reglab/statecodes huggingface dataset:
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter A - GENERAL PROVISIONS › Section 89.102 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
Words and terms used in this chapter that are defined in
					 Texas Finance Code, Chapter 351 have the same meanings as defined in Chapter
					 351. The following words and terms, when used in this chapter, will have the
					 following meanings, unless the context clearly indicates otherwise.
(1) Affiliated business--A person that:
(A) shares common management with a property
				  tax lender;
(B) shares, directly
				  or indirectly, more than 10% common ownership with a property tax lender; or
(C) is controlled, directly or
				  indirectly, by a property tax lender through a controlling interest greater
				  than 10%.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter B - AUTHORIZED ACTIVITIES › Section 89.201 - Responsibility for Acts of Agents

Current through Reg. 49, No. 28; July 12, 2024
A licensee is responsible for the acts and omissions of its
					 officers, directors, employees, and agents in the conduct of the licensee's
					 business.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter B - AUTHORIZED ACTIVITIES › Section 89.202 - Knowledge of Laws and Regulations Required

Current through Reg. 49, No. 28; July 12, 2024
Each officer, director, employee, and agent of a licensee
					 shall have a working knowledge of Texas Finance Code, Chapter 351, Property Tax
					 Lenders, known as the "Property Tax Lender License Act" (
					 Acts
					 2007, 80th Leg., ch.
					 1220 ), its implementing regulations, Texas Tax
					 Code, §
										RSA
					 32.06 and §
										RSA
					 32.065, and other pertinent state and federal
					 statutes and regulations that apply to the licensee's business. This section
					 applies to the listed parties to the extent that the individual has contact
					 with borrowers or potential borrowers, or has responsibility for compliance
					 with Texas Finance Code, Chapter 351, or other laws or regulations governing
					 the licensee's business.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter B - AUTHORIZED ACTIVITIES › Section 89.203 - Attempted Evasion of Applicability of Chapter

Current through Reg. 49, No. 28; July 12, 2024
A "device, subterfuge, or pretense to evade the
					 application" of this chapter, as used in Texas Finance Code, §
										RSA
					 351.051(b) (
					 Acts
					 2007, 80th Leg., ch.
					 1220 ) refers to any transaction that in form may
					 appear on its face to be something other than a property tax loan, but in
					 substance meets the definition of a property tax loan as defined in Texas
					 Finance Code, §
										RSA
					 351.002(2) (
					 Acts
					 2007, 80th Leg., ch.
					 1220 ).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter B - AUTHORIZED ACTIVITIES › Section 89.204 - Multiple Licenses

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Definitions. The words "made," "negotiated," and "collected" as used in Texas
				  Finance Code, §
										RSA
				  351.052(b) are to be
				  construed as follows.
(1) Made or make--Loans
				  are "made" by the office or offices where either the credit decision is made or
				  the cash advance is disbursed.
(2)
				  Negotiated or arranged; negotiate or arrange--Loans are "negotiated" or
				  "arranged" in the office or offices that received any information preliminary
				  to a credit decision on a prospective borrower or received the executed
				  application, agreement, or other necessary loan documentation.
(3) Collected or collect--Loans are
				  "collected" in the office or offices from which attempts are made to collect
				  past-due payments from the borrowers under a loan. The mere receipt and
				  accounting of payments does not constitute "collection."
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter B - AUTHORIZED ACTIVITIES › Section 89.205 - Loans by Mail or Internet

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Definitions. The words "make," "negotiate," "arrange," and "collect" as used in
				  Texas Finance Code, §
										RSA
				  351.053(b) are to be
				  construed according to the definitions contained in §
										RSA
				  89.204(a) of this title
				  (relating to Multiple Licenses).
(b) Application. Any office, wherever
				  located, making, negotiating, arranging, or collecting loans by mail must be
				  licensed. For example, if a lender receives and reviews loan applications at
				  one office, makes the loan decision at another office, funds the loan at a
				  third, and collects past-due payments from another, all of these offices
				  involved in lending by mail must be licensed. On the other hand, an office that
				  merely receives, records, accounts for, and processes payments need not be
				  licensed.
(c) Internet loans. For
				  purposes of Texas Finance Code, §
										RSA
				  351.053(b), a loan made,
				  negotiated, arranged, or collected by or through the Internet is considered a
				  "loan by mail."
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter B - AUTHORIZED ACTIVITIES › Section 89.206 - Application for Exemption

