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The Law Offices of Alan Abergel, P.C. (“LOAA”) represents auto dealers, acceptance companies, and financial institutions in Texas motor vehicle sales finance licensing, regulatory compliance, and administrative and civil matters.
Attorney Alan Abergel is licensed by both the State Bar of Texas and the State Bar of California.
A motor vehicle installment sale is a two-party transaction between a retail seller and a retail buyer for a personal-use vehicle, where the buyer pays over time under a retail installment contract.
Under Texas law, both sellers and holders of retail installment contracts must obtain a Motor Vehicle Sales Finance (MVSF) license. Businesses required to be licensed by the Office of Consumer Credit Commissioner (OCCC) include:
Auto dealers holding retail installment contracts
Auto dealers assigning retail installment contracts
Acceptance companies purchasing or servicing retail installment contracts
Texas MVSF licensees are regulated by the OCCC and may also be subject to oversight by other state and federal regulatory authorities.
Legal Opinions: LOAA provides legal opinions to individuals and businesses that need a legal analysis of whether their activities require a Texas financial regulation license and which one and under which classification. These opinions involve a detailed examination of the services provided, the compensation structure, the relationship between the service provider and the customer, and the specific statutory definitions and exemptions. A well-reasoned legal opinion provides the client with a documented basis for its compliance position and can serve as evidence of good faith in the event of a future Texas agency regulatory inquiry about whether the client's activities constitute unlicensed practice.
LOAA provides legal services to motor vehicle sales finance companies and auto dealers, including:
Assistance with obtaining a Texas Motor Vehicle Sales Finance License
Guidance on MVSF license application requirements and compliance
Assistance with transfer of an existing MVSF license
Assistance with Independent General Distinguishing Number (GDN) license applications through the Texas Department of Motor Vehicles (DMV)
Advice on compliance with Texas consumer credit laws for OCCC licensees
Compliance counseling for dealers holding or assigning retail installment contracts and acceptance companies
Advice on state and federal consumer credit laws governing motor vehicle financing
LOAA provides legal services to motor vehicle sales finance companies and auto dealers, including:
Assistance with obtaining a Texas Motor Vehicle Sales Finance License
Guidance on MVSF license application requirements and compliance
Assistance with transfer of an existing MVSF license
Assistance with Independent General Distinguishing Number (GDN) license applications through the Texas Department of Motor Vehicles (DMV)
Advice on compliance with Texas consumer credit laws for OCCC licensees
Compliance counseling for dealers holding or assigning retail installment contracts and acceptance companies
Advice on state and federal consumer credit laws governing motor vehicle financing
LOAA drafts and revises consumer credit documentation for MVSF licensees, including:
Auto retail installment sales contracts
Ancillary financing and servicing documents
Disclosures required by Texas and federal consumer credit laws
Policies and procedures for installment financing programs
The firm advises clients on structuring financing programs to comply with regulatory requirements.
LOAA represents motor vehicle sales finance licensees in regulatory matters involving:
DMV investigations, administrative hearings, and disciplinary actions
Investigations and inquiries by the Consumer Financial Protection Bureau (CFPB)
The firm advises licensees on compliance strategy, regulatory examinations, and response to enforcement actions.
LOAA represents clients in corporate and transactional matters involving motor vehicle sales finance businesses, including:
Mergers and acquisitions involving MVSF companies and OCCC licensees
Private securities offerings and Private Placement Memoranda (PPMs)
Regulatory compliance issues in capital raising and financing transactions
LOAA provides transactional, compliance, administrative, and civil regulatory legal services to motor vehicle sales finance licensees and auto dealers.
No criminal defense services are provided.
“I engaged Alan to help me through the complexities of obtaining my Lenders License. He was very knowledgeable about the process and provided me with a high level of service. I worked quickly getting him all the information needed and he worked at my pace. He was responsive to e-mails and questions and followed up with the DFPI to make sure everything was filed correctly. I had read online that this process could take as long as 6 months however Alan completed the assignment in less than 3 I will be retaining his services in the future to ensure my company remains in compliance."
--Petroleum Realty Group Inc.
"I hired Alan to represent me as a mortgage broker before the California Department of Real Estate. I couldn't be more pleased with Alan's services from start to finish. Alan was clear and concise. Alan's communication throughout the process was professional. I received the results I hoped for. Thank you Alan. I'll definitely recommend you to ALL and use your services again in the future shall I need anything!"
-Anonymous
"Very helpful in assisting in obtaining an OCCC Texas Motor Vehicle Sales Finance License. Very knowledgeable in answering all questions the OCCC asked for on their questionnaire. Highly recommended and would re-hire for any future assistance regarding motor vehicle and finance business. God Bless!"
-Raul
