Texas Finance Code 154.260 – Use of Money to Purchase, Lease, or Invest in Asset Owned by Seller or Funeral Provider
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(a) The depository of money under § 154.253 must obtain the commissioner’s prior written approval to use that money to purchase, lease, or invest in an asset owned by the seller or funeral provider or an affiliate of the seller or funeral provider.
(b) The commissioner by order may disapprove a transaction described by Subsection (a) on the ground that it would materially adversely affect the interests of the purchasers of prepaid funeral benefits contracts.
Terms Used In Texas Finance Code 154.260
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
(c) The commissioner shall enter an order approving or disapproving the transaction not later than the 30th day after the date the commissioner receives written notification by the permit holder. The transaction is considered approved if the commissioner does not act within that period.
(d) The order takes effect as proposed unless the permit holder requests a hearing not later than the 10th day after the date of the order.
(e) In this section, “affiliate” means a person or entity directly or indirectly controlling, controlled by, or under common control with a permit holder or funeral provider.