Sec. 651.055. REFUSAL TO ISSUE LICENSE. The department may refuse to issue a license to an applicant if the department determines that:
(1) the financial responsibility, experience, character, or general fitness of the applicant or any person associated with the applicant does not command the confidence of the community and does not warrant the belief that the applicant will engage in the business of insurance premium financing honestly, fairly, and efficiently; or
(2) the applicant does not have available for the operation of the business net assets of at least $25,000.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.
Section: Previous 651.006 651.007 651.008 651.051 651.052 651.053 651.054 651.055 651.056 651.057 651.058 651.059 651.060 651.061 651.062 NextLast modified: September 28, 2016