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 A - RULES FOR REGULATED LENDERS › Division 2 - AUTHORIZED ACTIVITIES › Section 83.205 - Loans by Mail or Online

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
					 342.053(b) are to be
					 construed according to the definitions contained in §
											RSA
					 83.204(a) of this title
					 (relating to Multiple Licenses).
(b) Application. Any office, wherever
					 located, making, negotiating, arranging, or collecting loans by mail or online
					 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 or online must be licensed. On the other
					 hand, an office that merely receives, records, accounts for, and processes
					 payments need not be licensed.
(c)
					 Authorized lenders. The following entities with offices located outside of
					 Texas may make loans by mail or online to Texas residents and are considered to
					 meet the definition of authorized lender as contained in §
											RSA 83.102 of this
					 title (relating to Definitions):
(1) a person
					 who has obtained a regulated loan license from the OCCC;
(2) a bank, savings bank, savings and loan
					 association, or credit union doing business under the laws of this state,
					 another state, or the United States;
(3) a bank, savings bank, or savings and loan
					 association chartered in another state and insured by the Federal Deposit
					 Insurance Corporation; and
(4) a
					 credit union chartered in another state and insured through the National Credit
					 Union Share Insurance Fund.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 3 - APPLICATION PROCEDURES › Section 83.302 - Filing of New Application

Current through Reg. 49, No. 28; July 12, 2024
An application for issuance of a new regulated loan
						license must be submitted in a format prescribed by the OCCC at the date of
						filing and in accordance with the OCCC's instructions. The OCCC may accept the
						use of prescribed alternative formats to facilitate multistate uniformity of
						applications or in order to accept approved electronic submissions. Appropriate
						fees must be filed with the application and the application must include the
						following:
(1) Required application
					 information. All questions must be answered.
(A) Application for license.
(i) Location. A physical street address must
					 be listed for the applicant's proposed lending address. A post office box or a
					 mail box location at a private mail-receiving service generally may not be
					 used. If the address has not yet been determined or if the application is for
					 an inactive license, then the application must so indicate.
(ii) Responsible person. The person
					 responsible for the day-to-day operations of the applicant's proposed offices
					 must be named. The responsible person is also known as the location
					 contact.
(iii) Signature.
					 Electronic signatures will be accepted in a manner approved by the
					 commissioner. Each applicant must have the application signed by an authorized
					 individual.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 3 - APPLICATION PROCEDURES › Section 83.304 - 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) that results in the exact same
					 individuals or entities still owning the business, the licensee must advise the
					 OCCC in writing of the change within 14 calendar days by filing a license
					 amendment and paying the required fees as provided in §
											RSA 83.310 of this title
					 (relating to Fees). The licensee must also 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) Merger of licensee. 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
					 83.303 of this title (relating to Transfer of
					 License; New License Application on Transfer of Ownership).
(2) Merger of parent entity. 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 in writing of the change within 14 calendar days by filing a license
					 amendment and paying the required fees as provided in §
												RSA 83.310 of this
					 title.
(3) Merger of entity beyond
					 parent entity level. 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 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 3 - APPLICATION PROCEDURES › Section 83.305 - 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 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 3 - APPLICATION PROCEDURES › Section 83.306 - 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 10 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 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 3 - APPLICATION PROCEDURES › Section 83.307 - 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 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 3 - APPLICATION PROCEDURES › Section 83.308 - Relocation

Current through Reg. 49, No. 28; July 12, 2024
(a) Filing
					 requirements. 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 filed on the Amendment to
					 Regulated Loan License 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 83.310 of this title
					 (relating to Fees).
(b) Notice to
					 debtors. Written notice of a relocation of an office, or of transactions as
					 outlined in subsection (c) of this section, must be mailed to all debtors of
					 record at least five calendar days prior to the date of relocation. A licensee
					 may send notice to a debtor by email in lieu of mail if the debtor has provided
					 an email address to the licensee and has consented in writing to be contacted
					 at the email address. 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.
(c) Relocation of regulated transactions. If
					 the licensee is only relocating or transferring regulated transactions from one
					 licensed location to another licensed location, the licensee must comply with
					 subsection (b) of this section and provide, if requested, a list of regulated
					 transactions relocated or transferred. This list of relocated or transferred
					 regulated transactions must include the loan number and the full name of the
					 debtor.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 3 - APPLICATION PROCEDURES › Section 83.309 - 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 regulated loan 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 83.310 of this title
					 (relating to Fees), or the license will expire as described by §
											RSA
					 83.403 of this title (relating to License
					 Term and Annual Renewal).
(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 83.310 of this
					 title.
(c) Voluntary surrender of
					 license. Subject to §
											RSA
					 83.406(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 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 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 3 - APPLICATION PROCEDURES › Section 83.310 - 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 not to exceed $600 per active license and not to exceed $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 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 3 - APPLICATION PROCEDURES › Section 83.311 - 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, §
						441.180(11), and "public information" under Government Code, § 552.002.
						Under Government Code, § 441.190, § 441.191 and § 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,
						§ 441.187. Under Government Code, § 441.191, the OCCC may not return
						to the applicant or licensee any original documents associated with a regulated
						loan license application or notice. 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 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 4 - LICENSE › Section 83.401 - Branch Networks

