| (a) General requirement. Each authorized debt management
services provider must file an annual report under this section and
must comply with all instructions from the OCCC relating to submitting
the report.
(b) Annual report. Each year, at the time of annual
renewal, an authorized debt management services provider must file
with the OCCC, in a form prescribed by the OCCC, a report that contains
the following:
(1) if the provider is a nonprofit or tax exempt organization,
the assets and liabilities at the beginning and end of the reporting
period, as required by Texas Finance Code, §394.205(b)(1);
(2) the total number of debt management plans the provider
has initiated on behalf of consumers in Texas during the reporting
period, as required by Texas Finance Code, §394.205(b)(2);
(3) the total and average fees charged to consumers,
including all voluntary contributions received from consumers, as
required by Texas Finance Code, §394.205(b)(3); and
(4) if the provider has initiated one or more debt
management plans during the reporting period, a statement of whether
the provider provided individualized counseling to each consumer through
the services of an independently certified counselor, as required
by Texas Finance Code, §394.208(a)(1).
(c) Required documents. A provider must submit the
following additional documents with the annual report, in accordance
with the OCCC's instructions:
(1) a blank copy of any debt management services agreement
used by the provider, as required by Texas Finance Code, §394.205(d)
(the OCCC may allow a provider to certify current use of a previously
submitted agreement);
(2) blank copies of the provider's consumer educational
information, individualized financial analysis, initial debt management
plan, and any other required disclosures relating to credit counseling,
as required by Texas Finance Code, §394.205(d) (the OCCC may
allow a provider to certify current use of previously submitted information);
and
(3) a copy of the provider's surety bond or a compliant
insurance policy, as required by Texas Finance Code, §394.206(a).
(d) Certification. An annual report must be verified
by the oath or affirmation of the owner, manager, president, chief
executive officer, or chairman of the board of directors of the provider,
as required by Texas Finance Code, §394.205(c). The provider
must certify that the provider has reviewed all contact information
and principal party information on file with the OCCC, and has submitted
any updates to this information in accordance with the OCCC's instructions.
(e) Other information. Upon request by the OCCC, the
provider must provide any other information the commissioner deems
relevant concerning the provider's business and operations during
the preceding calendar year.
|
| Source Note: The provisions of this §88.202 adopted to be effective November 10, 2005, 30 TexReg 7215; amended to be effective September 6, 2007, 32 TexReg 5661; amended to be effective May 6, 2010, 35 TexReg 3481; amended to be effective January 2, 2014, 38 TexReg 9488; amended to be effective March 8, 2018, 43 TexReg 1258; amended to be effective March 10, 2022, 47 TexReg 1085 |
