Texas Finance Code 394.205 – Records
(a) A provider shall keep and use books, accounts, and other records that will enable the commissioner to determine if the provider is complying with this subchapter and maintain any other records as required by the commissioner. The commissioner may examine the records at any reasonable time. The records must be kept for at least three years after the date of the last service on a consumer’s debt management plan.
(b) Each provider shall file a report with the commissioner at each renewal of the provider’s registration. The report must at a minimum disclose in detail and under appropriate headings:
(1) the assets and liabilities of the provider at the beginning and end of the period, if the provider is a nonprofit or tax exempt organization;
(2) the total number of debt management plans the provider has initiated on behalf of consumers in this state during that period; and
(3) records of total and average fees charged to consumers, including all voluntary contributions received from consumers.
Terms Used In Texas Finance Code 394.205
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
(c) The reports must be verified by the oath or affirmation of the owner, manager, president, chief executive officer, or chairman of the board of directors of the provider.
(d) A provider shall file a blank copy of the agreement described in § 394.209 and blank copies of the written information required in § 394.208(a) with the commissioner accompanying the initial registration and each renewal of registration.
(e) The commissioner shall make the information provided under this section available to interested parties and to the public.