Like any financial service provider, Texas property tax lenders are subject to a number of regulations that they’re required to comply with in order to stay in business. These regulations protect all parties - especially the borrowers - against any potential negative impacts of loan agreements. The regulations are also in place to ensure that tax lenders operate within the confines of the law and with full respect for the rights of their customers. What are the regulations for property tax lenders, and who administers them?
Texan property tax lenders are licensed and regulated by the Office of Consumer Credit Commissioner (OCCC). The OCCC oversees the activities of all non-depository lenders in Texas, from those who offer motor vehicle financing to mortgage loan originators and, of course, property tax lenders. The overall goal of the OCCC is to create a fair, lawful, and healthy credit environment that grows economic prosperity for Texans. In addition to regulating the activities of lenders, the OCCC also helps the public understand their rights and responsibilities. The primary outcomes that the OCCC tries to ensure are compliant financial products within the finance industry.
As such, the OCCC effectively works to enforce the stipulations of the Texas Finance Code. One chapter of the code - Chapter 351 - is dedicated to property tax loans. Among the chapter’s provisions are regulations concerning the kinds of fees that property tax lenders may charge, the prohibition of waivers, and the types of solicitation and advertising that lenders may engage in. Also covered in the code are secondary market transactions and affiliated business arrangements. The code gives the commissioner and their staff the right to investigate the records and books of tax lenders to ensure compliance and detect any possible violations.
The fact that property tax lending is so rigorously regulated by the OCCC means that consumers can rest assured that the financial services they are getting are fair and non-exploitative. Lenders must register with the OCCC before starting their businesses and then must uphold all the regulations stipulated in the code. Homeowners needing help with their property taxes can feel confident that their lenders are registered, regulated, and trustworthy.
American Finance & Investment Co., Inc. (AFIC) is an OCCC-registered property tax lender. We offer our clients an affordable, hassle-free way to manage their Texas property taxes. We can ensure that your account with the local government tax office is paid in full and will work out a manageable repayment plan for you. AFIC can provide you with an instant quote by completing the form on our homepage. For qualifying properties, we can help you pay off your delinquent taxes and offer you the following benefits:
We pride ourselves on finding solutions to suit the unique needs of our clients. If you would like to discuss our property tax loans and perhaps discuss the regulations for property tax lenders and how they benefit you, please contact our experienced team at AFIC today.
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Proudly Serving Austin (Travis County & Williamson County), Dallas (Dallas County), El Paso (El Paso County), Fort Worth (Tarrant County), Houston (Harris County, Fort Bend County, & Montgomery County), the Rio Grande Valley (McAllen, Pharr, Hidalgo County, & Cameron County), San Antonio (Bexar County), Waco (McLennan County) and the rest of Texas with Property Tax Loans.
YOUR TAX OFFICE MAY OFFER DELINQUENT TAX INSTALLMENT PLANS THAT MAY BE LESS COSTLY TO YOU. YOU CAN REQUEST INFORMATION ABOUT THE AVAILABILITY OF THESE PLANS FROM THE TAX OFFICE.
If you are over 64 or disabled, don’t get a property tax loan, contact your tax office about a deferral.
OCCC License #159698 • NMLS #1778287