On April 16, the Texas Office of Consumer Credit issued a revised bulletin outlining emergency guidance for regulated lenders navigating the Covid-19 crisis. The guidelines:
- Extended due date for filing annual reports from May 1 to June 1
- Encouraged lenders to work with consumers, including by working out modifications to assist with payments, waiving fees and charges, suspending charged-off accounts, and suspending repossessions of collateral or foreclosure of real property, among other things
- Reminded lenders of legal requirements for using electronic signatures
- Permitted lenders to conduct regulated lending activity from unlicensed locations, subject to certain conditions.
This content originally appeared in Buckley’s Infobytes blog, a collection of news and alerts covering the financial services industry. To read more or have the Infobytes weekly newsletter delivered to your inbox, please visit infobytesblog.com.