the finance commission by rule requires; and
(5) financial information about each applicant, incorporator, director, or shareholder that the finance commission by rule requires.

(c) Financial information described by Subsection (b)(5) is confidential and not subject to public disclosure unless the commissioner finds that public disclosure is necessary.
(d) The articles of incorporation and statements of fact shall be signed and sworn to.