Texas Finance Code 342.161 – Effect of License Suspension, Revocation, or Surrender
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(a) The suspension, revocation, or surrender of a license issued under this chapter does not affect the obligation of a contract between the license holder and a debtor entered into before the revocation, suspension, or surrender.
(b) Surrender of a license does not affect the license holder’s civil or criminal liability for an act committed before surrender.
Terms Used In Texas Finance Code 342.161
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.