Certain creditors must register with the Office of Consumer Credit Commissioner and pay a fee; registered creditors in residential mortgage lending must also meet a related bond or fee requirement.
Sec. 347.451. REGISTRATION OF CERTAIN CREDITORS. (a) A creditor who is not an authorized lender under Chapter 342 or a credit union shall: (1) register with the Office of Consumer Credit Commissioner; and (2) pay a fee in an amount determined under Section 14.107 for each location at which a credit transaction is originated, serviced, or collected. (a-1) A registration issued under this section is valid for the period prescribed by finance commission rule adopted under Section 14.112. (b) Subject to Section 14.112, the finance commission by rule may establish procedures to facilitate the registration and collection of fees under this section. (b-1) A registered creditor that engages in the activity of originating a residential mortgage loan must meet the surety bond or recovery fund fee requirement, as applicable, of the creditor's residential mortgage loan originator under Section 180.058. (c) If a creditor fails to renew the creditor's registration, the commissioner shall, not later than the 30th day after the date of expiration of the registration, notify the creditor of the expiration and of the procedures applicable to renewal. (d) A creditor shall file the registration renewal and pay the registration fee to the commissioner not later than the 30th day after the date on which the creditor receives the notice under Subsection (c). (e) The commissioner may refuse to renew the registration of a creditor who fails to comply with an order issued by the commissioner to enforce this chapter. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2001, 77th Leg., ch. 867, Sec. 97, eff. Sept. 1, 2001. Amended by: Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. 10), Sec. 13, eff. June 19, 2009. Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 31, eff. September 1, 2019. Acts 2023, 88th Leg., R.S., Ch. 159 (S.B. 1371), Sec. 18, eff. September 1, 2023.