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The Law Offices of Alan Abergel, P.C. ("LOAA") represents Texas retailers, registered creditors, and financial institutions in matters involving retail installment sales, consumer credit compliance, and regulatory enforcement. Attorney Alan Abergel is licensed by both the State Bar of Texas and the State Bar of California, serving clients throughout Dallas, Fort Worth, and across Texas.
A retail installment contract is a credit agreement under which a retail seller finances the purchase of goods or services and the retail buyer agrees to pay the purchase price plus finance charges over time through scheduled installment payments. These financed transactions allow consumers to acquire goods sold or services without making full payment at the time of purchase.
Retail installment transactions are governed by the Texas Finance Code, which establishes essential provisions that must be included in retail installment contract documents. The retail seller extends credit directly to the retail buyer rather than requiring the buyer to obtain financing from a bank or credit union.
Under Texas law, creditors who originate, service, or collect on retail installment agreements must register with the Office of Consumer Credit Commissioner (OCCC) within 60 days of beginning financing activities. This registration requirement applies to retailers that act as creditors by providing financing for the sale of goods or services.
Retailers that provide financing through third-party lenders may also be required to register as registered creditors depending on their role in the financed transactions. Understanding these registration obligations is crucial for Texas businesses that offer customer financing options.
There are many types of retail installment transactions. Each retail installment transaction must comply with specific disclosure, documentation, and servicing requirements under Texas and federal law.
Texas registered creditors and retail installment providers must provide retail installment contract documents that comply with the Texas Finance Code, OCCC administrative rules and regulations, and applicable federal consumer credit laws and regulations.
A retail installment contract must include essential provisions and disclosures in writing, clearly stating the terms under which the retail buyer agrees to pay for goods sold or services provided. There many other requirements.
Texas businesses that engage in acts that require to register as Registered Creditors must register with the Office of Consumer Credit Commissioner (OCCC) to operate legally. The registration process involves submitting an application, paying required fees, and providing information about the business and its financing activities.
LOAA provides legal services to assist businesses with OCCC registration and renewals, ensuring compliance with registration requirements and timely submission of required documentation. Proper registration is essential to avoid regulatory enforcement actions and penalties.
Registered creditors must maintain compliance with Texas and federal consumer credit laws and regulations on an ongoing basis. This includes:
Maintaining accurate records of retail installment contract documents
Following proper servicing procedures for collecting installment payments
Providing required notices to buyers regarding payment schedules and default
Adhering to restrictions on fees and charges
Complying with debt collection regulations when pursuing payment on delinquent accounts
Complying with other applicable Texas and federal laws and regulations.
LOAA advises registered creditors on compliance with these ongoing obligations, helping businesses manage their retail installment programs in accordance with applicable regulations.
Retail installment creditors may be subject to regulatory oversight by the Consumer Financial Protection Bureau (CFPB) in addition to Texas OCCC regulation. Federal consumer credit laws affect how creditors structure retail installment contract terms, calculate interest and fees, and communicate with buyers regarding payment obligations.
Attorney Alan Abergel represents registered creditors in compliance with both Texas and federal consumer credit laws and regulations, ensuring retail installment programs satisfy all applicable requirements. This dual compliance focus helps creditors avoid violations that could trigger enforcement actions from multiple regulatory authorities.
LOAA provides legal services only to registered creditors, retail installment providers, and financing businesses. The office does not represent consumers in retail installment disputes.
Legal services include assistance with OCCC registration and renewals, ensuring businesses properly register as creditors before engaging in retail installment transactions. LOAA advises clients on registration requirements, filing procedures, and maintenance of registration status.
Regulatory compliance counseling helps businesses structure retail installment financing programs that comply with applicable laws and regulations. This proactive approach helps creditors avoid compliance violations and regulatory problems.
LOAA drafts retail installment sales contracts and credit sale documentation tailored to specific business needs and transaction types. Whether financing goods or services, properly drafted retail installment contract documents protect creditor interests while satisfying disclosure requirements.
LOAA drafts contracts for retail sellers, assignees, and refinancing financial institutions involved in retail installment transactions. Contract drafting services address:
Essential provisions required under the Financed Transactions Subtitle
Disclosure of finance charges, fees, and payment terms
Security interest provisions when applicable
Default and repossession terms
Assignment provisions for sellers who sell contracts to financial institutions
Refinancing and modification procedures
Well-drafted retail installment contract documents reduce likelihood of disputes with buyers and provide clear documentation of the parties' agreement.
