A Texas SML originator receives a license under Finance Code Chapter 157 in March and assumes it lasts until the second anniversary. What renewal cycle applies?
Correct Answer
B) Calendar-year renewal; the license is valid through December 31 of its issuance year
Section 157.015(a) uses December 31 of the issuance year, with annual renewal, rather than an anniversary-based term. SML identifies November 1 through December 31 as its annual renewal window. A clean complaint history does not extend the term. Source: Tex. Fin. Code sec. 157.015(a); Texas SML renewal guidance
Why This Is the Correct Answer
Section 157.015(a) uses December 31 of the issuance year, with annual renewal, rather than an anniversary-based term. SML identifies November 1 through December 31 as its annual renewal window. A clean complaint history does not extend the term. Source: Tex. Fin. Code sec. 157.015(a); Texas SML renewal guidance
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