TEXAS CREDIT SERVICE ORGANIZATION REGISTRATION LAWYER
Alan Abergel is an attorney licensed by both the State Bar of Texas and the State Bar California.
THE LAW OFFICES OF ALAN ABERGEL, P.C. (“LOAA“) also provides registration, compliance, and document drafting services to California Credit Services Organizations.
Texas Credit Service Organization Registration and compliance Lawyer.
Texas Credit Repair License. Texas CSO/CAB License.
In Texas, credit service organizations are governed by Chapter 393 of the Finance Code and the secretary of state’s administrative rules found in 1 Texas Administrative Code Chapter 74, as well as any other applicable state or federal law.
Unless exempt from registration, before conducting business in Texas, a CSO must register with the secretary of state. The secretary of state is a filing officer for CSO registrations and security and does not have authority to regulate the business practices of a CSO. The secretary of state cannot resolve disputes about CSO services, investigate the business practices of a CSO, or determine whether a consumer is entitled to a refund.
CSOs that are considered “credit access businesses” must obtain a license from the Office of the Consumer Credit Commissioner in addition to registering with the Secretary of State.
“Credit access businesses” are CSOs that obtain for or assist a consumer in obtaining an extension of consumer credit in the form of deferred presentment transactions or vehicle title loans.
The information above is publicly available here https://www.sos.state.tx.us/statdoc/cso.shtml
and on other sources.
Credit Repair Organizations Act. This Act, Title IV of the Consumer Credit Protection Act, prohibits untrue or misleading representations and requires certain affirmative disclosures in the offering or sale of “credit repair” services. The Act bars companies offering credit repair services from demanding advance payment, requires that credit repair contracts be in writing, and gives consumers certain contract cancellation rights. The Federal Trade Commission is charged with ensuring compliance with the requirements of the CROA with respect to credit repair organizations pursuant to the Federal Trade Commission Act. In addition, the chief law enforcement officer of a state or a designated state official or agency may bring an action to enjoin violations of the CROA, and to recover damages for which the person is liable to state residents as a result of the violation. The CROA does not annul, alter, affect, or exempt any person from complying with any state law except to the extent that the law is inconsistent with a provision of the CROA, and then only to the extent of the inconsistency.
The information above is publicly available here: https://www.ftc.gov/enforcement/statutes/credit-repair-organizations-act and on other sources.
LEGAL SERVICES LOAA PROVIDES:
- Assistance with filing of a CSO Registration Statement with the Texas Secretary of State.
- Drafting contracts and documents to comply with the Texas Chapter 393 of the Finance Code and the secretary of state’s administrative rules found in 1 Texas Administrative Code Chapter 74, Credit Repair Organizations Act, and other applicable Texas and federal laws.
- Advice concerning Texas Chapter 393 of the Finance Code and the secretary of state’s administrative rules found in 1 Texas Administrative Code Chapter 74, Credit Repair Organizations Act, and other applicable Texas and federal laws.
- Representation of Texas Credit Service Organizations and credit repair companies in transactional and administrative matters.
- Representation in investigations and enforcement actions before the Attorney General, Federal Trade Commission, and CFPB.
- Assistance in obtaining a Credit Access Business license from the OCCC.
- M&A transactions involving CSO/CAB licensees and registrants.
- LOAA does not represent consumers. LOAA only represents Texas Credit Service Organizations and credit repair companies. (companies operating from Texas or Texas customers)