Current through Reg. 49, No. 28; July 12, 2024
(a) For an
				  individual to apply for exemption from licensing under this chapter as a
				  qualifying individual under Texas Finance Code, §
										RSA
				  351.051(c)(2), the
				  individual must provide a signed, dated, and notarized affidavit containing the
				  following:
(1) the individual's name and
				  address;
(2) the individual's
				  social security number;
(3) the
				  anticipated date of the property tax loan;
(4) a description of the property by legal
				  description, and if applicable, street address; and
(5) a sworn statement that the individual is
				  someone who:
(A) is related to the property
				  owner within the second degree of consanguinity or affinity, as determined
				  under Texas Government Code, Chapter 573; or
(B) makes five or fewer property tax loans in
				  any consecutive 12-month period from the individual's own funds.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter B - AUTHORIZED ACTIVITIES › Section 89.207 - Files and Records Required

Current through Reg. 49, No. 28; July 12, 2024
Each licensee must maintain records with respect to each
					 property tax loan made under Texas Finance Code, Chapter 351 and Texas Tax
					 Code, §
										RSA
					 32.06 and §
										RSA
					 32.065, and make those records available for
					 examination under Texas Finance Code, §
										RSA
					 351.008. The records required by this section
					 may be maintained by using either a paper or manual recordkeeping system,
					 electronic recordkeeping system, optically imaged recordkeeping system, or a
					 combination of the preceding types of systems, unless otherwise specified by
					 statute or regulation. If federal law requirements for record retention are
					 different from the provisions contained in this section, the federal law
					 requirements prevail only to the extent of the conflict with the provisions of
					 this section.
(1) Required records. A
				  licensee must maintain the following items:
(A) A loan register, containing the date of
				  the property tax loan, the last name of the borrower, the "total tax lien
				  payment amount" as defined in §
											RSA 89.601
				  of this title (relating to Fees for Closing Costs), and the loan
				  number;
(B) General business and
				  accounting records, including receipts, documents, canceled checks, or other
				  records for each disbursement made at the borrower's direction or request, or
				  made on his behalf or for his benefit, including foreclosure or legal fees
				  applied to the borrower's account;
(C) Advertising and solicitation records,
				  including examples of all written and electronic communications soliciting
				  loans (including scripts of radio and television broadcasts, and reproductions
				  of billboards and signs not at the licensed place of business) for a period of
				  not less than one year from the date of use or until the next examination by
				  OCCC staff, whichever is later, in order to show compliance with Texas Finance
				  Code, §
											RSA
				  341.403 and §
											RSA
				  351.0023;
(D) Adverse action records regarding all
				  applications relating to Texas Finance Code, Chapter 351 property tax loans
				  maintained for 25 months for consumer credit and 12 months for business credit;
				  and
(E) An official correspondence
				  file, including all communications from the OCCC, copies of correspondence and
				  reports ad-dressed to the OCCC, and examination reports issued by the
				  OCCC.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter B - AUTHORIZED ACTIVITIES › Section 89.208 - Advertising

