Tex.
Occ. Code Section 51.409
Financial Disclosure Statement
(a)
The commission by rule may require a person, other than an individual, applying for a license issued by the department to submit with the license application a financial disclosure statement. The rules may require any of the following information to be disclosed based on the type of license for which the application is submitted:(1)
the name of the applicable business entity;(2)
the name of each person who has a direct financial investment in the business;(3)
the name of each person, other than an individual, who:(A)
has a financial investment in the business; and(B)
is not otherwise disclosed under Subdivision (2);(4)
the total amount or percentage of the financial investment made by each person described by Subdivision (2); and(5)
the name of each of the following persons associated with the business, if the person is not otherwise disclosed under Subdivision (2) or (3):(A)
a partner;(B)
an officer;(C)
a director;(D)
a managing employee;(E)
an owner or person who controls the owner; and(F)
a person who acts as a controlling person of the business through the exercise of direct or indirect influence or control over the management of the business, the expenditure of money by the business, or a policy of the business, including:(i)
any management company, landlord, marketing company, or similar person who operates or contracts for the operation of the business and, if the business is a publicly traded corporation or is controlled by a publicly traded corporation, any officer or director of the corporation;(ii)
an individual who has a personal, familial, or other relationship with an owner, manager, landlord, tenant, or provider of a business that allows the individual to exercise actual control of the business; and(iii)
any other person the commission by rule requires to be included based on the person’s exercise of direct or indirect influence or control other than a shareholder or lender of the corporation.(b)
The department may deny an application for the issuance or renewal of a license or may suspend or revoke a license on the grounds that an applicant or license holder:(1)
fails to disclose a relationship for which disclosure is required by rules adopted under this section; or(2)
discloses a relationship for which disclosure is required by rules adopted under this section with a person whose license was revoked or who has failed to comply with an order of the commission or executive director.
Source:
Section 51.409 — Financial Disclosure Statement, https://statutes.capitol.texas.gov/Docs/OC/htm/OC.51.htm#51.409 (accessed Jun. 5, 2024).