Current through Reg. 49, No. 28; July 12, 2024
For purposes of Texas Finance Code, §
											RSA
						342.151(b), an authorized
						lender with multiple licensed offices is authorized to make, negotiate,
						arrange, 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 authorized
						lender.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 4 - LICENSE › Section 83.402 - 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 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 4 - LICENSE › Section 83.403 - 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 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 4 - LICENSE › Section 83.404 - 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 83.310 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 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 4 - LICENSE › Section 83.406 - 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 lender and a borrower, except that no
					 more than 10% interest may be charged or received by the lender following the
					 revocation, suspension, or surrender of its license. Alternatively, a lender
					 whose license is revoked or suspended may transfer or sell its accounts to an
					 authorized lender, which may continue to charge or receive the contracted rate
					 of interest within the authority of Texas Finance Code, Chapter 342.
(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 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 4 - LICENSE › Section 83.407 - 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
						83.302 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 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 5 - INTEREST CHARGES ON LOANS › Section 83.502 - Treatment of Periods Less than a Full Month Before the First Installment Date

Current through Reg. 49, No. 28; July 12, 2024
(a) For a
					 precomputed loan using the earnings method specified under Texas Finance Code,
					 § 342.201(a), an authorized lender may consider:
(1) any period before the first installment
					 date that includes a part of a month longer than 15 days as a full month for
					 interest calculation purposes; and
(2) any period before the first installment
					 date that includes a part of a month that is 15 days or less as additional odd
					 days for interest calculation purposes. The amount of interest for the
					 additional odd days of 15 days or less must be calculated under the true daily
					 earnings method. This amount may be added to the first installment or,
					 alternatively, it may be allocated among all of the installments.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 5 - INTEREST CHARGES ON LOANS › Section 83.503 - Administrative Fee

Current through Reg. 49, No. 28; July 12, 2024
An authorized lender may collect an administrative fee
						pursuant to Texas Finance Code, §
											342.201(f),
						on interest-bearing and precomputed loans.
(1) As an alternative to the maximum
					 administrative fee specified in Texas Finance Code, §
											342.201(f),
					 an authorized lender may collect an administrative fee that does not exceed the
					 maximum administrative fee amount computed under this paragraph.
(A) Definitions. In this paragraph:
(i) "Consumer price index" means the Consumer
					 Price Index for Urban Wage Earners and Clerical Workers: U.S. City Average, All
					 Items, 1967=100, compiled by the Bureau of Labor Statistics, United States
					 Department of Labor, or, if that index is canceled or superseded, the index chosen
					 by the Bureau of Labor Statistics as most accurately reflecting the changes in the
					 purchasing power of the dollar for consumers.
(ii) "Reference base index" means the consumer
					 price index for December 2023.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 5 - INTEREST CHARGES ON LOANS › Section 83.504 - Default Charges

