Sec. 393.628. TEXAS FINANCIAL EDUCATION ENDOWMENT. (a) As part of the licensing fee and procedures described under this subchapter, each credit access business or license holder shall pay to the commissioner an annual assessment to improve consumer credit, financial education, and asset-building opportunities in this state. The annual assessment may not exceed $200 for each license as specified by the finance commission.
(b) The commissioner shall remit to the comptroller amounts received under Subsection (a) for deposit in an interest-bearing deposit account in the Texas Treasury Safekeeping Trust Company. Money in the account may be spent by the finance commission only for the purposes provided by this section. Amounts in the account may be invested and reinvested in the same manner as funds of the Employees Retirement System of Texas, and the interest from those investments shall be deposited to the credit of the account.
(c) The Texas Financial Education Endowment shall be administered by the finance commission to support statewide financial education and consumer credit building activities and programs, including:
(1) production and dissemination of approved financial education materials at licensed locations;
(2) advertising, marketing, and public awareness campaigns to improve the credit profiles and credit scores of consumers in this state;
(3) school and youth-based financial literacy and capability;
(4) credit building and credit repair;
(5) financial coaching and consumer counseling;
(6) bank account enrollment and incentives for personal savings; and
(7) other consumer financial education and asset-building initiatives as considered appropriate by the finance commission.
(d) In implementing this section, the finance commission may solicit gifts, grants, and donations for this purpose.
(e) The finance commission may partner with other state agencies and entities to implement this section.
(f) The finance commission shall adopt rules to administer this section.
Added by Acts 2011, 82nd Leg., R.S., Ch. 1302 (H.B. 2594), Sec. 2, eff. January 1, 2012.
Structure Texas Statutes
Title 5 - Protection of Consumers of Financial Services
Chapter 393 - Credit Services Organizations
Subchapter G. Licensing and Regulation of Certain Credit Services Organizations
Section 393.602. Applicability
Section 393.603. License Required
Section 393.604. Application for License
Section 393.606. Investigation of Application
Section 393.607. Approval or Denial of Application
Section 393.608. Disposition of Fees on Denial of Application
Section 393.6085. License Term
Section 393.609. Name and Place of License
Section 393.610. License Display
Section 393.611. Minimum Assets for License
Section 393.6115. Grounds for Refusal to Renew
Section 393.613. Expiration of License on Failure to Pay Fee
Section 393.614. License Suspension or Revocation
Section 393.615. License Suspension or Revocation Filed With Public Records
Section 393.616. Reinstatement of Suspended License; Issuance of New License After Revocation
Section 393.617. Surrender of License
Section 393.618. Effect of License Suspension, Revocation, or Surrender
Section 393.619. Moving an Office
Section 393.620. Transfer or Assignment of License
Section 393.621. Administration
Section 393.623. Providing or Advertising Services Without License Prohibited
Section 393.624. Restrictions on Off-Site Advertising
Section 393.625. Military Borrowers
Section 393.626. Debt Collection Practices