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TITLE 28 - INSURANCE
PART 1 - TEXAS DEPARTMENT OF INSURANCE
CHAPTER 25 - INSURANCE PREMIUM FINANCE
SUBCHAPTER B - LICENSING AND REGULATION
SECTION/RULE §25.28 - Ownership Change
Chapter Review Date 06/08/2021

(a) When there is an anticipated change in ownership of an insurance premium finance company, the new owner shall submit the following as applicable:(1) Supplemental Application for an insurance premium finance company license (Form PF1A);(2) List of Principals (Form PF2);(3) Premium Finance Application Questionnaire (Form PF3);(4) Biographical Affidavit (Form PF4) on all NEW individuals named on Form PF2;(5) List of Other States of Licensure (Form PF5);(6) Appointment of Statutory Agent and Consent to Service (Form PF6);(7) Sworn financial statement;(8) $200 investigation fee;(9) A copy of the contract of sale establishing refund and fee liability;(10) Certified copy of Assumed Name Certificate as on file with the County Clerk(s) and/or Secretary of State;(11) A copy of the resolution minutes authorizing the change of ownership;(12) Current Franchise Tax Certificate of Good Standing or letter of exemption issued by the Texas Comptroller of Public Accounts;(13) Partnership agreement.(b) When there is a change in ownership of an insurance premium finance company resulting in no new owners, the following requirements may be omitted:(1) Biographical Affidavit (Form PF4) on all NEW individuals named on Form PF2;(2) $200 investigation fee.

Source Note: The provisions of this §25.28 adopted to be effective May 17, 1995, 20 TexReg 3337.

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