Email, Rudy Aguilar, director of Consumer Protection, Office of Consumer Credit Commissioner, Jan. 3, 2014

1:14 pm

I would clarify or correct 2 points...

First, we issue a Regulated Loan License under the provisions of Chapter 342 Consumer Loans of the Texas Finance Code. We also issue a Credit Access Business License under the provisions of Texas Finance Code Chapter 393 Credit Service Organizations.  

Second, the Lovick vs Rite Money case was a private action. The Office of Attorney General for the State of Texas did not participate in that case.  The AG looked into taking an action at a later point, but decided not to proceed.

The information and web addresses listed below are all publicly available. Information or documents that we obtain through our examination process are confidential by statute and we cannot share them.

The first address is the disclosure required by Texas Statute and Regulation, it must be completed by the licensee with their information.

The second address is the form completed by the licensee on their website.

The third and fourth addresses are the website rate disclosure for two other licensees in their formats.

http://www.occc.state.tx.us/pages/industry/CAB/Payday%20Single%20Pay%20Disclosure%20(Dec%2012).pdf     Chart comparing costs of types of credit products on page 2 may be helpful to you.

http://www.cashnetusa.com/files/TX_CAB_Disclosure_550.pdf

http://www.cashamerica.com/LoanOptions/CashAdvances/RatesandFees/Texas.aspx

http://www.checkcity.com/texas-rates.aspx        This rate information does contain a greater than 1000% example in the short term examples (9 days or less).

The report copy you sent;

CREDIT ACCESS BUSINESS UPDATE TO THE

HOUSE PENSIONS, INVESTMENTS & FINANCIAL SERVICES COMMITTEE

February 18, 2013

BY THE OFFICE OF CONSUMER CREDIT COMMISSIONER

had a footnote I have listed.

2 There is a low level of confidence in these figures due to suspected inaccurate, and unverifiable, reporting of average CAB fee per $100 borrowed.

We posted the bulletin listed below to address the issue.

http://www.occc.state.tx.us/pages/Legal/CAB_advisory/02282013%20CAB%20Reporting%20Errors%20(Notification%20Letter).PDF