Use caution when accepting payoff payments on motor vehicle title loans

February 10, 2017

Review your company policy regarding acceptable methods of payment for motor vehicle title loans in Texas as a Credit Access Business. With tax season upon us, there will be an increase in the number of folks paying off loans, especially motor vehicle title loans as the income tax refunds start to pour in over the […]

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Texas Legislative Session as of this week: (7) bills related to Credit Access Businesses

February 10, 2017

HB 60, Introduced by Romero Jr: Requiring a Credit Access Business to verify the vehicle identification number used to obtain a motor vehicle. HB 197, Introduced by Bernal: Relating to the contracts and other documents issued by a Credit Access Business (requiring to have English & Spanish). Also, to read the contract in its entirety […]

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Credit Access Business rules for 2017 that you need to know!

January 13, 2017

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 […]

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Legislative Session: (3) bills as of last week, this is the 4th

January 12, 2017

New bill: HB 877, from Chris Turner (Democrat out of Tarrant County, Represents Grand Prairie & portions of Arlington). Caption: Relating to prohibiting certain telemarketing calls by a credit access business. A credit access business or a representative of a credit access business may not make a telemarketing call, as defined by Section 304.002, Business & Commerce […]

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(3) bills already posted ahead of the 85th Texas Legislative Session

January 6, 2017

The 85th Texas Legislative Session starts on Tuesday, January 10, 2017.  At this point, (3) bills have been posted ahead of the session.  See below for information on the bills as well as a few comments. Ramon Romero (D): HB 60 Relating to requiring a credit access business to verify the vehicle identification number used to […]

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Texas Credit Access Businesses are making major contributions to the Texas Financial Education Endowment “TFEE” Fund

January 4, 2017

In an earlier blog the CAB license renewal deadline was addressed as it is coming on January 31st.  It is very much worth mentioning that each year when the CABs across Texas pay the renewal fee of $800 per location, that $200 of that goes to the Texas Financial Education Endowment Fund (  It appears that […]

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Credit Access Business License renewals due by no later than December 31st

December 28, 2016

Credit Access Business (“CAB”) License renewals with the Texas Office of Consumer Credit Commissioner (“OCCC”) are due by no later than December 31st. You absolutely positively cannot miss this deadline. If you do, you will likely lose your license and have to re-apply for a new one. That is not the biggest problem – if you […]

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CFPB fines Money Tree – a good reminder

December 27, 2016

Although we are all hopeful the proposed CFPB rule will unravel in the near future, the CFPB action against Moneytree is a good reminder that we can at any time be examined by the CFPB in the same way that the OCCC can show up at our stores at any time. Specific to this particular […]

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Many more Americans need access to alternative loan or “payday” services than you may think, this is who they are…

December 17, 2016

Did you know? 7 in 10 Americans have less than $1,000 in savings in case of emergency. 34% of Americans have zero savings. 5% of Americans have relied on payday loans or similar services. Customer Demographics – per a Georgetown University McDonough School of Business study: Majority earn between $25,000 and $50,000. 90 % have a high […]

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Let’s speak the truth about the “Payday Loan Industry” for a minute

December 15, 2016

The Texas Organization of Financial Service Centers (“TOFSC”) is: An Industry Trade Association mainly comprised of small and mid-size business owners in Texas who offer short-term, small-dollar loan services.  You may be more familiar with our industry and it’s more commonly referred to name “The Payday Loan Industry.”  In fact, that term is loosely (not […]

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