Current through Reg. 49, No. 28; July 12, 2024
(a) Precomputed
					 loans. Additional interest for default may be charged on a precomputed loan,
					 whether regular or irregular, or on a precomputed loan contracted for on a
					 scheduled installment earnings method, to the extent it is authorized by Texas
					 Finance Code, §
											RSA
					 342.203 or §
											RSA
					 342.206.
(b) Interest-bearing loans. Additional
					 interest for default may be charged on an interest-bearing Chapter 342,
					 Subchapter E loan as authorized under Texas Finance Code, §
											RSA
					 342.203 or §
											RSA
					 342.206.
(c) Contract required. No default charge may
					 be assessed, imposed, charged, or collected unless contracted for in writing by
					 the parties.
(d) Default period. A
					 default charge may not be assessed until after the 10th day after the
					 installment due date. For example, if the installment due date is the 1st of
					 the month, a default charge may not be assessed until the 12th of the
					 month.
(e) Missed payment covered
					 by insurance. When any payment or partial payment in default is later paid by
					 some form of insurance, such as credit disability insurance, unemployment
					 insurance, or collateral protection insurance, any prior assessment of
					 additional interest for default must be waived.
(f) Pyramiding prohibited. An authorized
					 lender seeking to assess additional interest for default on a precomputed loan
					 under Texas Finance Code, §
											RSA
					 342.203 or §
											RSA
					 342.206 must comply with the prohibition on
					 the pyramiding of late charges provided by the Federal Trade Commission's
					 Credit Practices Rule at
					 RSA
					 444.4.
(g) Default charge on final installment of
					 multiple payment loan. A default charge is allowed on the final installment of
					 a multiple installment loan.
(h)
					 Default charge on single payment loan. A default charge under Texas Finance
					 Code, §
											RSA
					 342.203(d) or §
											RSA
					 342.206(b) is not allowed on
					 a single payment loan. After maturity interest may be contracted for, charged,
					 and collected on a single payment loan.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 6 - ALTERNATE CHARGES FOR CONSUMER LOANS › Section 83.601 - Authorized Charges

Current through Reg. 49, No. 28; July 12, 2024
(a) An authorized
					 lender may contract for, charge, or collect on a loan made pursuant to Texas
					 Finance Code, Chapter 342, Subchapter F:
(1)
					 an acquisition charge;
(2) an
					 installment account handling charge;
(3) a default charge;
(4) a deferment charge;
(5) a processing fee for the return of a
					 dishonored check pursuant to Texas Business and Commerce Code, § 3.506;
					 and
(6) interest after
					 maturity.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 6 - ALTERNATE CHARGES FOR CONSUMER LOANS › Section 83.602 - Default Charges

Current through Reg. 49, No. 28; July 12, 2024
(a) Precomputed
					 loans. Additional interest for default may be charged on a Texas Finance Code,
					 Chapter 342, Subchapter F precomputed loan to the extent it is authorized by
					 Texas Finance Code, §
											RSA
					 342.257.
(b) Subchapter F loans less than $100. If the
					 cash advance of the loan is less than $100, an authorized lender may assess,
					 charge, and collect a default charge equal to 5% of the scheduled installment
					 amount if any part of the installment remains unpaid after the 10th day after
					 the date on which the installment is due, including Sundays and
					 holidays.
(c) Subchapter F loans
					 equal to or greater than $100. If the cash advance of the loan is equal to or
					 greater than $100, an authorized lender may contract for a default charge:
(1) that does not exceed 5% of the scheduled
					 installment amount if any part of the installment remains unpaid after the 10th
					 day after the date on which the installment is due, including Sundays and
					 holidays; or
(2) that does not
					 exceed 5% of the scheduled installment amount or $10, whichever is greater, if
					 any part of the installment remains unpaid after the 10th day after the date on
					 which the installment is due, including Sundays and holidays.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 6 - ALTERNATE CHARGES FOR CONSUMER LOANS › Section 83.603 - Deferment Charges

Current through Reg. 49, No. 28; July 12, 2024
The rules for deferment charges applicable to Texas
						Finance Code, Chapter 342, Subchapter E loans provided by §
											RSA 83.505 of this
						title (relating to Deferment) are also applicable to loans made under
						Subchapter F.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 6 - ALTERNATE CHARGES FOR CONSUMER LOANS › Section 83.604 - Payday Loans; Deferred Presentment Transactions

Current through Reg. 49, No. 28; July 12, 2024
(a) Definitions. For the purposes of this
					 subchapter, the following words and terms, when used in this subchapter, will
					 have the following meanings, unless the context clearly indicates otherwise.
(1) Check--A check, draft, share draft, or
					 other instrument for the payment of money.
(2) Payday loan or deferred presentment
					 transaction--
(A) A transaction in which:
(i) a cash advance in whole or in part is
					 made in exchange for a personal check or authorization to debit a deposit
					 account;
(ii) the amount of the
					 check or authorized debit equals the amount of the advance plus a fee;
					 and
(iii) the person making the
					 advance agrees that the check will not be cashed or deposited or the authorized
					 debit will not be made until a designated future date.
(B) This type of transaction is often
					 referred to as a "payday loan," "payday advance," or "deferred deposit
					 loan."
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 6 - ALTERNATE CHARGES FOR CONSUMER LOANS › Section 83.605 - Acquisition Charge

