| (vii) Claim records for insurance or ancillary products.
The transaction file must include complete documentation of any claims
or disbursement of money related to insurance or another ancillary
product provided in connection with the transaction.
(viii) Transfer records. The transaction file must
include transfer, assignment, or sale records for any loan transferred,
assigned, or sold to or from another person.
(C) The transaction file and its contents must be retained
for four years from the date of the transaction, or two years from
the date of the final entry made on the consumer's account, whichever
is later. However, this retention period does not apply to the credit
services organization disclosure required by Texas Finance Code, §393.105,
which must be kept for two years from the date on which it is provided
to the consumer, as provided by Texas Finance Code, §393.106.
(3) Agreements between licensee and third-party lender.
A licensee must maintain all documentation of its current agreements
with third-party lenders, including copies of the agreement, any guarantees
or letters of credit, and underwriting guidelines issued by the lender.
A licensee must maintain documentation and records of transfers of
money between itself and any third-party lender, as described by §83.5005
of this title (relating to Separation Between Credit Access Business
and Third-Party Lender). The documentation must show the licensee's
compliance with Texas Finance Code, §393.001(3). The licensee
may maintain this documentation at a centralized location other than
the licensed location or branch office if the agreements apply to
multiple locations. However, upon the OCCC's request, the licensee
must have the ability to promptly obtain or access copies of the complete
documentation so that the OCCC can examine it. If an agreement terminates,
documentation of the agreement must be maintained until the latest
of:
(A) four years from the date of the last consumer transaction
subject to the agreement;
(B) two years from the date of the final entry made
on the consumer's account in the last consumer transaction subject
to the agreement;
(C) one year from the date of termination of the agreement;
or
(D) the OCCC's next examination of the licensee (if
the documentation is maintained at a centralized location, this refers
to the next examination of the centralized location).
(4) In-store fee schedule and notices. The in-store
fee schedule and notices required by Texas Finance Code, §393.222(a),
and §83.6003(a) of this title must be available for inspection
by the OCCC in a conspicuous location visible to the general public.
If a licensee amends the in-store fee schedule or notices, it must
maintain documentation of the previous versions of the schedule or
notices for one year from the date of amendment or until the next
examination by OCCC staff, whichever is later. The licensee may maintain
the documentation of previous in-store fee schedules and notices at
a centralized location other than the licensed location or branch
office. In this case, the documentation must be maintained for one
year from the date of amendment or until the OCCC's next examination
of the centralized location, whichever is later. However, upon the
OCCC's request, the licensee must have the ability to promptly obtain
or access copies of the complete documentation so that the OCCC can
examine it.
(5) Website and online disclosures. If a licensee maintains
a website, it must make the website available to the OCCC for inspection.
The website must include a fee schedule to show the licensee's compliance
with §83.6003(b) of this title, and applicable consumer disclosures
to show the licensee's compliance with §83.6007(f) of this title.
If a licensee amends the website's fee schedule, consumer disclosures,
or method of accessing the fee schedule or consumer disclosures, the
licensee must maintain documentation of the previous version of the
website to show compliance with §83.6003(b) of this title and §83.6007(f)
of this title. This must include the home page, any pages used in
accessing the fee schedule and disclosures, and copies of the previously
used fee schedule and disclosures. The licensee must maintain this
documentation for one year from the date of amendment or until the
next examination by OCCC staff, whichever is later. This paragraph
does not require a licensee to maintain previously used pages of the
website that were not the home page or pages used in accessing the
fee schedule and consumer disclosures. The licensee may maintain the
documentation of previous versions of the website at a centralized
location other than the licensed location or branch office. In this
case, the documentation must be maintained for one year from the date
of amendment or until the OCCC's next examination of the centralized
location, whichever is later. However, upon the OCCC's request, the
licensee must have the ability to promptly obtain or access copies
of the complete documentation so that the OCCC can examine it.
(6) Advertisements. A licensee must maintain advertising
and solicitation records, including examples of all written and electronic
communications soliciting transactions (including advertisements at
the place of business, scripts of radio and television broadcasts,
and reproductions of billboards and signs not at the licensed place
of business) for one year from the date of use or until the next examination
by OCCC staff, whichever is later. If any language other than English
is used in any advertising material, a true and correct translation
must be maintained along with the advertising material. The licensee
may maintain the documentation of advertising at a centralized location
other than the licensed location or branch office. In this case, the
documentation must be maintained for one year from the date of amendment
or until the OCCC's next examination of the centralized location,
whichever is later. However, upon the OCCC's request, the licensee
must have the ability to promptly obtain or access copies of the complete
documentation so that the OCCC can examine it.
(7) Adverse action records. Each licensee must maintain
adverse action records for all applications relating to Texas Finance
Code, Chapter 393 transactions. Adverse action records must be maintained
according to the record retention requirements in Regulation B, 12
C.F.R. §1002.12(b). The current retention period is 25 months
for consumer credit. These records include the loan application, any
written or recorded information used in evaluating the application,
the adverse action notice (if required), the notice of incompleteness
(if applicable), and counteroffer notice (if applicable).
(8) Index of transfers, assignments, and sales. The
licensee must maintain (or be able to produce within a reasonable
period of time) an index of all loans transferred, assigned, or sold
to or from another person, including a third-party lender, or to a
different location of the licensee. Each record in the index must
be retained for four years from the date of the transaction, or two
years from the date of the final entry made on the consumer's account,
whichever is later. (For transfers from the licensee, the date of
transfer is the date of the final entry.)
(9) Index of litigation, criminal charges, and repossessions.
A licensee must maintain (or be able to produce within a reasonable
period of time) an index of each litigation action and criminal charge
or referral filed by or against the licensee, as well as each repossession
initiated by the licensee. The index must show the consumer's name,
account number, and date of action. Each record in the index must
be retained for a period of four years from the date of the transaction,
or two years from the date of the final entry made on the consumer's
account, whichever is later.
(10) Registration and surety bond records. A licensee
must maintain documentation of its registration as a credit services
organization with the Texas Secretary of State, including its registration
statement and registration certificate, to show its compliance with
Texas Finance Code, §393.101. A licensee must maintain complete
documentation of any surety bond obtained by the licensee under Texas
Finance Code, §393.401, and any surety bond required by the OCCC
under Texas Finance Code, §393.605. If a registration or surety
bond terminates, the licensee must maintain the documentation for
one year after the date of termination or until the next examination
by OCCC staff, whichever is later.
(11) Official correspondence file. A licensee must
maintain an official correspondence file, including all communications
from the OCCC, copies of correspondence and reports addressed to the
OCCC (including quarterly and annual reports), examination reports
issued by the OCCC, and notices of relocation described by §83.3008
of this title (relating to Relocation of Licensed Office).
(12) General business records. A licensee must maintain
any other business records showing its compliance with applicable
law, including accounting records showing that the licensee maintains
net assets required by Texas Finance Code, §393.611, records
used to compile quarterly and annual reports, records of disbursement
of funds between the licensee and third-party lenders, receipts, bank
statements, and any master insurance policies.
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