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 5 - OPERATIONAL REQUIREMENTS › Section 83.5004 - Files and Records Required

Current through Reg. 49, No. 28; July 12, 2024
A licensee must maintain records for each transaction
						under Texas Finance Code, Chapter 393, and make those records available to the
						OCCC for examination. The records required by this section may be maintained by
						using a paper or manual recordkeeping system, electronic recordkeeping system,
						optically imaged recordkeeping system, or a combination of these types of
						systems, unless otherwise specified. All records must be prepared and
						maintained in accordance with generally accepted accounting principles. If
						federal law requirements for record retention are different from the provisions
						contained in this section, the federal law requirements prevail only to the
						extent of the conflict with the provisions of this section.
(1) Transaction register. A licensee must
					 maintain a transaction register, or be able to produce this information within
					 a reasonable amount of time. Each record in the register must contain the
					 transaction number, the date of the transaction, the last name of the consumer,
					 the total fees payable to the licensee, the total of payments, and the type of
					 transaction (single payment payday loan, single payment auto title loan,
					 multiple payment payday loan, or multiple payment auto title loan). Each record
					 in the transaction register must be retained for four years from the date of
					 the transaction, or two years from the date of the final entry made on the
					 consumer's account, whichever is later.
(2) Consumer's transaction file. A licensee
					 must maintain a paper or electronic transaction file for each individual
					 transaction under Texas Finance Code, Chapter 393, or be able to produce this
					 information within a reasonable amount of time. The transaction file must
					 contain documents that show the licensee's compliance with applicable state and
					 federal law, including Texas Finance Code, Chapter 393. If a substantially
					 equivalent electronic record for any of the following documents exists, a paper
					 copy of the record does not have to be included in the transaction file if the
					 electronic record can be accessed upon request.
(A) The transaction file must include the
					 following documentation for each transaction under Texas Finance Code, Chapter
					 393:
(i) any agreement between the consumer
					 and the licensee, including the contract described by Texas Finance Code,
					 §
													RSA
					 393.201, with all provisions required by that
					 section, as well as the notice of cancellation described by Texas Finance Code,
					 §
													RSA
					 393.202;
(ii) any agreement between the consumer and
					 the lender, including the promissory note;
(iii) documentation referencing which
					 agreements between the licensee and a third-party lender apply to the
					 transaction, including any guarantee or letter of credit issued by the
					 licensee;
(iv) all legally required
					 disclosures provided in connection with the transaction, including:
(I) the consumer disclosure required by Texas
					 Finance Code, §
														RSA
					 393.223, and §
														RSA 83.6007
					 of this title (relating to Consumer Disclosures);
(II) the credit services organization
					 disclosure required by Texas Finance Code, §
														RSA
					 393.105;
(III) any disclosures provided under the
					 Truth in Lending Act,
					 RSA
					 1601 -
					 RSA
					 1667f, and Regulation Z, 12 C.F.R. Part
					 1026;
(IV) any privacy notice
					 provided under the Gramm-Leach-Bliley Act,
					 RSA
					 6801 -
					 RSA
					 6809, and Regulation P, 12 C.F.R. Part
					 1016;
(V) any notice to cosigner
					 provided under the Federal Trade Commission's Credit Practices Rule,
					 RSA
					 444.3;
(VI) any mandatory disclosure to a covered
					 borrower under the Department of Defense's Military Lending Act Rule,
					 RSA
					 232.6;
(v) the consumer's credit application and any
					 other written or recorded information used in evaluating the
					 application;
(vi) any document
					 signed by a co-borrower, co-signor, or other guarantor in connection with the
					 transaction;
(vii) any
					 documentation of whether the consumer is a covered borrower under the
					 Department of Defense's Military Lending Act Rule, 32 C.F.R. Part 232,
					 including the identification of covered borrower described by
					 RSA
					 232.5;
(viii) complete documentation of any
					 ancillary products (including insurance or an automobile club) offered to the
					 consumer or purchased by the consumer in connection with the
					 transaction;
(ix) complete
					 documentation of all payments made by or to the licensee during the transaction
					 and all payments made by or to the third-party lender at the inception of the
					 transaction (including the amount of each payment, the source of each payment,
					 and the recipient of each payment);
(x) any other documentation created or
					 obtained by the licensee in connection with the transaction.