Current through Reg. 49, No. 28; July 12, 2024
(a) General. A
				  property tax lender may not provide a false, deceptive, or misleading
				  advertisement or solicitation to a potential borrower.
(b) False, deceptive, or misleading
				  practices. An advertisement or solicitation will be considered false,
				  deceptive, or misleading if the advertisement or solicitation:
(1) fails to contain the notice required by
				  Texas Finance Code, § 351.0023(a) or (b);
(2) fails to fully disclose the terms
				  required by Texas Finance Code, §
											RSA 351.0023(d) or
				  (e);
(3) fails to clearly and conspicuously
				  disclose the name of the property tax lender;
(4) offers any rates, terms, or conditions
				  relating to a property tax loan unless the property tax lender actually makes a
				  reasonable number of those loans;
(5) makes any representations or statements
				  with reference to the ease of procuring a loan, the speed with which it may be
				  completed, the freedom from credit inquiries, or any other implied difference
				  in service or policy unless the property tax lender will comply with the
				  representations or statements made;
(6) uses phrases such as "most trusted,"
				  "property tax lawsuit notification," "lowest rates," "lowest costs," "quickest
				  service," "easy payments," or "repayment in easy installments";
(7) uses "pre-approved," "approved," or any
				  similar expression, unless the statement or offer is unconditional;
(8) uses the word "fixed" to refer to rates
				  or payments for a variable-rate transaction or other credit transaction where
				  the payment will increase; or
(9)
				  indicates or implies that the potential property tax borrower has been sued or
				  will be sued by the taxing unit or another party unless the property tax lender
				  has verified that the taxing unit or another party has sued or will sue within
				  30 days of when the advertisement or solicitation is sent.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter C - APPLICATION PROCEDURES › Section 89.301 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
Words and terms used in this chapter that are defined in
					 Texas Finance Code, Chapter 351 have the same meanings as defined in Chapter
					 351. The following words and terms, when used in this chapter, will have the
					 following meanings, unless the context clearly indicates otherwise.
(1) Net assets--The total value of acceptable
				  assets used or designated as readily available for use in the business, less
				  liabilities, other than those liabilities secured by unacceptable assets.
				  Unacceptable assets include, but are not limited to, goodwill, unpaid stock
				  subscriptions, lines of credit, notes receivable from an owner, property
				  subject to the claim of homestead or other property exemption, and encumbered
				  real or personal property to the extent of the encumbrance. Generally, assets
				  are available for use if they are readily convertible to cash within 10
				  business days.
(2) Parent entity--A
				  direct owner of a licensee or applicant.
(3) Principal party--An adult individual with
				  a substantial relationship to the proposed lending business of the applicant.
				  The following individuals are principal parties:
(A) a proprietor;
(B) general partners;
(C) officers of privately held corporations,
				  to include the chief executive officer or president, the chief operating
				  officer or vice president of operations, the chief financial officer or
				  treasurer, and those with substantial responsibility for lending operations or
				  compliance with Texas Finance Code, Chapter 351;
(D) directors of privately held
				  corporations;
(E) individuals
				  associated with publicly held corporations designated by the applicant as
				  follows:
(i) officers as provided by
				  subparagraph (C) of this paragraph (as if the corporation was privately held);
				  or
(ii) three officers or similar
				  employees with significant involvement in the corporation's activities governed
				  by Texas Finance Code, Chapter 351. One of the persons designated must be
				  responsible for assembling and providing the information required on behalf of
				  the applicant and must sign the application for the applicant;
(F) voting members of a limited
				  liability company;
(G) trustees and
				  executors; and
(H) individuals
				  designated as principal parties where necessary to fairly assess the
				  applicant's financial responsibility, experience, character, general fitness,
				  and sufficiency to command the confidence of the public and warrant the belief
				  that the business will be operated lawfully and fairly as required by the
				  commissioner.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter C - APPLICATION PROCEDURES › Section 89.304 - Change in Form or Proportionate Ownership

Current through Reg. 49, No. 28; July 12, 2024
(a) Organizational form. When any licensee or
				  parent of a licensee desires to change the organizational form of its business
				  (e.g., from corporation to limited partnership), the licensee must advise the
				  commissioner in writing of the change within 14 calendar days by filing a
				  license amendment and paying the required fees as provided in §
										RSA 89.310 of this title
				  (relating to Fees). In addition, the licensee must submit a copy of the
				  relevant portions of the organizational document for the new entity (e.g.,
				  articles of conversion and partnership agreement) addressing the ownership and
				  management of the new entity.
(b)
				  Merger.
(1) If a licensee is a party to a
				  merger that results in a new or different surviving entity other than the
				  licensee, then the merger is a transfer of ownership, and the licensee must
				  file a license transfer application or a new license application on transfer of
				  ownership pursuant to §
											RSA
				  89.303 of this title (relating to Transfer of
				  License; New License Application on Transfer of Ownership).
(2) If a licensee's parent entity is a party
				  to a merger that leads to the creation of a new entity or results in a
				  different surviving parent entity, the licensee must advise the OCCC of the
				  change in writing within 14 calendar days after the change, by filing a license
				  amendment and paying the required fees as provided in §89.310. Mergers or
				  transfers of other entities with a beneficial interest beyond the parent entity
				  level only require notification within 14 calendar days in accordance with the
				  OCCC's instructions.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter C - APPLICATION PROCEDURES › Section 89.305 - Amendments to Pending Application

Current through Reg. 49, No. 28; July 12, 2024
Upon request, each applicant must provide information
					 supplemental to that contained in the applicant's original application
					 documents.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter C - APPLICATION PROCEDURES › Section 89.306 - Updating Application and Contact Information

