Relating to the Office of Consumer Credit Commissioner, the consumer credit commissioner, and the duties of the consumer credit commissioner, including the regulation of credit access businesses.
Impact
If enacted, HB 3873 is expected to have significant implications on the regulatory framework governing consumer credit services in the state. The adjustments to the commissioner’s authority could improve compliance with state regulations among credit access businesses, thereby potentially leading to better consumer outcomes. Enhanced oversight may also facilitate more consistent application of the law across the state, which could serve to level the playing field among businesses operating in this sector.
Summary
House Bill 3873 addresses the structure and duties of the Office of Consumer Credit Commissioner in Texas. The bill includes amendments to the Finance Code, specifically regarding the powers and responsibilities of the consumer credit commissioner. This legislation is primarily focused on the regulation of credit access businesses, with intended updates to ensure consumer protection in financial transactions. The measures set forth aim to clarify the role of the commissioner and enhance regulatory oversight.
Contention
Discussion around HB 3873 may stem from debates over the extent of regulatory authority granted to the Office of Consumer Credit Commissioner. Supporters argue that empowering the commissioner with clear responsibilities can effectively protect consumers from predatory lending practices. However, critics may express concerns about the potential for overregulation that could stifle competition and innovation within the financial services market. There is a need for careful consideration to strike a balance between consumer protection and supporting business growth.
Relating to a restriction on total charges charged for certain extensions of consumer credit that are facilitated by credit access businesses and entered into by consumers residing in disaster areas.
Relating to a restriction on total charges charged for extensions of consumer credit that a credit services organization obtains for a consumer or assists a consumer in obtaining.
Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.
Relating to the transfer of functions relating to the economic regulation of water and sewer service from the Public Utility Commission of Texas and the Office of Public Utility Counsel to the Water Public Utility Commission and the Office of Water Public Utility Counsel; creating a criminal offense.
Relating to the regulation of the collection, use, processing, and treatment of consumers' personal data by certain business entities; imposing a civil penalty.
Relating to the regulation of the collection, use, processing, and treatment of consumers' personal data by certain business entities; imposing a civil penalty.
Resolution Granting The Claims Commissioner An Extension Of Time To Dispose Of Certain Claims Against The State Pursuant To Chapter 53 Of The General Statutes.
Resolution Granting The Claims Commissioner An Extension Of Time To Dispose Of Certain Claims Against The State Pursuant To Chapter 53 Of The General Statutes.