Texas Adopts Amendments Affecting Regulated Lenders
The Texas Office of Consumer Credit Commissioner has made a number of housekeeping changes to its rules under the Regulated Lenders and Credit Access Businesses chapter. Provisions relating to the application process, licensing process, interest charges on loans, and property insurance have been modified to ensure consistent terminology, remove obsolete language, and to introduce technical corrections to the regulations; numerous additional modifications consisting of grammar, punctuation, and formatting changes have also been adopted.
The provisions took effect November 8, 2018 and the full text of the modified rules may be found at: https://occc.texas.gov/sites/default/files/uploads/pub/rules/reg-rule-review-adoption-fc-110818.pdf
Adam Faria, JD, is a regulatory compliance consultant with CLA. He is a graduate of Northeastern University and earned his juris doctor at Suffolk University Law School. He is admitted to the bar in Massachusetts and New Hampshire.
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