Current through Reg. 49, No. 28; July 12, 2024
(a) Applicant's updates to license
				  application information. Before a license application is approved, an applicant
				  must report to the OCCC any information that would require a materially
				  different answer than that given in the original license application and that
				  relates to the qualifications for license within 14 calendar days after the
				  person has knowledge of the information.
(b) Licensee's updates to license application
				  information. A licensee must report to the OCCC any information that would
				  require a different answer than that given in the original license application
				  within 30 calendar days after the licensee has knowledge of the information, if
				  the information relates to any of the following:
(1) the names of principal parties;
(2) criminal history;
(3) actions by regulatory agencies;
				  or
(4) court judgments.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter C - APPLICATION PROCEDURES › Section 89.307 - Processing of Application

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Initial review. A response to an incomplete application will ordinarily be made
				  within 14 calendar days of receipt stating that the application is incomplete
				  and specifying the information required for acceptance.
(b) Complete application. An application is
				  complete when:
(1) it conforms to the rules
				  and published instructions;
(2) all
				  fees have been paid; and
(3) all
				  requests for additional information have been satisfied.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter C - APPLICATION PROCEDURES › Section 89.308 - Relocation of Licensed Offices

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Notice to commissioner. A licensee may move the licensed office from the
				  licensed location to any other location by paying the appropriate fees and
				  giving notice of intended relocation to the commissioner not less than 30
				  calendar days prior to the anticipated moving date. Notification must be
				  provided by filing a license amendment or an approved electronic submission as
				  prescribed by the commissioner. The notice must include the contemplated new
				  address of the licensed office, the approximate date of relocation, a copy of
				  the notice to debtors, and the applicable fee as outlined in §
										RSA 89.310 of this title
				  (relating to Fees).
(b) Notice to
				  debtors. Written notice of a relocation of an office must be mailed to all
				  debtors of record at least five calendar days prior to the date of relocation.
				  Any licensee failing to give the required notice must waive all default charges
				  on payments coming due from the date of relocation to 15 calendar days
				  subsequent to the mailing of notices to debtors. Notices must identify the
				  licensee, provide both old and new addresses, provide both old and new
				  telephone numbers, and state the date relocation is effective. The notice to
				  debtors can be waived or modified by the commissioner when it is in the public
				  interest. A request for waiver or modification must be submitted in writing for
				  approval. The commissioner may approve notification to debtors by signs in lieu
				  of notification by mail, if in the commissioner's opinion, no debtors will be
				  adversely affected.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter C - APPLICATION PROCEDURES › Section 89.309 - License Inactivation or Voluntary Surrender

Current through Reg. 49, No. 28; July 12, 2024
(a) Inactivation of active license. A
				  licensee may cease operating under a license and choose to inactivate the
				  license. A license may be inactivated by giving notice of the cessation of
				  operations not less than 30 calendar days prior to the anticipated inactivation
				  date. Notification must be provided by filing a license amendment or an
				  approved electronic submission as prescribed by the OCCC. The notice must
				  include the new mailing address for the license, the effective date of the
				  inactivation, and the fee for amending the license. A licensee must continue to
				  pay the yearly renewal fees for an inactive license as outlined in §
										RSA 89.310 of this title
				  (relating to Fees), or the license will expire as described by §
										RSA
				  89.403 of this title (relating to License
				  Term, Renewal, and Expiration).
(b)
				  Activation of inactive license. A licensee may activate an inactive license by
				  giving notice of the intended activation not less than 30 calendar days prior
				  to the anticipated activation date. Notification must be provided by filing a
				  license amendment or an approved electronic submission as prescribed by the
				  OCCC. The notice must include the contemplated new address of the licensed
				  office, the approximate date of activation, and the fee for amending the
				  license as outlined in §
										RSA 89.310 of this
				  title.
(c) Voluntary surrender of
				  license. Subject to §
										RSA
				  89.407(b) of this title
				  (relating to Effect of Revocation, Suspension, or Surrender of License), a
				  licensee may voluntarily surrender a license by providing written notice of the
				  cessation of operations, a request to surrender the license, and by submitting
				  the license certificate. A voluntary surrender will result in cancellation of
				  the license.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter C - APPLICATION PROCEDURES › Section 89.310 - Fees

Current through Reg. 49, No. 28; July 12, 2024
(a) New licenses.
(1) Investigation fees. A $200 nonrefundable
				  investigation fee is assessed each time an application for a new license is
				  filed.
(2) Assessment fees. An
				  assessment fee of $600 per active license and $250 per inactive license is
				  assessed each time an application for a new license is filed. This assessment
				  fee will be refunded if the application is not approved.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter C - APPLICATION PROCEDURES › Section 89.311 - Applications and Notices as Public Records

