Credit Access Business License Update
The O.C.C.C. is getting very close to releasing the Credit Access Business License application. It could be another 7 to 10 days, if so that may be Friday, October 21, 2011.
The next O.C.C.C. Finance Committee meeting also happens to be on Friday, October, 21st 2011. In the meeting the “Consumer Disclosure Form for Credit Access Businesses” will be presented along with its accompanying rules. I was recently updated and given a sample document which illustrates some of the disclosures that will be required for a single payment payday loan. There will also be other versions and sample documents released for multiple payment payday loans, single payment auto title loans, and multiple payment auto title loans.
See below for a link to the document – take a look and tell me what you think. Again, this is only one sample and it is not for use in operations. Do you have any comments you wish to make about the disclosure form? Do you feel like this is too much information? Can you easily work this into your process? after you post your comments I will relay them to the Finance Committee.
Submit comments to me via email at cabconbrokerage@gmail.com
