Tex. Occ. Code § 2001.153 · Subchapter D. COMMERCIAL LESSOR LICENSE
RESTRICTIONS ON SOURCE OF FUNDS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The commission may not issue a commercial lessor license to a person unless the commission receives evidence the commission considers adequate that funds used by the person seeking the license to obtain the premises, provide the premises with furniture, fixtures, or equipment, renovate the premises, or provide utilities to the premises are:
(1) the person's own funds; or
(2) the funds of another person, including loan proceeds, that:
(A) were obtained in an arms-length transaction that was commercially reasonable under the circumstances; and
(B) were not obtained under an expectation or obligation that the person from whom the funds were obtained would directly participate in, or have a legal interest in, rents obtained under the license or revenues or profits from the conduct of bingo on the premises.
(b) Subsection (a) does not prohibit a group of licensed authorized organizations from combining the organizations' funds or combining or jointly obtaining funds described by Subsection (a)(2).
Notes and commentary — not statutory text
History
Acts 1999, 76th Leg., ch. 388, Sec. 1, eff. Sept. 1, 1999.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/OC/htm/OC.2001.htm
- Text hash
- sha256 3fe2c767380d463c718949fc9a7d2ce953f5fab83d718aa400ef892be0c699ec
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.