Current through Reg. 49, No. 28; July 12, 2024
(a) As an alternative to the maximum acquisition
					 charge specified in Texas Finance Code, §
											342.252(a)
					 and §
											342.259(a)(1),
					 an authorized lender may collect an acquisition charge that does not exceed the
					 lesser of:
(1) 12.5% of the cash advance of the
					 loan; or
(2) the maximum acquisition
					 charge computed under subsection (b) of this section.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 6 - ALTERNATE CHARGES FOR CONSUMER LOANS › Section 83.606 - Maximum Term and Maximum Installment Account Handling Charge

Current through Reg. 49, No. 28; July 12, 2024
(a) Scope. This
					 section applies only to a loan made under Texas Finance Code, Chapter 342,
					 Subchapter F.
(b) Definitions. In
					 this section, the following terms have the following meanings:
(1) Cash advance--Has the meaning provided by
					 Texas Finance Code, § 341.001(3).
(2) Irregular transaction--Has the meaning
					 provided by Texas Finance Code, § 342.001(1).
(3) Month--Has the meaning provided by Texas
					 Finance Code, § 341.002(a).
(4) Regular transaction--Has the meaning
					 provided by Texas Finance Code, § 342.001(2).
(5) Scheduled installment earnings
					 method--Has the meaning provided by Texas Finance Code, § 342.002(a).
(6) True daily earnings
					 method--Has the meaning provided by Texas Finance Code, §
					 342.002(b).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 7 - INTEREST AND OTHER CHARGES ON SECONDARY MORTGAGE LOANS › Section 83.701 - Maximum Interest Charge

Current through Reg. 49, No. 28; July 12, 2024
(a)
					 Precomputed secondary mortgage loans. In a precomputed secondary mortgage loan,
					 an authorized lender may contract for, charge, or receive an amount of interest
					 that does not exceed the applicable simple interest rate authorized by Texas
					 Finance Code, Chapter 303, Subchapter A. Prepaid interest is not permitted
					 unless expressly authorized by statute (e.g., an administrative fee).
(b) Interest-bearing loans. In an
					 interest-bearing secondary mortgage loan, an authorized lender may contract
					 for, charge, or receive any rate of interest that does not exceed the
					 applicable amount authorized by Texas Finance Code, Chapter 303, Subchapter A,
					 as calculated under the true daily earnings method or the scheduled installment
					 earnings method. Prepaid interest in the form of points, such as origination or
					 discount points, may be contracted for, charged, or received by an originating
					 lender, so long as the total amount of interest contracted for, charged, or
					 received, when spread over the full term of the loan as permitted by Texas
					 Finance Code, § 302.101 does not exceed the applicable interest limit in
					 Texas Finance Code, Chapter 303, Subchapter A.
(c) Method of calculation. An authorized
					 lender making loans under Texas Finance Code, § 342.301(c) may calculate
					 the rate and amount of interest by any method of calculation, as long as the
					 amount of interest charged does not exceed the maximum rate or amount of
					 interest provided by Texas Finance Code, § 342.301, calculated using the
					 specified earnings methods contained in Texas Finance Code, §
					 342.301.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 7 - INTEREST AND OTHER CHARGES ON SECONDARY MORTGAGE LOANS › Section 83.702 - Treatment of Periods Less than a Full Month

Current through Reg. 49, No. 28; July 12, 2024
(a) To calculate a period of time less than a
					 full month on a precomputed loan:
(1) any
					 period before the first installment due date that includes a part of a month
					 longer than 15 days may be treated as a full month for interest calculation
					 purposes; and
(2) any period before
					 the first installment due date that includes a part of the month that is 15
					 days or less may not be treated as a full month for interest calculation
					 purposes. The amount of interest for the period of 15 days or less must be
					 calculated under the true daily earnings method. This amount may be added to
					 the first installment or, alternatively, it may be allocated among all of the
					 installments.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 7 - INTEREST AND OTHER CHARGES ON SECONDARY MORTGAGE LOANS › Section 83.703 - Default Charges

