New Technical Rules for 2017 you should be aware of. Did you know there are new rules related to the application for new licenses, transferring a license, and criminal history of CAB owners? Much of this was covered during CAB Consulting’s “CAB II” project that many clients and members took advantage of.
*The language for rules and transfers removes the part mentioning that you need to wait on the OCCC’s approval to operate a CAB while the license is being transferred. The transformer assumes all responsibility of the license until the license has been transferred to the transferee.
**Criminal History can affect license holders. This affects anyone with a State license from a concealed handgun license to a Credit Access Business license. In the eyes of Texas, it is a privilege to maintain a Texas license, and therefore license holders must be law abiding residents.
Here are several areas of infraction that could compromise your CAB:
Theft, assault, any offense that involves misrepresentation, deceptive practices or making false or misleading statements.
Any offense that involves breach of trust or other fiduciary duty.
Any criminal violation of a statute governing credit transactions or debt collection.
Failure to file a government report, filing a false report or tampering with a government record.
Here is a link to the rules: http://occc.texas.gov/sites/default/files/uploads/pub/rules/cab-adoption-fc-010517.pdf
This blog post was written by Michael Brown, President of CAB Consulting and the Texas Organization of Financial Service Centers. He can be reached at 214-293-8676, or Michael@CreditAccessBusiness.com.