reglab/statecodes huggingface dataset:
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter B - RULES FOR CREDIT ACCESS BUSINESSES › Division 6 - CONSUMER DISCLOSURES AND NOTICES › Section 83.6008 - Permissible Changes

Current through Reg. 49, No. 28; July 12, 2024
(a) A credit access
					 business must use the required disclosures under Texas Finance Code, §
											RSA
					 393.223 as prescribed by Figures: 7 TAC
					 §
											RSA
					 83.6007(a) - (d) of this
					 title (relating to Consumer Disclosures), but may consider making only limited
					 technical changes, as provided by the following exclusive list:
(1) Filling in any dollar amounts, interest
					 rates, or other terms specific to the three to five most common loans for each
					 of the products offered by the credit access business;
(2) Substituting the pronouns used to denote
					 the consumer by substituting words such as "you" and "your" for "I" and "my,"
					 along with appropriate grammatical changes;
(3) Adding an optional, dated signature block
					 at the very bottom of the disclosure form, which must include the following
					 statement directly above the signature line of the consumer: "ACKNOWLEDGMENT OF
					 RECEIPT: By signing below, I acknowledge only that I have received a copy of
					 this disclosure prior to signing any contract for a payday or auto title loan,
					 this ___ day of _____, 20__."
(4)
					 Combining the Texas Finance Code, §
												RSA
					 393.223 disclosure with the federal
					 disclosure regarding military borrowers under
					 RSA
					 987 and 32 C.F.R. Part 232;
(5) Combining the Texas Finance Code, §
												RSA
					 393.223 disclosure with the federal
					 disclosure requirements for advertising under the Truth in Lending Act,
					 RSA
					 1632(a), and Regulation Z,
					 RSA
					 1026.24;
(6) a form number indicating the version of
					 the form, the date the form was produced, or both.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter A - GENERAL PROVISIONS › Section 84.101 - Purpose and Scope

Current through Reg. 49, No. 28; July 12, 2024
(a) Purpose. The
				  purpose of this chapter is to assist in the administration and enforcement of
				  Texas Finance Code, Chapter 348.
(b) Scope. This chapter applies to:
(1) all persons engaged in the business of
				  selling motor vehicles to retail buyers in transactions in which a retail buyer
				  purchases a motor vehicle from a retail seller and agrees with the retail
				  seller to pay part or all of the cash price in one or more deferred
				  installments; and
(2) all persons
				  that acquire or otherwise receive retail installment sales contracts unless
				  specifically exempted from licensing by Texas Finance Code, Chapter
				  348.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter A - GENERAL PROVISIONS › Section 84.102 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
The following words and terms, when used in this chapter,
					 will have the following meanings, unless the context clearly indicates
					 otherwise:
(1) Accrual method--A
				  method to compute a finance charge and apply the finance charge to the unpaid
				  principal balance. Both the true daily earnings method and the scheduled
				  installment earnings method are accrual methods.
(2) Add-on method--A method for calculating a
				  precomputed time price differential charge in which the retail buyer agrees to
				  pay the total of payments. The total of payments includes both the principal
				  balance of the contract and the time price differential charge. The add-on time
				  price differential charge is calculated at the inception of the contract on the
				  principal balance for the full term, as if the principal balance of the
				  contract did not decline over the term of the contract.
(3) Commercial vehicle--A motor vehicle that
				  is not used primarily for personal, family, or household use and has the same
				  meaning as defined by Texas Finance Code, §
										RSA
				  353.001.
(4) Contract rate--The annual time price
				  differential rate that may be stated in a retail installment sales contract,
				  and that accrues or is assessed against the principal balance that is subject
				  to a finance charge for the term of the contract. The contract rate cannot
				  exceed the daily rate converted to an annualized rate.
(5) Creditor--The seller or any subsequent
				  holder or assignee of the retail installment sales contract.
(6) Daily rate--The rate authorized under
				  Texas Finance Code, §
										RSA
				  348.105, or the simple rate equivalent of the
				  rate applicable to the contract under Texas Finance Code, §
										RSA
				  348.104, computed on a daily basis using a
				  365-day calendar year.
(7) Default
				  charge or late charge--The additional charge for a late payment on a
				  contract.
(8) Deferment charge--A
				  charge to defer the payment date of a scheduled payment on a
				  contract.
(9) Holder--Holder
				  includes retail sellers as well as any person who subsequently purchases,
				  acquires, or otherwise receives the retail installment sales contract. All
				  holders are creditors.
(10)
				  Irregular payment contract--A contract:
(A)
				  that is payable in installments that are not consecutive, monthly, and
				  substantially equal in amount; or
(B) the first scheduled installment of which
				  is due later than one month and 15 days after the date of the
				  contract.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter A - GENERAL PROVISIONS › Section 84.103 - 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 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter A - GENERAL PROVISIONS › Section 84.104 - Knowledge of Laws and Regulations Required

