Texas Occupations Code 2303.002 – Definitions
Terms Used In Texas Occupations Code 2303.002
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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
- Year: means 12 consecutive months. See Texas Government Code 311.005
In this chapter:
(1) “Abandoned nuisance vehicle” means a motor vehicle that is:
(A) at least 10 years old; and
(B) of a condition only to be demolished, wrecked, or dismantled.
(2) “Commission” means the Texas Commission of Licensing and Regulation.
(3) “Department” means the Texas Department of Licensing and Regulation.
(4) “Executive director” means the executive director of the department.
(5) “Owner of a vehicle” means a person:
(A) named as the purchaser or transferee in the certificate of title issued for the vehicle under Chapter 501, Transportation Code;
(B) in whose name the vehicle is registered under Chapter 502, Transportation Code, or a member of the person’s immediate family;
(C) who holds the vehicle through a lease agreement;
(D) who is an unrecorded lienholder entitled to possess the vehicle under the terms of a chattel mortgage; or
(E) who is a lienholder, holds an affidavit of repossession, and is entitled to repossess the vehicle.
(6) “Principal” means an individual who:
(A) personally or constructively holds, including as the beneficiary of a trust:
(i) at least 10 percent of a corporation‘s outstanding stock; or
(ii) more than $25,000 of the fair market value of a business entity;
(B) has the controlling interest in a business entity;
(C) has a direct or indirect participating interest through shares, stock, or otherwise, regardless of whether voting rights are included, of more than 10 percent of the profits, proceeds, or capital gains of a business entity;
(D) is a member of the board of directors or other governing body of a business entity; or
(E) serves as an elected officer of a business entity.
(7) “Vehicle” means:
(A) a motor vehicle for which the issuance of a certificate of title is required under Chapter 501, Transportation Code; or
(B) any other device designed to be self-propelled or transported on a public highway.
(8) “Vehicle storage facility” means a garage, parking lot, or other facility that is:
(A) owned by a person other than a governmental entity; and
(B) used to store or park at least 10 vehicles each year.