LOAA advises businesses on structuring retail installment programs to manage reduce legal risk of non-compliance with regulatory requirements, while serving customer needs. This includes guidance on:
Setting appropriate down payment requirements
Determining payment schedules and installment amounts
Establishing credit approval criteria
Managing security interests in financed goods
Handling trade-ins and prior debts
Working with third-party lenders, assignees, and holders of retail installment sales contracts.
Legal Opinions: OAA 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.
The Texas OCCC conducts regulatory examinations and inspections of registered creditors to assess compliance with consumer credit laws and regulations. These examinations may review retail installment contract documents, servicing practices, fee calculations, and record keeping procedures.
LOAA represents retail installment creditors in OCCC regulatory examinations, helping businesses prepare for inspections, respond to examiner inquiries, and address any regulatory compliance issues identified during the examination process. Effective preparation and response can minimize regulatory findings and avoid enforcement actions.
When compliance issues arise, the OCCC may initiate administrative investigations into creditor practices. These investigations may examine specific retail installment transactions, fee calculations, disclosure practices, or servicing procedures.
LOAA represents creditors in administrative investigations and enforcement actions, developing legal compliance strategy and regulatory response plans. Representation includes:
Responding to OCCC information requests and subpoenas
Presenting creditor positions and defenses in investigatory meetings
Negotiating resolution of compliance concerns
Defending against enforcement action allegations
Representing creditors in administrative hearings and proceedings
Strong defense representation helps creditors present their legal defenses in regulatory matters, which they have the burden of providing.
LOAA assists creditors with compliance audits designed to identify and correct potential violations before regulatory authorities discover them. Internal compliance reviews examine retail installment contract documents, fee calculations, disclosure practices, and servicing procedures to ensure compliance with applicable regulations.
When regulatory inquiries arise, LOAA advises creditors on appropriate responses and corrective actions. Proactive compliance management and effective response to regulatory inquiries help creditors maintain good standing with the OCCC and avoid enforcement actions.
If regulatory disputes proceed to administrative hearings, LOAA provides defense representation before administrative law judges. Administrative hearings may address allegations of:
Violations of retail installment contract disclosure requirements
Improper fee calculations or charges
Failure to maintain proper documentation
Servicing violations affecting buyer rights
Registration violations or operating without proper registration
LOAA presents evidence, examines witnesses, and argues legal positions to defend creditors against regulatory allegations in contested administrative proceedings.
Many retail sellers do not retain retail installment contracts but instead sell them to financial institutions or other assignees. This allows the seller to receive immediate payment while transferring the servicing obligations to the assignee.
LOAA advises retail sellers on assignment procedures, contract provisions affecting assignability, and legal obligations when selling retail installment contracts. LOAA also represents assignees and financial institutions that purchase retail installment contracts, ensuring proper documentation of assignments and compliance with servicing requirements.
Retail buyers may seek to refinance retail installment contracts to obtain different payment terms, lower interest rates, or consolidate debts. Refinancing transactions must comply with specific requirements under Texas law to protect both creditor and buyer interests.
LOAA drafts refinancing agreements and advises creditors on compliance with refinancing regulations and helps creditors structure refinancing offers that benefit buyers while protecting creditor rights and satisfying regulatory requirements.
Attorney Alan Abergel concentrates his practice on consumer credit regulation, OCCC compliance, and regulatory defense. This focused experience provides retail installment creditors with counsel who understands the specific regulations affecting their business and can provide practical guidance on legal compliance issues.
Unlike general business attorneys who handle occasional consumer credit matters, LOAA regularly works with the Texas OCCC, CFPB regulations, and retail installment requirements. This concentrated experience helps clients navigate complex regulatory frameworks effectively.
LOAA understands that retail installment financing serves important business purposes, allowing retailers to increase sales while providing customers with access to needed goods and services. LOAA provides practical solutions that help businesses offer competitive financing programs while maintaining full compliance with applicable regulations.
Legal services are tailored to each client's specific business model, transaction types, and compliance needs. This practical approach helps retailers, creditors, and financial institutions achieve their business objectives while managing regulatory risk.
LOAA helps creditors maintain compliance through proactive counseling, contract review, and program audits. When regulatory issues arise, LOAA provides aggressive defense representation to protect client interests and achieve favorable outcomes in investigations, examinations, and enforcement proceedings.
LOAA represents only registered creditors, retail installment providers, and financing institutions in compliance, transactional, administrative, and civil matters. The office does not represent consumers in retail installment disputes.
No criminal defense services are provided. LOAA's practice is limited to civil, administrative, transactional, and regulatory representation of creditors and businesses in retail installment and consumer credit matters.
“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
