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(a) To obtain a certificate of registration for a credit access business, a person must submit an application on a form provided for that purpose to the director. The application must contain the following:
(1) The name, street address, mailing address, facsimile number, and telephone number of the applicant.
(2) The business or trade name, street address, mailing address, facsimile number, and telephone number of the credit access business.
(3) The names, street addresses, mailing addresses, and telephone numbers of all owners of the credit access business, and the nature and extent of each person's interest in the credit access business.
(4) A copy of a current, valid state license held by the credit access business pursuant to Tex. Finance Code, Chapter 393, Subchapter G.
(5) A copy of a current, valid certificate of occupancy showing that the credit access business is in compliance with the Fort Worth Building Code.
(6) A non-refundable application fee for the amount established.
(b) An applicant or registrant shall notify the director within 45 days after any material change in the information contained in the application for a certificate of registration, including, but not limited to, any change of address and any change in the status of the state license held by the applicant or registrant.
(Ord. 23991-12-2019, § 1, passed 12-17-2019, eff. 12-25-2019)
(a) The director shall issue to the applicant a certificate of registration upon receiving a completed application under § 20-455.
(b) A certificate of registration issued under this section must be conspicuously displayed to the public in the credit access business. The certificate of registration must be presented upon request to the director or any peace officer for examination.
(Ord. 23991-12-2019, § 1, passed 12-17-2019, eff. 12-25-2019)
(a) A certificate of registration expires on the earliest of:
(1) One year after the date of issuance; or
(2) The date of revocation, suspension, surrender, expiration without renewal, or other termination of the registrant's state license.
(b) A certificate of registration may be renewed by making application in accordance with § 20-455. A registrant shall apply for renewal at least 30 days before the expiration of the registration.
(Ord. 23991-12-2019, § 1, passed 12-17-2019, eff. 12-25-2019)
(a) A credit access business shall maintain a complete set of records of all extensions of consumer credit arranged or obtained by the credit access business, which must include the following information:
(1) The name and address of the consumer;
(2) The principal amount of cash actually advanced;
(3) The length of the extension of consumer credit, including the number of installments and renewals;
(4) The fees charged by the credit access business to arrange or obtain an extension of consumer credit; and
(5) The documentation used to establish a consumer's income under § 20-460 of this article.
(b) A credit access business shall maintain a copy of each written agreement between the credit access business and a consumer evidencing an extension of a consumer credit (including, but not limited to, any refinancing or renewal granted to the consumer).
(c) A credit access business shall maintain copies of all quarterly reports filed with the Texas Consumer Credit Commissioner under Tex. Finance Code, § 393.627.
(d) The records required to be maintained by a credit access business under this section must be retained for at least three years and made available for inspection by the city upon request during the usual and customary business hours of the credit access business.
(Ord. 23991-12-2019, § 1, passed 12-17-2019, eff. 12-25-2019)
(a) The cash advanced under an extension of consumer credit that a credit access business obtains for a consumer or assists a consumer in obtaining in the form of a deferred presentment transaction may not exceed 20% of the consumer's gross monthly income.
(b) The cash advanced under an extension of consumer credit that a credit access business obtains for a consumer or assists a consumer in obtaining in the form of a motor vehicle title loan may not exceed the lesser of:
(1) Three percent of the consumer's gross annual income; or
(2) Seventy percent of the retail value of the motor vehicle.
(c) A credit access business shall use a paycheck or other documentation establishing income to determine a consumer's income.
(d) An extension of consumer credit that a credit access business obtains for a consumer or assists a consumer in obtaining and that provides for repayment in installments may not be payable in more than four installments. Proceeds from each installment must be used to repay at least 25% of the principal amount of the extension of consumer credit. An extension of consumer credit that provides for repayment in installments many not be refinanced or renewed.
(e) An extension of consumer credit that a credit access business obtains for a consumer or assists a consumer in obtaining and that provides for a single lump sum repayment may not be refinanced or renewed more than three times. Proceeds from each refinancing or renewal must be used to repay at least 25% of the principal amount of the original extension of consumer credit.
(f) For purposes of this section, an extension of consumer credit that is made to a consumer within seven days after a previous extension of consumer credit has been paid by the consumer will constitute a refinancing or renewal.
(Ord. 23991-12-2019, § 1, passed 12-17-2019, eff. 12-25-2019)
(a) Every agreement between the credit access business and a consumer evidencing an extension of consumer credit (including, but not limited to, any refinancing or renewal granted to the consumer), must be written in the consumer's language of preference. Every credit access business location must maintain on its premises, to be available for use by consumers, agreements in the English and Spanish languages.
(b) For every consumer who cannot read, every agreement between the credit access business and a consumer evidencing an extension of consumer credit (including, but not limited to, any refinancing or renewal granted to the consumer) must be read to the consumer in its entirety in the consumer's language of preference, prior to the consumer's signature.
(c) For every consumer who cannot read, every disclosure and notice required by law must be read to the consumers in its entirety in the consumer's language of preference, prior to the consumer's signature.
(Ord. 23991-12-2019, § 1, passed 12-17-2019, eff. 12-25-2019)
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