WHO MUST REGISTER
You must register with the City of San Antonio if you are a credit access business as defined by Section 393.601 of the Texas Finance Code and operating in the City of San Antonio. These businesses obtain for consumers, or assist consumers in obtaining, an extension of consumer credit commonly known as payday loans or motor vehicle title loans.
This ordinance authorizes the City to:
- Require lenders to register with the City annually
- Limit payday loans to 20% of the borrower's gross monthly income
- Limit auto title loans to the lesser of 3% of the borrower's gross annual income or 70% of the vehicle value
- Limit loans to no more than four installments or three rollovers or renewals (a rollover or renewal is defined as an extension of consumer credit made within seven days of the previous extension of credit)
- Require that proceeds from each installment or renewal reduce the loan principal by 25%
- Require that every contract be written in a language the borrower can understand
- Require that the contract be read in its entirety to any borrower who cannot read
- Require the lender to provide to the borrower a form created by the City which references non-profit agencies that provide financial education and agencies with cash assistance programs, and contains general information regarding extensions of consumer credit
To obtain a City certificate of registration, credit access businesses must be licensed by the Texas Office of Consumer Credit Commissioner (OCCC). The form may be completed and printed locally.
EXPIRATION AND RENEWAL OF CERTIFICATE
- A certificate of registration (Use the CAB Registration Form) expires on the earlier of:
- One year after the date of issuance; or
- The date of revocation, suspension, surrender, expiration without renewal or other
termination of the registrant's state license.
- A certificate of registration may be renewed by making application with the City of San
Antonio’s Finance Department. A registrant shall apply for renewal at least 30 days before
the expiration of the registration.
The City of San Antonio charges a non-refundable application fee of $50.
CURRENT LICENSED LENDER LISTING
The Current CAB Lender Listing (PDF) provides a list of Credit Access Businesses that have been licensed by the City of San Antonio.