Words and terms used in this subchapter that are defined in Texas Finance Code, Chapter 371, have the same meanings as defined in that chapter unless the context clearly indicates otherwise. The following words and terms, when used in this subchapter, will have the following meanings unless the context clearly indicates otherwise.
(1) Bank deposits--Cash on deposit in banks or in other federally insured depository institutions. The value of deposits will be reduced by any taxes or penalties that would be due and payable if the funds were withdrawn on the date of valuation.
(2) Book value--The dollar amount assigned to assets using generally accepted accounting principles (GAAP). In evaluating merchandise inventory, the lower of the cost or the market value of the asset method is generally used when determining book value.
(3) Commissioner--The Consumer Credit Commissioner of the State of Texas as defined in Chapter 14 of the Texas Finance Code.
(4) Facility--The physical space used or proposed for the use in the operation of a pawnshop.
(5) Law enforcement agency--An agency of government having jurisdiction over ensuring compliance with the criminal statutes where the pawnshop is physically located.
(6) Merchandise inventory--Tangible personal property held by a pawnbroker or applicant for immediate sale in the pawnshop or proposed pawnshop.
(7) Month--The period from a date in one month to the corresponding date in the succeeding month. If the succeeding month does not have a corresponding date, the month ends on the last day of the succeeding month.
(8) OCCC--The Office of Consumer Credit Commissioner of the State of Texas.
(9) Parent entity--A direct owner of a licensee or applicant.
(10) Pawnbroker--Has the meaning provided by Texas Finance Code, §371.003(6), and includes a person who has an ownership interest in a pawnshop as shown in an application for a pawnshop license filed with the OCCC.
(11) Pawnshop employee license program--The optional program for licensing pawnshop employees described by Texas Finance Code, Chapter 371, Subchapter C.
(12) Pledged goods--Tangible personal property held by a pawnbroker as collateral for a pawn loan and that has not become the property of the pawnbroker by a taking into inventory due to non-payment of the loan.
(13) Principal party--An adult individual with a substantial relationship to the proposed business of the applicant. The following individuals are principal parties:
Source Note: The provisions of this §85.102 adopted to be effective September 5, 1999, 24 TexReg 6712; amended to be effective October 1, 2000, 25 TexReg 9211; amended to be effective June 7, 2010, 35 TexReg 3471; amended to be effective July 1, 2014, 39 TexReg 3392; amended to be effective January 1, 2017, 41 TexReg 8815; amended to be effective October 1, 2019, 44 TexReg 4719