Cornerstone Support has established a reputation over time as the premier licensing service provider to the collection industry. The nature of the services that we provide and the volume of organizations we serve has uniquely positioned Cornerstone in the ARM Industry. While we are not a law firm and do not provide legal advice, we find ourselves at the forefront of legislative changes and/or enforcement trends related to state licensing - even at times licensing outside our core competency of debt collection licensing.
In that capacity, it has come to our attention that several chapters of the Texas Finance Code have language that would require licensing or registration for buyers of certain regulated asset classes. The following link to the Texas Credit Laws should help in determining what registration might be required for your debt buying operation. While no statutory code should be overlooked, please pay particular attention to the following chapters:
Chapter 342 - Consumer Loans
Chapter 345 - Retail Installment Sales
Chapter 348 - Motor Vehicle Installment Sales
Should you have any questions or issues concerning this matter or should you wish to engage Cornerstone Support's assistance in obtaining specific state licenses or registrations, contact a Cornerstone Support licensing consultant today at 770-587-4595 or e-mail us at info@cornerstonesupport.com.
THIS INFORMATION IS NOT INTENDED TO BE, NOR IS IT LEGAL ADVICE. IT IS INTENDED FOR INFORMATION PURPOSES ONLY. WE MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY OR RELIABILITY OF THIS INFORMATION. WE ARE NOT ATTORNEYS. YOU MUST RETAIN YOUR OWN ATTORNEY TO RECEIVE LEGAL ADVICE. WHILE CORNERSTONE STRIVES TO PROVIDE THE MOST CURRENT AND ACCURATE STATE LICENSING INFORMATION, THE RESPONSIBILITY FOR ANY DECISION RELATED TO STATE LICENSING OR AGENCY COMPLIANCE IS SOLELY YOURS.
