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Houston loans that are payday For Credit Access Company

Houston loans that are payday For Credit Access Company

On December 18, 2013, Houston City Council amended Chapter 28 of this Code of Ordinances relating to Consumer Protection and Regulation of Credit Access companies to add credit access businesses – additionally known as payday and car title loan providers.

At the time of July 1, 2014, the town of Houston now requires Credit Access organizations:

  • Enter yearly
  • To keep a complete group of records of most credit rating extensions released or obtained by consumers.
  • To steadfastly keep up a written contract amongst the credit access company and a customer showing an expansion of credit rating including refinancing or renewal.
  • To steadfastly keep up copies of all of the quarterly reports filed under Texas credit rating Commissioner.
  • May well not meet or exceed 20 % of consumer’s gross monthly earnings when issuing an expansion of credit into the type of deferred presentment.
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