Current through Reg. 49, No. 28; July 12, 2024
(a) Each officer and director of a licensee
				  must be familiar with Texas Finance Code, Chapter 348 and its implementing
				  regulations.
(b) Employees and
				  agents of a licensee are responsible for being familiar with the provisions of
				  Texas Finance Code, Chapter 348 and its implementing regulations that are
				  related to their duties and responsibilities, as provided by the licensee
				  through training or an internal system of controls. An employee or agent may
				  demonstrate compliance with this section through adherence to the training or
				  internal system of controls provided by the licensee.
(c) This section applies to the listed
				  parties to the extent that the individual has contact with retail buyers or
				  potential retail buyers, or has responsibility for compliance with Texas
				  Finance Code, Chapter 348, or its implementing regulations governing the
				  licensee's business.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter A - GENERAL PROVISIONS › Section 84.105 - Indigency Affidavit for Appeal of Conditional Delivery Determination

Current through Reg. 49, No. 28; July 12, 2024
(a) Required
				  information. An affidavit under Texas Finance Code, §
										RSA
				  348.013(m) filed with the
				  hearings officer must contain the following information:
(1) the name of the prospective retail
				  buyer;
(2) a statement by a notary
				  public identifying the prospective retail buyer, and stating that the
				  prospective retail buyer personally appeared before the notary and made the
				  statements under oath;
(3) the
				  following statement: "I am over 18 years of age and am capable of making this
				  affidavit. The facts stated in this affidavit are within my personal knowledge
				  and are true and correct. Due to my financial situation, I cannot afford to pay
				  the deposit required under Texas Finance Code, §
											RSA
				  348.013(m). I wish to appeal
				  the Consumer Credit Commissioner's determination under §348.013(g)
				  regarding my conditional delivery agreement with (Insert Name and Address of
				  Retail Seller and OCCC license number). The following information accurately
				  states my income, assets, expenses, and liabilities.";
(4) nature and amount of monthly income from
				  the following sources:
(A)
				  employment;
(B) government
				  entitlement;
(C) spouse, if
				  spouse's income is available to the prospective retail buyer; and
(D) any other income;
(5) type and approximate value of property
				  owned (other than homestead), including make, model, and year of any motor
				  vehicles owned;
(6) checking or
				  savings account information, including:
(A)
				  name and location of financial entity;
(B) approximate amount of money held in
				  account;
(7) approximate
				  amount of any cash on hand;
(8)
				  monthly expenses, including expenses from the following example sources:
(A) rent/mortgage;
(B) utilities;
(C) food;
(D) child care;
(E) child support;
(F) health care;
(G) car payment;
(H) transportation;
(I) insurance;
(J) clothes/laundry;
(K) finance charges; and
(L) any other monthly expenses;
(9) information regarding debts
				  and other liabilities, including:
(A) name of
				  creditor;
(B) total debt amount;
				  and
(C) monthly payment;
(10) number of
				  dependents;
(11) the following
				  statement: "As the prospective retail buyer, I am unable to pay the deposit
				  required by Texas Finance Code, §
											RSA
				  348.013(m) for the appeal of
				  the Consumer Credit Commissioner's conditional delivery determination. I verify
				  that the statements made in this affidavit are true and correct.";
(12) the date the affidavit was
				  signed;
(13) the prospective retail
				  buyer's signature and printed name;
(14) the prospective retail buyer's address;
				  and
(15) the notary public's seal
				  and signature.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter B - RETAIL INSTALLMENT CONTRACT › Section 84.203 - Deferment Charge