Current through Reg. 49, No. 28; July 12, 2024
Once a license application or notice is filed with the
					 OCCC, it becomes a "state record" under Texas Government Code, §
										RSA
					 441.180(11), and "public
					 information" under Government Code, §
										RSA
					 552.002. Under Government Code, §§
										RSA
					 441.190,
					 RSA
					 441.191 and
					 RSA
					 552.004, the original applications and
					 notices must be preserved as "state records" and "public information" unless
					 destroyed with the approval of the director and librarian of the State Archives
					 and Library Commission under Government Code, §
										RSA
					 441.187. Under Government Code, §
										RSA
					 441.191, the OCCC may not return any original
					 documents associated with a property tax lender license application or notice
					 to the applicant or licensee. An individual may request copies of a state
					 record under the authority of the Texas Public Information Act, Government
					 Code, Chapter 552.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter C - APPLICATION PROCEDURES › Section 89.312 - Property Tax Employee License Under Nationwide Mortgage Licensing System and Registry

Current through Reg. 49, No. 28; July 12, 2024
As required by Texas Finance Code, §
										RSA
					 351.0515, a licensee's individual employees
					 who, for actual or expected compensation or gain, act as residential mortgage
					 loan originators in the making, transacting, or negotiating of a property tax
					 loan for a principal dwelling, are required to obtain a license through the
					 Nationwide Mortgage Licensing System and Registry.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter D - LICENSE › Section 89.401 - Branch Networks

Current through Reg. 49, No. 28; July 12, 2024
For purposes of Texas Finance Code, §
										RSA
					 351.151(b), an authorized
					 licensee with multiple licensed offices is authorized to transact, make,
					 negotiate, arrange, service, hold, and collect loans from any of its licensed
					 locations. Any action relating to a single account may occur at different
					 licensed locations as long as every action is made by a licensed branch
					 operated by the same licensee.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter D - LICENSE › Section 89.402 - License Display

Current through Reg. 49, No. 28; July 12, 2024
Licenses must be prominently displayed in a licensee's
					 office in a conspicuous location visible to the general
					 public.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter D - LICENSE › Section 89.403 - License Term, Renewal, and Expiration

Current through Reg. 49, No. 28; July 12, 2024
(a) License term and renewal. A new license
				  is effective from the date of its issuance until December 31. A license must be
				  renewed annually to remain effective. After renewal, a license is effective for
				  a term of one year, from January 1 to December 31.
(b) Due date for annual assessment fee. The
				  annual assessment fee is due by December 1 of each year.
(c) Notice of delinquency. If a licensee does
				  not pay the annual assessment fee, the OCCC will send a notice of delinquency.
				  Notice of delinquency is given when the OCCC sends the notice:
(1) by mail to the address on file with the
				  OCCC as a master file address; or
(2) by e-mail to the address on file with the
				  OCCC as a master file e-mail address, if the licensee has provided a master
				  file e-mail address.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter D - LICENSE › Section 89.404 - Annual Report

Current through Reg. 49, No. 28; July 12, 2024
Each licensee must file the required annual report by March
					 31 for the prior calendar year's loan activity on forms prescribed by the OCCC
					 and must comply with all instructions relating to submitting the report.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter D - LICENSE › Section 89.405 - Denial, Suspension, or Revocation Based on Criminal History

Current through Reg. 49, No. 28; July 12, 2024
(a) Criminal
				  history record information. After an applicant submits a complete license
				  application, including all required fingerprints, and pays the fees required by
				  §
										RSA 89.310 of this title
				  (relating to Fees), the OCCC will investigate the applicant and its principal
				  parties. The OCCC will obtain criminal history record information from the
				  Texas Department of Public Safety and the Federal Bureau of Investigation based
				  on the applicant's fingerprint submission. The OCCC will continue to receive
				  information on new criminal activity reported after the fingerprints have been
				  initially processed.
(b) Disclosure
				  of criminal history. The applicant must disclose all criminal history
				  information required to file a complete application with the OCCC. Failure to
				  provide any information required as part of the application or requested by the
				  OCCC reflects negatively on the belief that the business will be operated
				  lawfully and fairly. The OCCC may request additional criminal history
				  information from the applicant, including the following:
(1) information about arrests, charges,
				  indictments, and convictions of the applicant and its principal
				  parties;
(2) reliable documents or
				  testimony necessary to make a determination under subsection (c) of this
				  section, including letters of recommendation from prosecution, law enforcement,
				  and correctional authorities;
(3)
				  proof that the applicant has maintained a record of steady employment, has
				  supported the applicant's dependents, and has otherwise maintained a record of
				  good conduct; and
(4) proof that
				  all outstanding court costs, supervision fees, fines, and restitution as may
				  have been ordered have been paid or are current.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter D - LICENSE › Section 89.407 - Effect of Revocation, Suspension, or Surrender of License

