On August 20, the Texas Office of the Consumer Credit Commissioner issued updated guidance, previously covered here, for regulated lenders navigating the Covid-19 crisis.
- Encourages 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
- Reminds lenders of legal requirements for using electronic signatures
- Permits lenders to conduct regulated lending activity from unlicensed locations, subject to certain conditions
The guidance is in effect through September 30, 2020, unless withdrawn or revised.
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