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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 Finance Auto Finance Licensing

State Issues

On February 18, the Texas Office of the Consumer Credit Commissioner updated its advisory bulletin urging motor vehicle sales finance licensees to work with consumers during the Covid-19 crisis (previously covered herehereherehereherehere, and here). Among other measures, the guidance urges licensees to increase consumer communication regarding the effects of Covid-19 for licensees, work out modifications for payment difficulties, and review policies for fees, late charges, delinquency practices, and repossessions. The guidance also: (i) reminds licensees of legal requirements for using electronic signatures and (ii) continues to permit licensees to conduct activity from unlicensed locations, subject to certain conditions. The guidance is in effect through March 31, 2021, unless withdrawn or revised.

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