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Who We Are | |||
OCCC Mission and Goals | ![]() |
OCCC-Regulated Transactions | ![]() |
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Agency
Mission |
Home Equity Loans | |||
Agency Philosophy | Secondary Mortgages | |||
Compact with Texans | Home Improvement Loans | |||
Agency Operations | ![]() |
Motor Vehicle Sales Financing | ||
Strategic Plan 2005-2009 | Pawnshop Transactions | |||
Annual Financial Report | Signature Loans | |||
Annual Report of Non-financial Data | Payday Loans | |||
Operating Budget | Consumer Installment Loans | |||
Finance Commission Meeting Packets | Retail Credit Accounts | |||
OCCC Initiatives and Reports | ![]() |
Related Organizations | ![]() |
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Pawnshop EDT Report | Our Governing Board | |||
Sister Agencies | ||||
Association Memberships | ||||
Industry Trade Associations | ||||
Agency Mission
The OCCC's first mission statement was created in 1991.
Agency leadership revisits the mission statement every two years to ensure
its continuing relevance. Following is our current mission statement:
The mission of the Office of Consumer Credit Commissioner (OCCC) is to regulate the credit industry and educate consumers and creditors, thereby producing a fair, lawful, and healthy credit environment for social and economic prosperity in Texas.
Agency Philosophy
Like the mission
statement,the OCCC's statement of philosophy was created in 1991. Agency leadership
revisits the philosophy every two years to ensure its continuing relevance.
Following is our statement
of philosophy:
The Office of Consumer Credit Commissioner promotes the highest principals of professional conduct, ethics, and sensitivity to cultural diversity issues. The agency aims for high quality standards to:
- Regulate fairly, efficiently, and effectively, addressing both consumers and creditors by enforcing Texas credit laws and licensing qualified lenders
- Educate consumers and credit providers about their rights, remedies, and responsibilities
- Communicate collaboratively with and encourage communication among the credit industry, consumer public, and the agency
- Protect and safeguard consumers against abusive and deceptive lending practices
Compact With Texans
This document contains the agency’s guiding principles for
serving its customers, provides an overview of the agency’s structure, and
gives the specific contact information for key personnel in each department.
The compact also briefly describes each department’s primary goals and main
activities.
Strategic Plan 2003
This five-year plan presents a comprehensive yet detailed
portrait of the agency, focusing on certain economic trends in the state of
Texas, and the agency’s response to those trends. Also provided are the agency’s
internal goals and practices.
Annual Financial
Report
This report contains the agency’s unaudited balance sheets
for the fiscal year ending August 31, 2001. In addition to the line item figures
is a notes section that explains the accounting procedures used and other
information that assists in the understanding of the report.
Annual Report of Non-financial
Data
In contrast to the Annual Financial Report’s balance sheets,
this document provides a narrative about some fundamental aspects of the agency’s
activities and operations.
Operating Budget
This document specifies the agency’s goals and the anticipated
budget required to meet those goals. Also provided are performance figures
and related expenses for fiscal years 2000 and 2001. Prepared in October 2001
for fiscal year 2002, the Operating Budget was filed with the Legislative
Budget Board and the Governor's Office of Budget and Planning.
Finance Commission
of Texas Meeting Packet
The OCCC prepares extensive materials for presentation to
its governing board, the Finance Commission of Texas, at the commission’s
bimonthly meetings. This packets details the agency’s departmental operations,
consumer credit industry initiatives, and legislative activities.
From time to time the agency is called upon to produce indepth reports based upon our expertise about and involvement with the lending industry in Texas.
Proposed Electronic Data Transfer (EDT) Standards: House Bill 1763 required the Finance Commission of Texas (represented by the OCCC) and Department of Information Resources to devise standard reporting formats to be used across Texas by the pawn industry and law enforcement in communicating information about used property purchased or pledged by consumers.
Provided here are definitions of the transactions the OCCC regulates.
Home Equity Loans: Home equity loans allow borrowers to use the market value of a home as collateral for a loan. Loans secured by real estate generally are considered safer by lenders, resulting in lower interest rates than for other types of loans.
Secondary Mortgages: Also known as second lien or junior lien mortgages, secondary mortgages are secured by houses that already have at least one other mortgage or lien.
Home Improvement Loans: Home improvement loans can hold either first lien positions (the only or primary loan secured by a house) or second lien positions. Loan principal is devoted to home repairs and renovations.
Motor Vehicle Sales Financing:
Companies that finance motor vehicle sales in Texas need be licensed by the
OCCC. The requirement extends to dealers that provide financing themselves
and to dealers that arrange financing with lenders for their customers, as
well as the finance companies that provide financing to dealers' customers.
Pawnshop Transactions: Pawnshops make loans in exchange for keeping collateral on-site at the lending locations. When borrowers pay back their loans, they get back the items left as collateral. If they choose not to repay, the pawnshops keep the items for retail re-sale.
Signature Loans: Signature loans are unsecured loans, meaning that the borrower pledges no collateral but receives a loan upon putting a signature to an agreement. Lenders generally grant up to $500 for signature loans amounts.
Payday Loans: Payday
loans are made for up to $500 and usually require payment in two weeks or
less. Generally, the consumer writes a check as security for the loan with
the understanding that the lender will not present the check for deposit until
a predetermined date (such as the borrower's next payday).
Consumer Installment Loans: These are secured loans that a borrower pays off in multiple installments. Loan amounts typically range from $500 to $12,000.
Retail Credit Accounts: Some retailers act as creditors, financing the sales of their goods and services and thus allowing their customers to make payments over time. These creditors include boat and manufactured home dealers, furniture and carpet retailers, home improvement and air conditioner sales and service companies, some medical offices, etc.
Our Governing Board
The Finance Commission of Texas (FC) is the agency's governing
board; its members are appointed by the governor. The FC’s mission is to ensure
that the banks, savings institutions, consumer credit grantors, and other
regulated entities chartered or licensed under state law, operate as sound
and responsible institutions. For more information on the FC, go to their
Web site at www.fc.state.tx.us, or contact Joann McAnally at 512.936.7640
or via e-mail.
Sister Agencies
The OCCC’s governing board, the Finance Commission, oversees
two other agencies as well:
The Department of Banking works to ensure that Texas has a safe and sound financial services system, while the Savings and Loan Department regulates banks and S&Ls, and licenses mortgage brokers and loan officers.
OCCC Association Memberships
The OCCC maintains memberships in two trade groups that promote a better understanding of the industries we regulate and provide a forum for information exchange among regulatory agencies.
National
Association of Consumer Credit Administrators
(NACCA)
American Association of Residential Mortgage Regulators (AARMR)
Among other activities, NACCA develops training programs to promote consistent regulation across state lines, and coordinates the efforts of individual states toward determination of sound public policy.
AARMR works to develop model legislation, increase the knowledge and ability of mortgage regulators, and enhance jurisdictional consistency relating to mortgage lending, servicing, and brokering.