Current through Reg. 49, No. 28; July 12, 2024
(a) Definition. A
				  "deferment charge" means a charge to defer the payment date of a scheduled
				  payment or partial payment on a contract. A deferment charge prescribed by this
				  section may occur in a retail installment transaction that employs the
				  precomputed add-on method for regular payment contracts using the sum of the
				  periodic balances or the scheduled installment earnings method. This section
				  applies only to an amendment relating to the deferment of all or a part of one
				  or more installments, and does not apply to amendments relating to renewing,
				  restating, or rescheduling the unpaid balance under a retail installment sales
				  contract. This section does not apply to an amendment described by Texas
				  Finance Code, §
										RSA
				  348.114(c), to defer all or
				  part of one or more payments for a retail installment transaction that employs
				  the true daily earnings method. The parties to a retail installment sales
				  contract may agree to modify the terms of the transaction as long as the
				  amendment conforms to the requirements of Texas Finance Code, Chapter 348,
				  Subchapter B.
(b) Written deferment
				  agreement.
(1) General requirements. A retail
				  buyer and a holder may mutually agree to defer all or a part of one or more
				  scheduled installments. A deferment agreement must be in writing and must be
				  noted in the account record at the time the deferment is made. The written
				  deferment agreement must include all of the following:
(A) the name of the holder;
(B) the name of the retail buyer;
(C) the account number of the retail
				  buyer;
(D) the date of the
				  deferment;
(E) the installment or
				  installments being deferred;
(F)
				  the deferment period;
(G) the total
				  amount of any deferment charge and any authorized additional deferment
				  cost;
(H) the date and amount of
				  the next installment due; and
(I)
				  any other conditions of deferment.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter B - RETAIL INSTALLMENT CONTRACT › Section 84.205 - Documentary Fee

Current through Reg. 49, No. 28; July 12, 2024
(a) Purpose. Under Texas Finance Code, §
										348.006(e),
				  before a retail seller charges a documentary fee greater than $225, the seller must
				  provide the OCCC with a written notification of the maximum amount of the
				  documentary fee the seller intends to charge. The OCCC may review the amount of the
				  documentary fee for reasonableness. This section describes the requirements for the
				  notification and cost analysis.
(b)
				  General requirements.
(1) $225 or less. A seller is
				  not required to provide a notification or cost analysis to the OCCC before charging
				  a documentary fee of $225 or less. A documentary fee of $225 or less is presumed
				  reasonable under Texas Finance Code, §
											348.006(f).
(2) Over $225. Before charging a documentary fee
				  greater than $225, a seller must provide a notification and a cost analysis to the
				  OCCC.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter C - INSURANCE AND DEBT CANCELLATION AGREEMENTS › Section 84.303 - Provision of Policy or Certificate

Current through Reg. 49, No. 28; July 12, 2024
(a) If a retail seller obtains insurance for
				  which a charge is included in a motor vehicle retail installment sales contract
				  under Texas Finance Code, Chapter 348, the retail seller must send or cause to
				  be sent to the retail buyer, within 30 days of the date of the contract, a
				  properly executed policy or certificate of insurance. The policy or certificate
				  of insurance must clearly set forth:
(1) the
				  amount of the premium;
(2) the kind
				  of insurance provided;
(3) the
				  coverage of the insurance; and
(4)
				  all terms, including options, limitations, restrictions and conditions of the
				  insurance that has been purchased.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter C - INSURANCE AND DEBT CANCELLATION AGREEMENTS › Section 84.304 - Evidence of Equivalent Insurance

Current through Reg. 49, No. 28; July 12, 2024
If a retail buyer provides a holder with evidence of
					 property insurance coverage that names the holder as a loss payee and that is
					 equivalent to insurance already purchased through the holder, the holder must
					 promptly cancel any equivalent property insurance or collateral protection
					 insurance. The refund of any unearned insurance premium must be applied to the
					 balance of the contract or refunded to the retail buyer.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter C - INSURANCE AND DEBT CANCELLATION AGREEMENTS › Section 84.305 - Collateral Protection Insurance

Current through Reg. 49, No. 28; July 12, 2024
If a holder of a motor vehicle retail installment sales
					 contract involving an ordinary vehicle arranges for collateral protection
					 insurance and assesses a charge for the insurance to the retail buyer, the
					 holder must comply with the provisions of Texas Finance Code, Chapter
					 307.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter C - INSURANCE AND DEBT CANCELLATION AGREEMENTS › Section 84.307 - Prepaid Maintenance Agreements

