| (C) Manual recordkeeping systems. If a licensee manually
maintains the borrower's account record, the licensee must properly
correct an improper entry by drawing a single line through the improper
entry and entering the correct information above or below the improper
entry. No erasures or other obliterations may be made on the payments
received or collection contact history section of the manual borrower's
account record.
(5) Transfer, assignment, or sale records and register.
(A) A licensee must maintain transfer, assignment,
or sale records, whether paper or electronic, when any Texas Finance
Code, Chapter 351 property tax loan made by or acquired by the licensee
is transferred to another individual or entity.
(B) Copies of any transfers, assignments, or sales
of liens must be maintained in each individual borrower's property
tax loan transaction file.
(C) A licensee must also maintain a transfer, assignment,
or sale records register for any property tax loan transferred, assigned,
or sold by the licensee to another party. The transfer, assignment,
or sale register must show the name of the borrower, the loan number
assigned in the loan register, the date of the transfer or assignment,
and the name, address, and license number or exemption certificate
number of the party to which the accounts are transferred, assigned,
or sold.
(6) Record of loans in litigation and foreclosure.
(A) An index of each foreclosure as it occurs and each
legal action by or against the licensee as it is initiated must be
recorded. The index must show the borrower's name, account number,
and date of action.
(B) All loan records, correspondence, and any other
information pertinent to the litigation or foreclosure must be maintained
in the borrower's account folders or files.
(7) Records of affiliated businesses. A property tax
lender must maintain records describing its relationship with any
affiliated business with which the property tax lender regularly contracts
for services under Texas Finance Code, §351.0021(a)(4), (a)(5),
(a)(6), (a)(7), (a)(8), or (a)(10) that are not performed by an employee
of the property tax lender. The records must include any agreements
between the property tax lender and the affiliated business, as well
as any filings with the Texas Secretary of State that show the relationship
between the property tax lender and the affiliated business.
(8) Disaster recovery plan. A property tax lender must
maintain a sufficient disaster recovery plan to ensure that property
tax loan transaction information is not destroyed, lost, or damaged.
(9) Retention and availability of records. All books
and records required by this section must be available for inspection
at any time by OCCC staff, and must be retained for a period of four
years from the date of the contract, two years from the date of the
final entry made thereon by the licensee, whichever is later, or a
different period of time if required by federal law. The records required
by this section must be available or accessible at an office in the
state designated by the licensee except when the property tax loan
transactions are transferred under an agreement which gives the OCCC
access to the documents. Documents may be maintained out of state
if the licensee has in writing acknowledged responsibility for either
making the records available within the state for examination or by
acknowledging responsibility for additional examination costs associated
with examinations conducted out of state.
|
| Source Note: The provisions of this §89.207 adopted to be effective July 5, 2012, 37 TexReg 4874; amended to be effective May 9, 2013, 38 TexReg 2758; amended to be effective November 7, 2013, 38 TexReg 7693; amended to be effective March 15, 2015, 40 TexReg 1068; amended to be effective July 9, 2015, 40 TexReg 4347; amended to be effective November 9, 2017, 42 TexReg 6131 |
