Verification of Net Assets

Sec. 351.011. VERIFICATION OF NET ASSETS. If the commissioner questions the amount of a property tax lender's net assets, the commissioner may require certification by an independent certified public accountant that: (1) the accountant has reviewed the property tax lender's books, other records, and transactions during the reporting year; (2) the books and other records are maintained using generally accepted accounting principles; and (3) the property tax lender meets the net assets requirement of Section 351.153. Added by Acts 2009, 81st Leg., R.S., Ch. 1382 (S.B. 1620), Sec. 2, eff. September 1, 2009.