Current through Reg. 49, No. 28; July 12, 2024
(a) If the prepaid maintenance agreement is
				  required in connection with the sale of a motor vehicle, regardless of whether
				  the sale is a cash sale or a credit sale, the charge for the prepaid
				  maintenance agreement should be disclosed or otherwise included as a component
				  of the cash price.
(b) If the
				  prepaid maintenance agreement is offered as a voluntary purchase in connection
				  with the credit sale of a motor vehicle, the prepaid maintenance agreement may
				  be disclosed:
(1) as a component of the cash
				  price; or
(2) as an itemized charge
				  on the retail installment sales contract.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter C - INSURANCE AND DEBT CANCELLATION AGREEMENTS › Section 84.308 - Debt Cancellation Agreements Not Requiring Insurance

Current through Reg. 49, No. 28; July 12, 2024
(a) Purpose and
				  scope. The Texas Finance Code allows a debt cancellation agreement to be
				  included in a motor vehicle retail installment sales contract involving an
				  ordinary vehicle subject to Texas Finance Code, Chapter 348 as an itemized
				  charge. This section outlines the parameters under which a retail seller or
				  holder may provide a debt cancellation agreement for total loss or theft of an
				  ordinary vehicle in connection with a Chapter 348 retail installment sales
				  contract. This section applies only to debt cancellation agreements that do not
				  require insurance coverage. This section does not apply to a debt cancellation
				  agreement under Texas Finance Code, Chapter 354.
(b) Disclosure under Texas Finance Code,
				  §
										RSA
				  348.124.
(1) Delivery. A retail seller must provide
				  the retail buyer with a notice that a debt cancellation agreement for total
				  loss or theft of an ordinary vehicle is not required in order to purchase the
				  motor vehicle if a retail seller offers to sell a debt cancellation agreement
				  for total loss or theft to a retail buyer. This notice can be provided to the
				  retail buyer either in a debt cancellation agreement for total loss or theft of
				  an ordinary vehicle or in a separate disclosure. The notice under this section
				  must be provided separately from the retail installment sales contract. A
				  retail seller may request that the retail buyer authenticate the debt
				  cancellation agreement for total loss or theft of an ordinary vehicle
				  disclosure acknowledging the applicant's receipt of the disclosure or notice. A
				  retail seller may rely upon a verifiable procedure to show that a debt
				  cancellation agreement for total loss or theft of an ordinary vehicle notice
				  was provided to an applicant.
(2)
				  Multiple applicants. In the case of multiple applicants, it is only necessary
				  for the retail seller to deliver the debt cancellation agreement for total loss
				  or theft of an ordinary vehicle notice to one applicant.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter D - ACQUISITION OF CONTRACT OR BALANCE › Section 84.401 - Acquisition of Contract or Balance

Current through Reg. 49, No. 28; July 12, 2024
(a) A
				  person may not acquire a retail installment sales contract or an outstanding
				  balance under a retail installment sales contract unless the person holds a
				  license under Texas Finance Code, Chapter 348 or is exempt from licensing under
				  Texas Finance Code, Chapter 348.
(b) Securitization of transactions. In the
				  case of securitized transactions, such as a transaction in which motor vehicle
				  retail installment sales contracts are held in trust or similar structure with
				  participatory interests in the structure transferred to investors, the
				  licensing requirements may be fulfilled either by the trust or other
				  securitization entity or by the servicer that is responsible for servicing the
				  contracts included in the securitized entity.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter E - HOLDER'S RIGHTS, DUTIES, AND LIMITATIONS › Section 84.501 - Payoff Statement or Statement of Payments

Current through Reg. 49, No. 28; July 12, 2024
(a) Definitions. For purposes of this
				  section, the following terms will have the following meanings:
(1) Holder--A holder with the legal authority
				  to release the security interest, or the holder's designee who has the legal
				  authority to release the security interest.
(2) Calendar days--Every day of the week with
				  the exclusion of legal public holidays as defined by
				  RSA
				  6103.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter E - HOLDER'S RIGHTS, DUTIES, AND LIMITATIONS › Section 84.503 - Collection Practices