Current through Reg. 49, No. 28; July 12, 2024
(a) Effect on
				  existing contracts. Revocation, suspension, or surrender of a license does not
				  affect a preexisting contract between a licensee and a borrower, except no
				  interest may be charged or received by the licensee following the revocation,
				  suspension, or surrender of its license. Alternatively, a licensee whose
				  license is revoked or suspended may transfer or sell its accounts to a
				  licensee, which may continue to charge or receive the contracted rate of
				  interest within the authority of Texas Finance Code, Chapter 351.
(b) Surrendering to avoid administrative
				  action. A licensee may not surrender a license after an administrative action
				  has been initiated without the written agreement of the OCCC.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter D - LICENSE › Section 89.408 - Application Process After Surrender or Revocation

Current through Reg. 49, No. 28; July 12, 2024
To obtain a license after surrender or revocation, the
					 former licensee is required to file an application for a new license pursuant
					 to the procedures set forth in §
										RSA
					 89.302 of this title (relating to Filing of
					 New Application).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter E - DISCLOSURES › Section 89.501 - Purpose

Current through Reg. 49, No. 28; July 12, 2024
The purpose of the rules contained in this subchapter is to
					 provide disclosures for property tax loan transactions. These rules prescribe
					 the form and content of the disclosures under Texas Tax Code, §
										RSA
					 32.06(a-4)(1) and §
										RSA
					 32.06(f-1).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter E - DISCLOSURES › Section 89.502 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
The following words and terms, when used in this
					 subchapter, have the following meanings, unless the context clearly indicates
					 otherwise:
(1) Amount financed--The
				  total of payments minus the finance charge.
(2) Annual percentage rate--Has the meaning
				  described by Regulation Z,
				  RSA
				  1026.22, using a finance charge and amount
				  financed described by this section.
(3) Finance charge--The cost of a property
				  tax loan expressed as a dollar amount. The finance charge includes all interest
				  scheduled to be paid to the property tax lender, including prepaid interest,
				  and includes all closing costs to be retained by the property tax lender or an
				  affiliated business.
(A) The finance charge
				  does not include amounts actually paid to a taxing unit for taxes, penalties,
				  interest, and collection costs.
(B)
				  In the case of a refinance of an existing property tax loan, the finance charge
				  does not include the amount paid to the existing property tax lender to pay off
				  the existing loan.
(C) A property
				  tax lender may exclude recording expenses actually paid to a governmental unit
				  from the finance charge.
(D) A
				  property tax lender may exclude closing costs actually paid to third parties
				  from the finance charge only if the costs are bona fide, reasonable in amount,
				  and paid to a person that is not an affiliated business.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter E - DISCLOSURES › Section 89.503 - Format

Current through Reg. 49, No. 28; July 12, 2024
(a) Disclosures for
				  property tax loan transactions must be printed in an easily readable font and
				  type size. If other state or federal law requires a different type size for a
				  specific disclosure or contractual provision, the type size specified by the
				  other law should be used.
(b) The
				  text of the document must be set in an easily readable typeface. Typefaces
				  considered to be readable include: Times New Roman, Calibri, Scala, Caslon,
				  Century Schoolbook, Helvetica, and Garamond.
(c) Typeface size is referred to in points.
				  Because different typefaces in the same point size are not of equal size,
				  typeface is not strictly defined but is expressed as a minimum size in the
				  Calibri typeface for visual comparative purposes. Generally, the typeface for
				  the body of the disclosures must be at least as large as 11 point in the
				  Calibri typeface. The typeface for the headings must be in boldface type and at
				  least as large as 12 point in the Calibri typeface. A point is generally viewed
				  as 1/72nd of an inch.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter E - DISCLOSURES › Section 89.505 - Requirements for Notice of Delinquency to Transferee

Current through Reg. 49, No. 28; July 12, 2024
(a) Required elements. If a notice of
				  delinquency under Texas Tax Code, §
										RSA
				  32.06(f-1) is sent by the
				  mortgage servicer or the holder of the first lien to the transferee of a tax
				  lien, it must contain the following required elements:
(1) the date of the notice;
(2) the name of the property owner;
(3) the address of the property
				  owner;
(4) the address of the
				  property;
(5) the legal description
				  of the property;
(6) the tax
				  account number or property tax loan number;
(7) the name and address of the mortgage
				  servicer or the first lien holder sending the notice; and
(8) the sender's relationship to the
				  preexisting lien, and if the sender is not the lien holder, the name and
				  address of the lien holder.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter E - DISCLOSURES › Section 89.506 - Disclosures

