Texas Finance Code 347.451 – Registration of Certain Creditors
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(a) A creditor who is not an authorized lender under Chapter 342 or a credit union shall:
(1) register with the Office of Consumer Credit Commissioner; and
(2) pay a fee in an amount determined under § 14.107 for each location at which a credit transaction is originated, serviced, or collected.
(a-1) A registration issued under this section is valid for the period prescribed by finance commission rule adopted under § 14.112.
Terms Used In Texas Finance Code 347.451
- Consumer: means a person to whom credit is extended in a credit transaction. See Texas Finance Code 347.002
- Credit transaction: means :
(A) any sale, loan, or other transaction involving a retail purchase of a manufactured home and under which a person in a written agreement, including a credit sales contract or loan instrument, grants to another person a purchase money lien on the manufactured home to secure an extension of credit that is:
(i) subject to a finance charge; or
(ii) payable in more than four installments, not including a down payment; and
(B) a lease or bailment described by § 347. See Texas Finance Code 347.002 - Creditor: means a:
(A) person who extends credit or arranges for the extension of credit in a credit transaction; or
(B) retailer or broker, as defined by § 1201. See Texas Finance Code 347.002 - Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Rule: includes regulation. See Texas Government Code 311.005
(b) Subject to § 14.112, the finance commission by rule may establish procedures to facilitate the registration and collection of fees under this section.
(b-1) A registered creditor that engages in the activity of originating a residential mortgage loan must meet the surety bond or recovery fund fee requirement, as applicable, of the creditor’s residential mortgage loan originator under § 180.058.
(c) If a creditor fails to renew the creditor’s registration, the commissioner shall, not later than the 30th day after the date of expiration of the registration, notify the creditor of the expiration and of the procedures applicable to renewal.
(d) A creditor shall file the registration renewal and pay the registration fee to the commissioner not later than the 30th day after the date on which the creditor receives the notice under Subsection (c).
(e) The commissioner may refuse to renew the registration of a creditor who fails to comply with an order issued by the commissioner to enforce this chapter.