(a) A credit services organization and a credit access business shall maintain a complete set of records of all extensions of consumer credit transactions:
(1) that the credit services organization or credit access business arranged or obtained for a consumer; and
(2) on which the credit services organization or credit access business provide advice or assistance to a customer.
(b) A complete set of records must include the following information:
(1) The name and address of the consumer.
(2) The principal amount of cash actually advanced.
(3) The fees charged to arrange or obtain an extension of consumer credit.
(4) The fees charged to advise or assist a consumer in obtaining an extension of credit.
(5) The documentation used to establish a consumer's income under Section 50-151.3.
(6) A copy of each written agreement, between the credit services organization or credit access business and a customer, evidencing an extension of consumer credit including, but not limited to, any refinancing or renewal agreement with the consumer.
(7) Whether any part of the extension of consumer credit transaction has been refinanced or renewed and, if so, the number of refinances or renewals made.
(8) A copy of each written agreement between the lender and consumer.
(c) A credit access business shall maintain, and file with the director, copies, in a format prescribed by the director, of all annual reports, quarterly reports, and all revisions and updates to those reports, filed with the Texas Consumer Credit Commissioner under Chapter 393 of the Texas Finance Code, as amended. The reports, revisions, and updates must be submitted to the director within five business days of being submitted to the Texas Consumer Credit Commission.
(d) The records required to be maintained by a credit services organization or credit access business under this section must be retained for at least three years and, to the extent not filed with the director, made available for inspection by the city upon request during the usual and customary business hours of the credit services organization or credit access business. (Ord. Nos. 28287; 31747)