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Senate Bill 1620 |
Senate Author: Wentworth |
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Effective: 9-1-09 |
House Sponsor: Paxton |
Senate Bill 1620 amends the Finance Code to clarify that a property tax lender may conduct business in a location in which any other business is conducted or in combination with or at the same location as another business unless the consumer credit commissioner determines that the other business's conduct has concealed an evasion under the Property Tax Lender License Act and orders the lender to desist from such conduct. The bill establishes procedures for the examination of a lender's place of business and the investigation of the lender's transactions to the extent that such transactions and related records pertain to regulated elements of the business. The lender must give the commissioner or a representative free access to specified locations and allow the copying of an item the bill permits to be investigated. Refusal to allow an examination or investigation is grounds for the suspension or revocation of the lender's license. The bill authorizes the commissioner or representative to examine persons under oath during an examination. It establishes other investigatory powers, including the verification of a lender's net assets. Other amendments to the Finance Code provide that information or material obtained or compiled by the commissioner in relation to an examination of license holders or registrants under certain laws relating to loans, interest, financial transactions, and debtor assistance is confidential. The bill creates exceptions authorizing disclosure for law enforcement and administrative hearing purposes or if the license holder or registrant has consented to the release of, or has published, the information. The bill amends the Tax Code to require the Finance Commission of Texas by rule to prescribe the form and content of the sworn taxpayer document and the certified tax collector statement that are involved in authorizing another party to pay one's delinquent property taxes on real property.