Section 85.102 - DefinitionsWords and terms used in this subchapter that are defined in Texas Finance Code, Chapter 371, have the same meanings as defined in that chapter unless the context clearly indicates otherwise. The following words and terms, when used in this subchapter, will have the following meanings unless the context clearly indicates otherwise.
(1) Bank deposits--Cash on deposit in banks or in other federally insured depository institutions. The value of deposits will be reduced by any taxes or penalties that would be due and payable if the funds were withdrawn on the date of valuation. (2) Book value--The dollar amount assigned to assets using generally accepted accounting principles (GAAP). In evaluating merchandise inventory, the lower of the cost or the market value of the asset method is generally used when determining book value. (3) Commissioner--The Consumer Credit Commissioner of the State of Texas as defined in Chapter 14 of the Texas Finance Code. (4) Facility--The physical space used or proposed for the use in the operation of a pawnshop. (5) Law enforcement agency--An agency of government having jurisdiction over ensuring compliance with the criminal statutes where the pawnshop is physically located. (6) Merchandise inventory--Tangible personal property held by a pawnbroker or applicant for immediate sale in the pawnshop or proposed pawnshop. (7) Month--The period from a date in one month to the corresponding date in the succeeding month. If the succeeding month does not have a corresponding date, the month ends on the last day of the succeeding month. (8) OCCC--The Office of Consumer Credit Commissioner of the State of Texas. (9) Parent entity--A direct owner of a licensee or applicant.(10) Pawnbroker--Has the meaning provided by Texas Finance Code, § RSA 371.003(6), and includes a person who has an ownership interest in a pawnshop as shown in an application for a pawnshop license filed with the OCCC.(11) Pawnshop employee license program--The optional program for licensing pawnshop employees described by Texas Finance Code, Chapter 371, Subchapter C.(12) Pledged goods--Tangible personal property held by a pawnbroker as collateral for a pawn loan and that has not become the property of the pawnbroker by a taking into inventory due to non-payment of the loan.(13) Principal party--An adult individual with a substantial relationship to the proposed business of the applicant. The following individuals are principal parties: (C) officers of privately held corporations, including the chief executive officer or president, the chief operating officer or vice president of operations, the chief financial officer or treasurer, and those with substantial responsibility for lending operations or compliance with the Texas Pawnshop Act;(D) directors of privately held corporations;(E) individuals associated with publicly held corporations designated by the applicant as follows: (i) officers as provided by subparagraph (C) of this paragraph (as if the corporation was privately held); or(ii) three officers or similar employees with significant involvement in the corporation's activities governed by the Texas Pawnshop Act. One of the persons designated must be responsible for assembling and providing the information required on behalf of the applicant and must sign the application for the applicant;(F) voting members of a limited liability corporation;(G) shareholders owning 5% or more of the outstanding voting stock;(H) trustees and executors; and(I) individuals designated as a principal party where necessary to fairly assess the applicant's financial responsibility, experience, character, general fitness, and sufficiency to command the confidence of the public and warrant the belief that the business will be operated lawfully and fairly as required by the commissioner.7 Tex. Admin. Code § 85.102
The provisions of this §85.102 adopted to be effective September 5, 1999, 24 TexReg 6712; amended to be effective October 1, 2000, 25 TexReg 9211; amended to be effective June 7, 2010, 35 TexReg 3471; amended to be effective July 1, 2014, 39 TexReg 3396; Amended by Texas Register, Volume 41, Number 45, November 4, 2016, TexReg 8818, eff. 1/1/2017; Amended by Texas Register, Volume 44, Number 35, August 30, 2019, TexReg 4721, eff. 10/1/2019