Texas Finance Code 158.057 – Notice of Change of Registrant’s Condition
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(a) A registrant shall notify the commissioner in writing not later than the 10th day after:
(1) the filing for bankruptcy or reorganization of the registrant;
(2) the filing of a criminal indictment related in any manner to the registrant’s activities; or
(3) the receipt of notification of the issuance of a final order to cease and desist, a final order of the suspension or revocation of a license or registration, or another final formal or informal regulatory action taken against the registrant in this or another state.
(b) The notification required by Subsection (a)(3) must include the reasons for a final regulatory action described by that subdivision.
Terms Used In Texas Finance Code 158.057
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
- Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.