Current through Reg. 49, No. 28; July 12, 2024
(a) The required
				  disclosure statement under Texas Tax Code, §
										RSA
				  32.06(a-4)(1) to be provided
				  to a property owner before the execution of a tax lien transfer is presented in
				  the following figures:
(1) the following
				  figure is for residential property tax loans:
Attached Graphic
(2) the following figure is for
				  commercial property tax loans:
Attached Graphic
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter E - DISCLOSURES › Section 89.507 - Permissible Changes

Current through Reg. 49, No. 28; July 12, 2024
(a) A property tax
				  lender must use the required disclosure statement under Texas Tax Code, §
										RSA
				  32.06(a-4)(1) as prescribed
				  by Figure: 7 TAC §
										RSA
				  89.506(a)(1) or Figure: 7
				  TAC §
										RSA
				  89.506(a)(2) of this title,
				  but may consider making only limited technical changes, as provided by the
				  following exclusive list:
(1) Substituting
				  "transferee" for "property tax lender," or using pronouns such as "we" and
				  "us";
(2) Substituting "borrower"
				  for "property owner," or using pronouns such as "you" and "your";
(3) Substituting "tax lien transfer" for
				  "property tax loan";
(4) Omitting
				  the loan identification number;
(5)
				  Replacing "Amounts paid to taxing units" with "Amounts paid to taxing units and
				  governmental entities" if the property tax lender pays amounts to governmental
				  entities other than taxing units and these amounts are shown on the tax
				  receipt;
(6) Adding or omitting
				  lines in the "Loan Amount Itemization" section as necessary to disclose all
				  amounts paid to third parties and any amounts to refinance an existing property
				  tax loan;
(7) Adding the following
				  statement to the "APR" line of the "Loan Calculations" section: "This is not
				  your interest rate.";
(8) Omitting
				  the "Prepaid Interest" section if there is no prepaid interest charged,
				  omitting the "per diem interest" line if there is no per diem interest charged,
				  and omitting the "discount points" line if there are no discount points
				  charged;
(9) Adding any required
				  disclosure of affiliated businesses under §
											RSA
				  89.504(g) of this title
				  (relating to Requirements for Disclosure Statement to Property
				  Owner);
(10) Attaching additional
				  pages described by §
											RSA
				  89.504(b) of this title;
				  or
(11) Adding an optional, dated
				  signature block at the very bottom of the second page of the disclosure form,
				  which must include the following statement directly above the signature line of
				  the property owner(s): "ACKNOWLEDGMENT OF RECEIPT: By signing below, I
				  acknowledge only that I have received a copy of this disclosure prior to
				  closing, this ___ day of _____, 20__."
(A)
				  Adding an optional affirmation statement to the optional signature block for
				  married property owners: "I affirm that I am married to ______________________
				  (insert name of spouse)."
(B)
				  Adding an optional affirmation statement to the optional signature block for
				  persons signing on behalf of a legal entity: "I affirm that I am authorized to
				  sign this document on behalf of ____________________ (insert name of legal
				  entity property owner)."
(C) Adding
				  the property owner's address to the optional signature block.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter F - COSTS AND FEES › Section 89.601 - Fees for Closing Costs

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Applicability. The fee limitations contained in this section are applicable to
				  a residential property tax loan described by §
										RSA
				  89.102(10) of this title
				  (relating to Definitions) .
(b)
				  Closing costs for which fees may be charged, contracted for, or received.
(1) Scope of closing costs. For purposes of
				  this section, the term "closing costs" includes costs incurred by a property
				  tax lender from the time of application through the time of closing.
(2) Examples of closing costs. The following
				  is a non-comprehensive list of examples of closing costs for which a property
				  tax lender may charge, contract for, or receive fees in connection with a
				  property tax loan. Other law may limit the ability to charge these and other
				  fees. Examples of some allowable fees for closing costs include the following:
(A) an application fee;
(B) an appraisal or inspection fee;
(C) a title examination fee;
(D) a property survey fee;
(E) a fee for flood and plat
				  determinations;
(F) a document
				  preparation fee;
(G) a closing or
				  escrow fee;
(H) a fee for a tax
				  certificate or tax payoff determination;
(I) a loan processing fee;
(J) an underwriting fee;
(K) a fee for obtaining credit
				  reports;
(L) a fee for courier and
				  delivery services.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter F - COSTS AND FEES › Section 89.602 - Fee for Filing Release

