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A BILL TO BE ENTITLED
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AN ACT
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relating to requirements to report certain data from credit |
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services organizations regarding certain transactions. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 393, Finance Code, is |
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amended by adding Section 393.107 to read as follows: |
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Sec. 393.107. ANNUAL REPORT. (a) Each year, not later |
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than May 1 or a later date set by the Finance Commission of Texas, a |
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credit services organization operating under Section 393.001(3)(B) |
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shall submit to the finance commission a report that contains |
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relevant information concerning its transactions conducted in this |
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state. |
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(b) A report under this section shall include the following |
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information: |
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(1) the total number of credit service transactions |
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made, serviced, or brokered by the credit services organization |
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during the preceding year; |
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(2) the total principal amount resulting from credit |
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services transactions brokered by the credit services organization |
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during the preceding year; |
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(3) the total amount of authorized fees or charges by |
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category, as authorized under Section 393.001, collected by the |
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credit services organization which serviced transactions during |
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the preceding year; |
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(4) the total number of unique consumers, including |
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those with multiple transactions, that engaged the services of the |
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credit services organization from the preceding year; |
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(5) the average term of all credit service |
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transactions made, serviced, or brokered by the credit services |
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organization during the preceding year; |
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(6) the total number of delinquent or defaulted credit |
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services transactions made, serviced, or brokered by the credit |
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services organization during the preceding year; and |
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(7) the number of written consumer complaints |
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associated with all credit services transactions serviced by the |
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credit services organization during the preceding year. |
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(c) A report under this section may include the following |
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information: |
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(1) geographic origination by county of credit |
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services transactions made, serviced, or brokered by the credit |
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services organization during the preceding year; and |
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(2) average income ranges of consumers who obtained |
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credit services from the credit services organization during the |
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preceding year. |
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(d) A report under this section must be: |
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(1) under oath; and |
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(2) in the form prescribed by the Finance Commission |
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of Texas. |
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(e) Information submitted by a credit services organization |
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under this section shall be held privileged and confidential by the |
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Finance Commission of Texas and is exempted from the requirements |
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of Section 552.021, Government Code. |
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(f) Annually the Finance Commission of Texas shall prepare |
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and publish a consolidated analysis and recapitulation of reports |
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filed under this section. |
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(g) A credit services organization that is required to |
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comply with this section must maintain a process to collect and |
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report written consumer complaint information regarding its |
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services. |
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(h) The Finance Commission of Texas shall adopt rules as |
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necessary to implement this section. |
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SECTION 2. This Act takes effect September 1, 2007. |