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Assessment Of The Examination Of Property Tax Lenders

Effective September 1, 2009, S.B.1620 adds Sections 351.008 through 351.011 as well as amends certain sections of the Finance Code to permit the Texas Finance Committee to conduct tests and/or investigations on any property tax lender. Failure or refusal to comply with such tests or investigations could lead to a suspension or revocation of the lender’s license. A property tax lender may be obligated to attain a certification by a self-regulating certified public accountant concerning agreement of its minimum net asset requirement. This Bill also includes that a property tax lender may share an office with any other business unless the commissioner decides after a hearing that the agreement in sharing office space has masked an evasion of requirements according to Chapter 351.

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