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Office of Consumer Credit Commissioner

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  1. Office of Consumer Credit Commissioner Regulatory and Legislative Update by Rudy Aguilar Director of Consumer Protection

  2. Chapter 342Subchapter F Lenders Licenses as of 06/04/2007: Active 1,937 Inactive 586 Total 2,523

  3. Examination Results Ratings 1 2 3 4 5 Total FY 2006 276 341 188 16 4 825 Acceptable Compliance 97.58% FY 2007 (to date) 217 280 125 4 0 627 Acceptable Compliance 99.21% Projected Examinations 836

  4. Complaints Fiscal Year# of Complaints % of Total 2005 302 10.9 2006 293 10.8 2007 to date 240 11.0 Projected 320

  5. Staff ProjectionFY 2008 & 2009 (Tentative) Additional full-time employees Motor Vehicle Sales Finance 12 Refund Anticipation 3 Debt Management 1

  6. John Warner National Defense Authorization Act forFiscal Year 2007 Limitations on Terms of Consumer Credit Extended to Service members and their Dependents Talent Amendment Proposed Rules Comment Deadline June 11, 2007

  7. John Warner National Defense Authorization Act for Fiscal Year 2007 Proposed Regulation - Coverage • A regular or reserve member of the Army, Navy, Marine Corps, Air Force, or Coast Guard, serving on active duty • A member’s spouse • A member’s child (a dependent); or • An individual for whom the member provided more than one-half of the individual’s support

  8. John Warner National Defense Authorization Act for Fiscal Year 2007 Proposed Regulation - Type of Consumer Credit Transaction Covered by the Regulation Payday Loans – closed end loans with a term of 91 days or less with an amount financed that does not exceed $2000 and is secured by a check or authority to debit a deposit account after a certain period of time Vehicle Title Loans – closed-end loans with a term of 181 days or less that is secured by a title to a motor vehicle, other than a purchase money transaction Tax Refund Anticipation Loans – closed-end loans secured by the borrower’s income tax refund

  9. John Warner National Defense Authorization Act forFiscal Year 2007 Statutory Terms and Limitations of Covered Consumer Credit Transactions * The military annual percentage rate (MAPR) on a covered transaction must be the lower rate of 36 percent or the maximum rate established by state law * The same creditor cannot roll over, refinance, renew, repay or consolidate a covered transaction unless the new transaction results in more favorable terms to the covered borrower such as a lower MAPR * The creditor cannot require the covered borrower to waive its right to legal recourse under any state or federal law including the Service member’s Civil Relief Act * The creditor cannot require the covered borrower to submit to arbitration or any other onerous legal process

  10. Bills Passed HB 1344 Villareal/Van de Putte--Relating to the regulation of refund anticipation loans. HB 2138 Paxton/Wentworth--Relating to regulation of property tax lenders. HB 2783 Solomons/Seliger--Relating to the regulation of mortgage brokers. HJR 72 (1) Solomons/Carona--Relating to clarifying certain provisions relating to the making of a home equity loan and use of home equity loan proceeds. SB 884 Eltife/McCall--Relating to the regulation of consumer debt management services. SB 1520 Wentworth/Paxton--Relating to ad valorem tax lien transfers.