Current through Reg. 49, No. 28; July 12, 2024
(a) In
				  attempting to collect money due on a motor vehicle retail installment sales
				  contract or to take possession of any property securing a motor vehicle
				  installment sales contract, a licensee or the licensee's agent must not use any
				  means other than appeals to reason or lawful remedies authorized under the laws
				  of this state or other applicable law.
(b) A licensee or the licensee's agent must
				  not use any physical force or violence against any person or use any violence
				  or other force that results in harm or damage to property.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter F - LICENSING › Section 84.603 - New Registered Offices

Current through Reg. 49, No. 28; July 12, 2024
(a) A licensee may
				  conduct Texas Finance Code, Chapter 348 transactions at different locations or
				  under additional assumed names at a single location by filing notice of a new
				  registered office and paying the applicable fee.
(b) Notice of a new registered office must be
				  filed before a licensee can engage in a Chapter 348 transaction at the
				  different location or under the additional assumed name.
(1) Date registered office began conducting
				  Chapter 348 transactions. If the registered office has commenced business,
				  provide the date the registered office began conducting Texas Finance Code,
				  Chapter 348 transactions. If the notice is filed in advance, provide the date
				  the licensee anticipates commencing business under this registered
				  office.
(2) License number of
				  licensed location. Provide the license number shown on the license of the
				  licensed location issued by the Office of Consumer Credit
				  Commissioner.
(3) Assumed name
				  certificate. If the registered office is using an assumed name, as that term is
				  defined in Texas Business and Commerce Code, §
											RSA
				  71.002, an assumed name certificate must be
				  filed as provided in this paragraph.
(A)
				  Unincorporated applicants. Unincorporated applicants using or planning to use
				  an assumed name at a new registered office must file an assumed name
				  certificate with the county clerk of the county where the proposed business is
				  located in compliance with Texas Business and Commerce Code, Chapter 71. An
				  applicant must provide a copy of the assumed name certificate that shows the
				  filing stamp of the county clerk or, alternatively, a certified copy.
(B) Incorporated applicants. Incorporated
				  applicants using or planning to use an assumed name at a new registered office
				  must file an assumed name certificate in compliance with Texas Business and
				  Commerce Code, Chapter 71. Evidence of the filing bearing the filing stamp of
				  the Office of the Texas Secretary of State must be submitted or, alternatively,
				  a certified copy.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter F - LICENSING › Section 84.606 - 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 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter F - LICENSING › Section 84.607 - 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 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter F - LICENSING › Section 84.608 - 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 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter F - LICENSING › Section 84.609 - Relocation of Licensed Offices

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Relocation of licensed location. A licensee may move a licensed location to any
				  other location by paying the appropriate fees and giving notice of intended
				  relocation to the commissioner not less than 10 calendar days prior to the
				  anticipated moving date.
(b)
				  Relocation of registered office. A licensee may move a registered office from
				  the registered location to any other location by paying the appropriate fees
				  and giving notice of intended relocation to the commissioner not less than 10
				  calendar days prior to the anticipated moving date.
(c) Notice requirements. 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 location or registered office, the approximate date of
				  relocation, and the applicable fee as outlined in §
										RSA 84.611 of this title
				  (relating to Fees). Failure to meet the notification deadline does not
				  invalidate transactions unless the agency has obtained a contrary finding
				  through the administrative process.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter F - LICENSING › Section 84.610 - 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 motor vehicle sales finance license and
				  choose to inactivate the license. A license may be inactivated by giving notice
				  of the cessation of operations not less than 10 calendar days prior to the
				  anticipated inactivation date. Registered offices will be designated as closed
				  when a license is inactivated. 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 84.611 of this title
				  (relating to Fees), or the license will expire.
(b) Activation of inactive license. A
				  licensee may activate an inactive license by giving notice of the intended
				  activation not less than 10 calendar days prior to the anticipated activation
				  date. Registered offices must be listed and appropriate fees paid upon
				  activation of a license. 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 84.611 of this
				  title.
(c) Voluntary surrender of
				  license. Subject to subsection (e) of this section, 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.
(d) 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 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter F - LICENSING › Section 84.611 - 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) Registered office fees.
				  The fee for each registered office is $25.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter F - LICENSING › Section 84.612 - Implementation Provisions of Licensing