Current through Reg. 49, No. 28; July 12, 2024
(a) Allowable fee
				  components. Under Texas Tax Code, §
										RSA
				  32.06(b), a licensee may
				  charge the following for filing the release:
(1) the actual cost charged by the county
				  clerk for filing the release;
(2)
				  the actual cost of attorney's fees paid to an outside attorney who is not an
				  employee of the property tax lender for preparing the release; and
(3) an administrative fee not to exceed $35
				  for services related to filing provided by the property tax lender (e.g., costs
				  to mail or deliver release to county clerk or taxing unit(s)).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter F - COSTS AND FEES › Section 89.603 - Fee for Payoff Statement or for Information on Current Balance Owed

Current through Reg. 49, No. 28; July 12, 2024
(a) Initial payoff
				  statement. Under Texas Tax Code, §
										RSA
				  32.06(f-3), a property tax
				  lender is prohibited from charging any fee for providing an initial payoff
				  statement.
(b) Additional payoff
				  statements. A property tax lender may charge a fee not to exceed $10 for
				  providing each additional payoff statement after an initial payoff statement
				  has been provided.
(c) Fee for
				  information on current balance owed. Under Texas Tax Code, §
										RSA
				  32.06(g), a property tax
				  lender may charge the same fees contained in subsection (b) of this section for
				  responding to a request for the current balance owed by the property
				  owner.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter G - TRANSFER OF TAX LIEN › Section 89.702 - Certified Statement of Transfer of Tax Lien

Current through Reg. 49, No. 28; July 12, 2024
(a) Required information. A certified
				  statement containing all of the required information provided by this
				  subsection meets the requirements of Texas Tax Code, §
										RSA
				  32.06(b). A certified
				  statement issued under this section by a tax assessor-collector must contain
				  the following information:
(1) the name of
				  the county where the property is located;
(2) the date the certification is
				  executed;
(3) a description of the
				  property that includes:
(A) the account
				  number or property identification number used by the taxing unit(s);
(B) the legal description of the property;
				  and
(C) the street address of the
				  property, if applicable;
(4) the taxing unit(s) transferring a lien or
				  liens to the transferee;
(5) the
				  amount paid for the transfer;
(6)
				  the tax years for the amount paid;
(7) the property owner's name;
(8) the transferee's name;
(9) the transferee's street
				  address;
(10) the following
				  statement: "I, (Insert Name of Collector), tax assessor-collector for (Insert
				  Name of Taxing Unit) and for all taxing units for which (Insert Name of Taxing
				  Unit) collects ad valorem taxes, certify that the above-named transferee or
				  transferee's agent ("Transferee") has made payment of the amount listed above
				  to the above-named taxing units on the property described above as
				  consideration for a transfer of the tax lien(s), and that the tax liens held by
				  taxing units on the property for the tax years listed above are hereby
				  transferred to Transferee in accordance with Texas Tax Code §
											RSA
				  32.06. I have issued a receipt to Transferee
				  in conjunction with this certification reflecting the payment for the transfer
				  in the amount of taxes, penalties, interest, and collection costs.";
(11) the name of the tax
				  collector-assessor;
(12) the name
				  of the taxing unit(s);
(13) the
				  signature of the tax assessor-collector, or that of the tax
				  assessor-collector's deputy;
(14)
				  one of the following:
(A) the tax
				  assessor-collector's seal of office; or
(B) a notary public's seal of office and a
				  statement that the certified statement was subscribed and sworn to before a
				  notary public by the tax assessor-collector or the tax assessor-collector's
				  deputy; and
(15) a
				  statement that after the document is recorded, it is to be returned to the
				  transferee.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter H - PAYOFF STATEMENTS › Section 89.801 - Requests for Payoff Statements

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Scope. This section applies to a request described by Texas Tax Code, §
										RSA
				  32.06(a-6) that:
(1) includes a request for the total payoff
				  amount of a property tax loan;
(2)
				  is sent to a property tax lender; and
(3) is sent by:
(A) the holder of an existing recorded lien
				  on the property subject to the property tax loan; or
(B) a mortgage servicer (or another person)
				  on behalf of a lienholder described by subparagraph (A) of this
				  paragraph.