TITLE: Relating to a requirement that a credit access business include copies of its agreements with third-party lenders in an application for a license.

SUMMARY: Relating to a requirement that a credit access business include copies of its agreements with third-party lenders in an application for a license.

FULL TEXT:
AN ACT relating to a requirement that a credit access business include copies of its agreements with third-party lenders in an application for a license. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 393.604, Finance Code, is amended by amending Subsection (a) and adding Subsection (d) to read as follows: (a) An application for a license under this subchapter must: (1) be under oath; (2) give the approximate location from which the business is to be conducted; (3) identify the business's principal parties in interest; (4) contain the name, physical address, and telephone number of all third-party lender organizations with which the business contracts to provide services described by Section 393.602(a) or from which the business arranges extensions of consumer credit described by Section 393.602(a); [and] (5) include a copy of each agreement between the business and a third-party lender organization with which the business contracts to provide services described by Section 393.602(a) or from which the business arranges extensions of consumer credit described by Section 393.602(a); and (6) contain other relevant information that the commissioner requires for the findings required under Section 393.607. (d) Information provided by an applicant under this section is public information for the purposes of Chapter 552, Government Code, notwithstanding any exception provided by that chapter. SECTION 2. This Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution.