The commission may require certain license applicants to file a financial disclosure statement, and the department may deny, suspend, or revoke a license for disclosure failures tied to required relationships.
Sec. 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. Added by Acts 2021, 87th Leg., R.S., Ch. 663 (H.B. 1560), Sec. 1.13, eff. September 1, 2021. SUBCHAPTER I. TELEPHONE INFORMATION SYSTEM