Sec. 151.604. EXTRAORDINARY REPORTING REQUIREMENTS. (a) A license holder shall file a written report with the commissioner not later than the 15th day after the date the license holder knows or has reason to know of a material change in the information reported in an application or annual report required under Section 151.207(b)(2). The report must describe the change and the anticipated impact of the change on the license holder's activities in this state.
(b) A license holder must file a written report with the commissioner not later than 24 hours after the license holder knows or has reason to know of:
(1) the filing of a petition by or against the license holder for bankruptcy or reorganization;
(2) the filing of a petition by or against the license holder for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of the license holder's creditors;
(3) the institution of a proceeding to revoke or suspend the license holder's license, or to enjoin or otherwise require the license holder to cease and desist from engaging in an activity related to a business activity that, if conducted in this state, would be subject to this chapter, by a state or country in which the license holder engages in business or is licensed;
(4) the felony indictment or conviction of the license holder or a principal of, person in control of, responsible individual of, or authorized delegate of the license holder for an offense identified in Section 151.202(e);
(5) the cancellation or other impairment of the license holder's security; or
(6) the inability to meet the license holder's transmission obligations under this chapter for a period of 24 hours or longer.
Added by Acts 2005, 79th Leg., Ch. 1099 (H.B. 2218), Sec. 1, eff. September 1, 2005.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 988 (H.B. 2134), Sec. 16, eff. September 1, 2013.
Acts 2015, 84th Leg., R.S., Ch. 1000 (H.B. 483), Sec. 11, eff. June 19, 2015.
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