Current through Reg. 49, No. 28; July 12, 2024
(a) Precomputed
					 loans. Additional interest for default may be charged on a precomputed
					 secondary mortgage loan, whether regular or irregular, or on a secondary
					 mortgage loan that employs the scheduled installment earnings method, to the
					 extent it is authorized by Texas Finance Code, §
											RSA
					 342.302 or §
											RSA
					 342.305.
(b) Interest-bearing loans. Additional
					 interest for default may be charged on an interest-bearing Texas Finance Code,
					 Chapter 342, Subchapter G loan as authorized under Texas Finance Code, §
											RSA
					 342.302.
(c) Contract required. No default charge may
					 be assessed, imposed, charged, or collected unless contracted for in writing by
					 the parties.
(d) Default period. A
					 default charge may not be assessed until after the 10th day after the
					 installment due date. For example, if the installment due date is the 1st of
					 the month, a default charge may not be assessed until the 12th of the
					 month.
(e) Missed payment covered
					 by insurance. If any payment or partial payment in default is later paid by
					 some form of insurance, such as credit disability insurance or collateral
					 protection insurance, any prior assessment of additional interest for default
					 must be waived.
(f) Pyramiding
					 prohibited. An authorized lender seeking to assess additional interest for
					 default on a precomputed secondary mortgage loan under Texas Finance Code,
					 §
											RSA
					 342.302 or §
											RSA
					 342.305 must comply with the prohibition on
					 the pyramiding of late charges provided by the Federal Trade Commission's
					 Credit Practices Rule at
					 RSA
					 444.4.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 7 - INTEREST AND OTHER CHARGES ON SECONDARY MORTGAGE LOANS › Section 83.705 - Amounts Authorized to Be Charged After Consummation

Current through Reg. 49, No. 28; July 12, 2024
(a) Generally. A secondary mortgage loan
					 contract may provide for any one or more of the four listed categories of
					 charges set forth in Texas Finance Code, §
											RSA
					 342.307. These charges may then be assessed
					 and collected by an authorized lender after consummation of the loan if
					 appropriately included in the contract.
(b) Check return fee. An authorized lender
					 may contract for, assess, or collect the fee authorized by Texas Business and
					 Commerce Code, §
											RSA
					 3.506, on a secondary mortgage
					 loan.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 7 - INTEREST AND OTHER CHARGES ON SECONDARY MORTGAGE LOANS › Section 83.706 - Amounts Authorized to Be Collected on or Before Closing

Current through Reg. 49, No. 28; July 12, 2024
(a) Generally. On
					 or before the closing of a secondary mortgage loan, an authorized lender may
					 collect any one or more of the charges set forth in Texas Finance Code, §
											RSA
					 342.308(a).
(b) Administrative fee. An authorized lender
					 may collect an administrative fee pursuant to Texas Finance Code, §
											RSA
					 342.308(a)(9) on
					 interest-bearing and precomputed loans.
(1)
					 To determine the maximum amount of the administrative fee, an authorized lender
					 should ascertain the amount of the cash advance of the loan. If the cash
					 advance is more than $1,000, then the authorized lender may contract for,
					 charge, or receive $25. If the cash advance is $1,000 or less, then the
					 authorized lender may contract for, charge, or receive $20.
(2) An administrative fee may not be
					 contracted for, charged, or received by an authorized lender directly or
					 indirectly on a renewal or modification of an existing obligation more than
					 once in any 180-day period. The administrative fee may be contracted for,
					 charged, or received in a renewal or modification if the authorized lender did
					 not contract for, charge, or receive the administrative fee on any previous
					 obligation within the 180-day period.
(3) Interest may not be assessed, charged, or
					 received on an administrative fee if the assessment causes the total amount of
					 interest to exceed the maximum amount authorized under Texas Finance Code,
					 Chapter 342.
(4) An administrative
					 fee is a prepaid interest charge and may be contracted for, charged, or
					 received in addition to the contractual interest charge authorized by Texas
					 Finance Code, §
												RSA
					 342.301(a).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 7 - INTEREST AND OTHER CHARGES ON SECONDARY MORTGAGE LOANS › Section 83.707 - Other Fees

