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Financial Services Law Insights and Observations

Texas Office of Consumer Credit updates guidance for regulated lenders

State Issues Covid-19 Texas Consumer Credit Lending Consumer Finance Repossession Auto Finance Foreclosure Mortgages

State Issues

On June 12, the Texas Office of the Consumer Credit Commissioner issued updated guidance for regulated lenders navigating the Covid-19 crisis.  The guidance: (1) addresses the June 1 due date for filing annual reports; (2) encourages lenders to work with consumers, including by working out modifications to assist with payments, waiving fees and charges, suspending charged-off accounts, and suspending repossessions of collateral or foreclosure of real property, among other things; (3) reminds lenders of legal requirements for using electronic signatures; and (4) permits lenders to conduct regulated lending activity from unlicensed locations, subject to certain conditions.  The guidance is in effect through July 31, 2020, unless withdrawn or revised