Texas Finance Code 154.107 – Required Renewal for Sellers
Current as of: 2024 | Check for updates
|
Other versions
(a) A seller that has outstanding contracts shall renew the seller’s permit until the contracts are fully discharged.
(b) A seller may renew the seller’s permit as an unrestricted permit if the seller:
(1) wishes to continue to sell prepaid funeral benefits; and
(2) demonstrates to the commissioner that the seller continues to meet the qualifications and satisfy the requirements that apply to an applicant for a permit.
Terms Used In Texas Finance Code 154.107
- Contract: A legal written agreement that becomes binding when signed.
(c) A seller must renew the seller’s permit as a restricted permit if the seller:
(1) cannot demonstrate to the commissioner that the seller continues to meet the qualifications and satisfy the requirements that apply to an applicant for a permit; or
(2) no longer wishes to sell prepaid funeral benefits.
(d) A seller that holds a restricted permit may not sell prepaid funeral benefits during the period a restricted permit is in effect. A contract entered into by a seller that at the time the contract is entered into holds a restricted permit is void and unenforceable and is not eligible for payment from a guaranty fund established under this chapter.