Texas Finance Code
§ 394.205 — RECORDS
FI § 394.205Title 5. PROTECTION OF CONSUMERS OF FINANCIAL SERVICES · Ch. 394. DEBTOR ASSISTANCE · Art. C. CONSUMER DEBT MANAGEMENT SERVICES
Statute text
View on source(a)A provider shall keep and use books, accounts, and other records that will enable the commissioner to determine if the provider is complying with this subchapter and maintain any other records as required by the commissioner. The commissioner may examine the records at any reasonable time. The records must be kept for at least three years after the date of the last service on a consumer's debt management plan.
(b)Each provider shall file a report with the commissioner at each renewal of the provider's registration. The report must at a minimum disclose in detail and under appropriate headings:
(1)the assets and liabilities of the provider at the beginning and end of the period, if the provider is a nonprofit or tax exempt organization;
(2)the total number of debt management plans the provider has initiated on behalf of consumers in this state during that period; and
(3)records of total and average fees charged to consumers, including all voluntary contributions received from consumers.
(c)The reports 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.
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Legislative history
Acts 2007, 80th Leg., R.S., Ch. 48 (S.B. 884), Sec. 2, eff. September 1, 2007. Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 90, eff. September 1, 2019.