If a pawnshop license expires as prescribed by §85.104 of this title (relating to License Term, Renewal, and Expiration) for failure to pay annual assessment fees, the OCCC will notify the pawnshop license holder by mailing notice to the current registered agent on file via certified mail that the license has expired and that the licensee may not make or renew a pawn loan. The holder of the expired license may elect to reinstate the license by submitting the fees required by §85.211(d) of this title (relating to Fees) and a $1,000 reinstatement fee postmarked on or before December 27 of that same year. An expired pawnshop license holder may not conduct any licensed business at the formerly licensed location during the time the license is expired. Any unlicensed acts are subject to enforcement action by the OCCC should the holder of the expired license not cease operations upon expiration of the license on July 1. An expired license is considered an operating pawnshop location for the duration of the period of reinstatement right for the purpose of statutory distance requirements.

Source Note: The provisions of this §85.603 adopted to be effective September 5, 1999, 24 TexReg 6724; amended to be effective September 19, 2005, 30 TexReg 5338; amended to be effective June 7, 2010, 35 TexReg 3471; amended to be effective July 1, 2014, 39 TexReg 3392; amended to be effective February 1, 2019, 43 TexReg 8584; amended to be effective October 1, 2019, 44 TexReg 4719