(a) The Finance Commission of Texas by rule may adopt a system under which licenses issued under this chapter expire on various dates during the year.
(b) For a year in which an expiration date is changed, a license fee payable on the date of issuance shall be prorated according to the number of months during which the license is valid.
(c) On renewal of a license on the new expiration date, the total license fee is payable.
Official text of the Texas Finance Code as published by the Texas Legislative Council.