Current through Reg. 49, No. 28; July 12, 2024
Effective date. The effective date of the statutory
					 licensing requirement is September 1, 2002. After September 1, 2002, a motor
					 vehicle seller may not engage in any retail installment sales transaction
					 without a motor vehicle sales finance license granted under this title. Any
					 motor vehicle seller engaging in a motor vehicle sales finance transaction
					 prior to September 1, 2002, must comply with Texas Finance Code, § 348.401
					 and § 348.402, and 7 TAC, Part 1, Chapter 1, Subchapter P, as those
					 provisions were in effect. Failure to comply with previously required
					 registration provisions is grounds for denial of an application made under
					 §
										RSA
					 84.608 of this title (relating to Processing
					 of Application).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter F - LICENSING › Section 84.613 - 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 84.611 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 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter F - LICENSING › Section 84.615 - 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. In response to a public information
					 request, to the extent permitted by Government Code, Chapter 552 and other
					 applicable law, the OCCC will withhold information deemed confidential by law
					 (e.g., social security numbers, criminal history information). 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 motor vehicle sales finance 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 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter F - LICENSING › Section 84.616 - 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 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter F - LICENSING › Section 84.617 - 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 October 31. A license must be
				  renewed annually to remain effective. After renewal, a license is effective for
				  a term of one year, from November 1 of a calendar year to October 31 of the
				  next calendar year.
(b) Due date
				  for annual assessment fee. The annual assessment fee is due by October 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 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter G - EXAMINATIONS › Section 84.702 - Prohibited Advertising

Current through Reg. 49, No. 28; July 12, 2024
(a) Under Texas
				  Finance Code, Subtitle B, Chapter 348, each licensee must comply with Texas
				  Finance Code, §
										RSA
				  341.403. A licensee may not, in any manner,
				  advertise or cause to be advertised a false, misleading, or deceptive statement
				  or representation relating to a rate, term, or condition of a motor vehicle
				  retail installment sales contract, or advertise credit terms that the licensee
				  does not intend to offer to retail buyers who qualify for those
				  terms.
(b) The licensee must not:
(1) use phrases such as "lowest costs,"
				  "lowest rates," or "best rates" in an advertisement, unless the phrase used is
				  accurate; or
(2) make any statement
				  or representation with reference to the ease of procuring a motor vehicle
				  retail installment sales contract, the speed with which it may be effected, or
				  the freedom from credit inquiries addressed to particular sources of
				  information, unless the licensee will comply with the representation
				  made.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter G - EXAMINATIONS › Section 84.703 - Review of Records

Current through Reg. 49, No. 28; July 12, 2024
One purpose of examinations by the OCCC is to determine the
					 level of compliance with the law by the licensee. If the examination reveals a
					 pattern or practice that appears to be a systemic violation of the law, the
					 commissioner or the commissioner's representative may direct the licensee to
					 review records and make appropriate changes to bring the licensee's records
					 into compliance with the law. The appropriate changes may include restitution
					 to customers for unlawful charges or unlawful amounts.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter G - EXAMINATIONS › Section 84.704 - Correction of Errors or Violations

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Any amount due a retail buyer because of a correction of an error or a
				  violation may be credited to an amount due under the motor vehicle retail
				  installment sales contract or to the next payment or payments on the existing
				  account of the retail buyer. If the credit is applied to payments not yet due,
				  the licensee must notify the retail buyer in writing of the date and amount of
				  the next payment due after this credit has been given.
(b) In lieu of crediting an existing account,
				  a refund may be made directly to the retail buyer by cash, check, money order,
				  or other negotiable instrument. The licensee must maintain sufficient records
				  that the refund was made.
(1) Cash refunds.
				  If the refund is made directly to the retail buyer in cash, the licensee must
				  obtain a signed or authenticated acknowledgment from the retail buyer. The
				  signed or authenticated acknowledgment must contain the following information:
(A) the retail buyer's full name;
(B) the retail buyer's account number (the
				  account number upon which the refund was made);
(C) the amount of the refund; and
(D) a statement that the retail buyer
				  received the refund in cash and that the licensee has not instructed or
				  required the retail buyer to repay the cash refund.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter G - EXAMINATIONS › Section 84.705 - Unclaimed Funds

