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Indepth information about free online payday loans and cash
advances in Texas and other US cities, states and counties.
Texas statutory regulations about online payday loans and cash
advances are subject to change intermitently.
Texas CSO. Texas Credit Services Organization. Texas Payday loan
laws. Texas Payday loan legislation. Texas does have specific
payday loan safe-harbor legislation. Texas payday loan statutes
refer to a scale of fees. The minimum term is 7 days and the
maximum is 31 days. Rollovers are limited. At this time, the
best approach is to offer payday loans via the Internet, one of
the alternative methods (cash rebates, ISP model, etc.)
discussed in our training materials, or the newest model, the
CSO Model: Credit Services Organization approach.
A Discussion of the Texas CSO Model for Payday LoansBeginning in July of 2005, the major Texas payday loan operators
began registering as "Credit Services Organizations" commonly
referred to as a "CSO". This includes Advance America, Cash
America, First Cash, EZ Pawn, and EZ Cash in addition to many,
many small payday loan operators.
Prior to the switch over to the CSO model, virtually all these
cash advance operators utilized the bank-charter model;
partnering with banks incorporated in states lacking usury laws
(referred to as the "payday loan bank model". By partnering with
these banks and acting as brokers, the payday loan operators
were able to export the usury rate applicable to their partner
bank into Texas; or whatever state the payday loan
operator/broker located.
What is a CSO Credit Services OrganizationIn essence, a CSO or Credit Services Organization is defined by
the Texas Credit Services Organization Act (Section 393 of the
Texas Finance Code) as an entity or person that provides one of
the following services:
Improving a consumer's credit history or rating Obtaining an extension of consumer credit for the consumer Providing advice or assistance to a consumer regarding the
previous two services
An important aspect of the CSO or Credit Services Organization
model is that there IS NO LICENSING required by the state! CSO's
are required to "REGISTER" with the Secretary of State, they are
NOT licensed, AND THEIR FEES ARE NOT REGULATED.
How does the CSO Credit Services Organization work with payday
loans?The CSO Credit Services Organization operates as a broker, much
as they did when partnering with the banks (payday loan bank
model). The Texas Credit Services Organization Act (CSOA) allows
the payday loan lender to register as a CSO and act as a loan
broker. Thus, the CSO, previously a payday loan company, can
make loans via consumer lending companies that are UNREGISTERED
and UNLICENSED. The CSO Credit Services Organization acts as a
broker for the consumer in need of funds by issuing a "letter-
of-credit" on behalf of the consumer to a lender. This third-
party unregistered lender funds the "loan" brokered by the CSO
"broker".
Typically the CSO Credit Services Organization collects 3 fees: A referral fee for referring the consumer to the unregistered,
unregulated lender that actually funds the "loan". This is not
stipulated by any law but is currently $20 to $30 per $100An application fee for filling out the CSO documents; typically
$10 per $100The interest on the "loan"; Texas state law caps this at $10 per
$100.The CSO Credit Services Organization model arises from a U.S.
Fifth Circuit Court of Appeals opinion, in Lovick vs. Rite
Money, which held that payments to a registered CSO loan broker
could not be treated as interest.
The applicability of the CSO Credit Services Organization to use
in other states is being explored now. Thirty-one states plus
Canada have provisions for the CSO Credit Services Organization
entity. Since it is typical of the CSO not to be regulated, and
the fact that the CSO fees are not considered interest as per
the 5th Circuit Court of Appeals, there is little doubt we will
see this approach utilized on a grand scale in the future!
For a thorough discussion of the CSO Credit Services
Organization Model including the applicable Texas Statutes and
the CSO Registration Form for Texas, we invite you to Payday
Loan CSO Report.
Citation:7 Tex. Admin. Code § 1.605; Tex. Fin. Code Ann. §§ 342.251 et
seq. and 342.601 et seq.
Loan Terms:Maximum Loan Amount: Loan Term: 7-31 daysMaximum Finance Rate and Fees: $10 per loan + 48% annual
interestFinance Charge for 14-day $100 loan: $12APR for 14-day $100 loan: 309%
Debt Limits:Maximum Number of Outstanding Loans at One Time: Not Specified
($500 aggregate loans outstanding to all licensees)Rollovers Permitted: None (if renewal charge is less than
maximum interest rate permitted; otherwise convert to declining
balance installment note)Cooling-off Period: Repayment Plan:
Collection Limits:Collection Fees: Not Specified Criminal Action: Not Specified
Texas free online Payday loans in - Houston Dallas San
Antonio Austin El Paso Fort Worth Arlington Corpus
Christi Plano Garland