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Financial Services Law Insights and Observations

Texas Office of Consumer Credit updates guidance urging motor vehicle sales finance licensees to work with borrowers

State Issues Covid-19 Texas Consumer Credit Auto Finance Licensing Repossession Consumer Finance

State Issues

On June 12, the Texas Office of the Consumer Credit Commissioner issued an updated advisory bulletin urging motor vehicle sales finance licenses to work with consumers during the Covid-19 crisis (previously covered here and here). Among other measures, the regulator urged licensees to increase consumer communication, work out modifications, waive certain charges, and suspend repossessions. The guidance is in effect through July 31, 2020, unless withdrawn or revised