| (III) for a vehicle disposed of in a public or private
sale as permitted by the Texas Business and Commerce Code, §9.610,
the following documents:
(-a-) one of the following notices:
(-1-) a copy of the notification of disposition as
sent to the consumer and other obligors as required by Texas Business
and Commerce Code, §9.614; or
(-2-) a copy of the waiver of the notice of intended
disposition prescribed by subitem (-1-) of this item, as applicable,
signed by the consumer and other obligors after default;
(-b-) copies of evidence of the type or manner of private
sale that was conducted. These records must show that the manner of
the disposition was commercially reasonable, such as circumstances
surrounding a dealer-only auction, internet sale, or other type of
private disposition;
(-c-) copies of evidence of the type or manner of public
sale that was conducted. These records must show that the manner of
the disposition was commercially reasonable, such as documentation
of the date, place, manner of sale of the vehicle, and amounts received
for disposition of the vehicle;
(-d-) the bill of sale showing the name and address
of the purchaser of the repossessed collateral and the purchase price
of the vehicle;
(-e-) for a disposition or sale of collateral creating
a surplus balance, a copy of the check representing the payment of
the surplus balance paid to the consumer or other person entitled
to the surplus;
(-f-) for a disposition or sale of collateral resulting
in a surplus or deficiency, a copy of the explanation of calculation
of surplus or deficiency, if required by Texas Business and Commerce
Code, §9.616;
(-g-) a copy of the waiver of the deficiency letter
if the licensee elects to waive the deficiency balance in lieu of
sending the explanation of calculation of surplus or deficiency form,
if applicable;
(IV) for a vehicle disposed of using the strict foreclosure
method permitted by the Texas Business and Commerce Code, §9.620
and §9.621, the following documents:
(-a-) one of the two following notices:
(-1-) a copy of the proposal to accept collateral in
full satisfaction of the obligation; or
(-2-) for a transaction where 60% or more of the principal
balance has been paid, a copy of the debtor or obligor's waiver of
compulsory disposition of collateral signed by the consumer and other
obligors after default;
(-b-) for a transaction where the consumer rejects
the offer under item (-a-)(-1-) or (-2-) of this subclause, a copy
of the consumer's signed objection to retention of the collateral;
(-c-) copies of the records reflecting the total satisfaction
of the obligation.
(v) Litigation records. The transaction file must include
complete documentation of any litigation filed by a licensee against
a consumer, or by a consumer against the licensee, including all pleadings,
the terms of settlement (if a settlement was entered), documentation
of any mediation or arbitration, the final judgment (if the court
entered a final judgment), and records of all payments received after
judgment, properly identified and applied. If the licensee maintains
the complete documentation of litigation at a centralized location
other than the licensed location or branch office, then the licensee's
transaction file may include a written summary of the status of the
litigation, rather than complete documentation of the litigation.
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.
(vi) Criminal charge records. The transaction file
must include complete documentation of any threat of criminal prosecution
against a consumer, and must include complete documentation of any
criminal referral, charge, or complaint filed by a licensee against
a consumer, showing the licensee's compliance with Texas Finance Code, §393.201(c)(3).
This must include any written statement threatening criminal prosecution,
a written summary of any oral statement threatening criminal prosecution,
any written evidence of criminal conduct, any information submitted
to law enforcement relating to alleged criminal conduct by a consumer,
a written summary of any oral statement submitted to law enforcement,
any police report, and any court records obtained by the licensee.
(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 Cont'd... |
