Credit access businesses and license holders must pay an annual assessment to the commissioner, capped at $200 per license, and the finance commission administers the fund for specified educational purposes.
Sec. 14.113. TEXAS FINANCIAL EDUCATION ENDOWMENT. (a) As part of the licensing fee and procedures described under Subchapter G, Chapter 393, each credit access business or holder of a credit access business license shall pay to the commissioner an annual assessment to improve consumer credit, financial education, and asset-building opportunities in this state. The annual assessment may not exceed $200 for each license as specified by the finance commission. (b) The commissioner shall remit to the comptroller amounts received under Subsection (a) for deposit in an interest-bearing deposit account in the Texas Treasury Safekeeping Trust Company. Money in the account may be spent by the finance commission only for the purposes provided by this section. Amounts in the account may be invested and reinvested under the prudent person standard described by Section 11b, Article VII, Texas Constitution, and the interest from those investments shall be deposited to the credit of the account. (b-1) The expenses of managing the investments may be paid from the deposit account described by Subsection (b). (c) The Texas Financial Education Endowment shall be administered by the finance commission to support statewide financial education and consumer credit building activities and programs, including: (1) production and dissemination of approved financial education materials at licensed locations; (2) advertising, marketing, and public awareness campaigns to improve the credit profiles and credit scores of consumers in this state; (3) school and youth-based financial literacy and capability; (4) credit building and credit repair; (5) financial coaching and consumer counseling; (6) bank account enrollment and incentives for personal savings; and (7) other consumer financial education and asset-building initiatives as considered appropriate by the finance commission. (d) In implementing this section, the finance commission may make grants and may solicit gifts, grants, and donations for this purpose. (e) The finance commission may partner with other state agencies and entities to implement this section. (f) The finance commission shall adopt rules to administer this section. Added by Acts 2011, 82nd Leg., R.S., Ch. 1302 (H.B. 2594), Sec. 2, eff. January 1, 2012. Transferred, redesignated and amended from Finance Code, Section 393.628 by Acts 2023, 88th Leg., R.S., Ch. 159 (S.B. 1371), Sec. 1, eff. September 1, 2023. SUBCHAPTER D. CRIMINAL HISTORY RECORD INFORMATION