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The Law Offices of Alan Abergel, P.C. (“LOAA”) represents pawnshops, pawnbrokers, and consumer lending businesses in Texas in licensing, regulatory compliance, transactional, and administrative matters.
Attorney Alan Abergel is licensed by both the State Bar of Texas and the State Bar of California. LOAA also provides California pawnshop licensing and compliance services.
A Texas pawnshop is a business where a consumer pledges personal property as collateral for a loan. The pawnshop holds the pledged property, and the consumer may redeem or repurchase the item for a fixed price within a specified period.
Under Texas law:
A pawnbroker is a person engaged in the business of lending money on the security of pledged goods or purchasing goods subject to a repurchase right.
A pawnshop is the location where a pawnbroker regularly conducts business.
A pawn transaction involves pledging goods as security for a loan.
Pledged goods are goods delivered to the pawnbroker in connection with a pawn transaction.
A person or business entity may not operate as a pawnbroker without a Texas Pawnshop License.
Texas pawnshops and pawnshop employees are licensed and regulated by the Office of Consumer Credit Commissioner (OCCC) and are also subject to other state and federal lending and consumer protection laws.
LOAA provides legal services to Texas pawnshops and pawnbrokers, including:
Assistance with obtaining a Texas Pawnshop License
Guidance on pawnshop license application requirements
Assistance with transfer of an existing Texas Pawnshop License
Compliance counseling for pawnshops and pawnshop employees
Advice on Texas pawn lending laws and regulations
Advice on state and federal lending laws applicable to pawn transactions
Drafting pawnshop documents, contracts, and disclosures
Regulatory compliance counseling for pawn lending programs
LOAA advises pawnshops on compliance with:
Texas Finance Code and OCCC pawnshop regulations
Federal consumer credit laws and regulations
Rules and enforcement policies of the Consumer Financial Protection Bureau (CFPB)
The firm assists pawnshops in structuring lending and operations to comply with regulatory requirements.
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 represents pawnshops and pawnbrokers in regulatory matters involving:
Administrative hearings and licensing actions
Investigations and inquiries by the CFPB
The firm advises clients on regulatory response strategy, compliance remediation, and enforcement risk mitigation.
LOAA also represents pawnshops and OCCC licensees in:
Mergers and acquisitions involving pawnshops and consumer lending businesses
Private securities offerings and Private Placement Memorandum (PPMs)
Corporate structuring and governance matters
LOAA provides transactional, licensing, compliance, administrative, and civil regulatory defense legal services to pawnshops and pawnbrokers.
LOAA does not represent consumers. The firm represents only pawnshops, pawnbrokers, and OCCC licensed businesses.
“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