Current through Reg. 49, No. 28; July 12, 2024
(a) Escheat
				  suspense account. The licensee must transfer any amounts due a retail buyer not
				  paid within one year (i.e., unclaimed funds) to an escheat suspense account.
				  The transfer must be noted on the account record of the retail buyer.
(b) Required information. Evidence of a bona
				  fide attempt to pay a refund to a retail buyer must be kept in the licensee's
				  records of the retail buyer's account. The licensee must place with the records
				  of the retail buyer's account any information received by the licensee that
				  indicates the retail buyer has died leaving no will or heirs or has left the
				  community and the retail buyer's whereabouts are unknown. If deemed necessary
				  with respect to a specific retail buyer, a licensee may be required to send the
				  unclaimed funds by registered or certified mail to the last known address of
				  the retail buyer.
(c) Use of
				  unclaimed funds. Use of unclaimed funds within the business is not prohibited
				  until such time as paid to the retail buyer, to the estate of the retail buyer,
				  to the State of Texas if the last known address of the retail buyer as shown on
				  the records of the holder is in this state, or other appropriate state or
				  governmental entity if the address is not in this state; however, funds
				  transferred to an escheat suspense account must not be commingled with the
				  funds of the business.
(d) Escheat
				  to state. At the end of three years, the unclaimed funds must be paid to the
				  Texas Comptroller of Public Accounts, Treasury Division, as required by Texas
				  Property Code, §
										RSA
				  72.101, or must be paid to the appropriate
				  state or other governmental entity under the time period provided by the other
				  state's or entity's applicable law.
(e) Record retention. The records of the
				  escheat suspense account must be retained for a period of 10 years.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter G - EXAMINATIONS › Section 84.706 - Follow-Up Examination Fees

Current through Reg. 49, No. 28; July 12, 2024
If a follow-up examination visit is required within nine
					 months after a written deficiency report has been given as a result of a
					 failure to comply with Texas Finance Code, Chapter 348, this chapter, or the
					 special instruction section of the examination report, an examination fee at
					 the hourly rate of $100 per examiner may be assessed.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 84 - MOTOR VEHICLE INSTALLMENT SALES › Subchapter G - EXAMINATIONS › Section 84.708 - Files and Records Required (Retail Sellers Collecting Installments on Retail Installment Sales Contracts)

Current through Reg. 49, No. 28; July 12, 2024
(a) Applicability.
				  The recordkeeping requirements of this section apply to retail sellers that
				  service or collect installments on retail installment sales contracts involving
				  ordinary vehicles. The recordkeeping requirements of this section do not apply
				  to motor vehicle retail installment sales transactions involving commercial
				  vehicles.
(b) Records required for
				  each retail installment sales transaction. Each licensee must maintain records
				  with respect to the licensee's compliance with Texas Finance Code, Chapter 348
				  for each motor vehicle retail installment sales contract made, acquired,
				  serviced, or held under Chapter 348 and make those records available for
				  examination. This requirement includes any conditional delivery agreement or
				  retail installment sales contract signed by a retail buyer for a vehicle that
				  has been delivered, including contracts that are subsequently voided or
				  canceled after a seller regains possession and ownership of the
				  vehicle.
(c) Recordkeeping systems.
				  The records required by this section may be maintained by using either a
				  legible 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. Licensees may
				  maintain records on one or more recordkeeping systems, so long as the licensee
				  is able to integrate records pertaining to an account into one or more reports
				  as required by this section. 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.
(d) Record search
				  requirements.
(1) Open retail installment
				  sales transactions. A licensee must be able to access or produce a list of all
				  open retail installment sales transactions. If the list of open transactions is
				  accessed through an electronic system, the licensee must be able to generate a
				  separate report of open transactions. Alternatively, a licensee may provide a
				  list containing open and closed retail installment sales transactions as long
				  as the open transactions are designated as "open."
(2) Alphabetical search. A licensee must be
				  able to access records in alphabetical order by retail buyer name for open and
				  closed transactions during the record retention period required by subsection
				  (e)(9) of this section. A licensee may comply with the alphabetical requirement
				  by providing the commissioner's representative files by retail buyer name upon
				  request by the commissioner's representative.