Current through Reg. 49, No. 28; July 12, 2024
(a) Generally. Fees
					 not otherwise permitted by §
											RSA
					 83.705 or §
											RSA
					 83.706 of this title (relating to Amounts
					 Authorized to Be Charged After Consummation and Amounts Authorized to Be
					 Collected on or Before Closing) may not be charged or collected in a secondary
					 mortgage loan transaction.
(b)
					 Examples of unauthorized fees. Fees not authorized by either §
											RSA
					 83.705 or §
											RSA
					 83.706 of this title include, but are not
					 limited to, commitment fees, broker fees not covered by subsection (d) of this
					 section, pay-off statement fees, prepayment penalties, fax fees, courier fees,
					 settlement or closing fees, tax certificates, expedited payment fees, and
					 escrow management fees.
(c) Escrow
					 services. An authorized lender making a secondary mortgage loan may require a
					 borrower to make payments into an escrow trust account for payment of
					 anticipated tax and property insurance expenses. A fee may not be charged for
					 managing an escrow trust account.
(d) Broker fees. An authorized lender may pay
					 a broker fee in a secondary mortgage loan if the consideration paid by the
					 borrower in the loan that involves a broker does not exceed the consideration
					 paid by the borrower in a loan that does not involve a broker.
(1) Example 1: A prospective borrower is
					 quoted a contract rate of 12% plus a 2% origination fee when he makes his
					 inquiry directly to an authorized lender. On this same individual, a broker
					 quotes a contract rate of 12% plus a 4% origination fee for a loan of the same
					 amount from the same authorized lender. The charge for an additional 2%
					 origination fee is an unauthorized charge.
(2) Example 2: A prospective borrower is
					 quoted a contract rate of 12% plus a 2% origination fee when the borrower makes
					 the inquiry directly to an authorized lender. On this same individual, a broker
					 quotes a contract rate of 12% plus a 2% origination fee for a loan of the same
					 amount from the same authorized lender. The loan is then consummated with the
					 authorized lender paying a 2% fee to the broker for originating the loan. Since
					 the authorized lender has absorbed the expense of the fee, no unauthorized
					 charge has been assessed, charged, or received.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 7 - INTEREST AND OTHER CHARGES ON SECONDARY MORTGAGE LOANS › Section 83.708 - Balloon Payments

Current through Reg. 49, No. 28; July 12, 2024
Balloon payments are authorized in a secondary mortgage
						loan unless prohibited by other applicable law (for example, the high cost
						mortgage rules of Regulation Z - Truth in Lending,
						RSA
						1026.32(d)(1), and Texas
						Finance Code, § 343.202).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 8 - REFUNDS FOR PRECOMPUTED LOANS › Section 83.751 - Scope

Current through Reg. 49, No. 28; July 12, 2024
(a) Scope. This
					 division applies to all precomputed loan transactions made pursuant to Texas
					 Finance Code, Chapter 342, Subchapters E, F, and G. This division is
					 inapplicable to interest-bearing loans made under Texas Finance Code, Chapter
					 342.
(b) Refund methods for Chapter
					 342, Subchapter F and G loans. The chosen method of determining refunds must be
					 contracted for in the loan agreement. An authorized lender may utilize one of
					 the following methods of determining the amount of a refund:
(1) the sum of the periodic balances
					 method;
(2) the scheduled
					 installment earnings method; or
(3)
					 the true daily earnings method.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter A - RULES FOR REGULATED LENDERS › Division 8 - REFUNDS FOR PRECOMPUTED LOANS › Section 83.752 - Specific Application to Subchapter E and G Loans

Current through Reg. 49, No. 28; July 12, 2024
(a) Interest subject to refund. Precomputed
					 interest in Texas Finance Code, Chapter 342, Subchapter E and G loans is
					 subject to refund.
(b) Interest or
					 fees not subject to refund.
(1)
					 Administrative fees. Administrative fees authorized by Texas Finance Code,
					 § 342.201(f) and § 342.308(c) are not subject to refund.
(2) Per diem interest. Per diem interest on
					 odd days in the first installment period is not subject to being refunded if
					 the per diem interest for the first installment period has been earned and
					 collected during the first installment period.
(3) Refunds less than $1. Refunds of unearned
					 interest are not required when a partial prepayment is made or when the sum of
					 interest to be refunded is less than $1.