Reports on Certain Financial Services and Consumer Loan Products

Background

The Office of Consumer Credit Commissioner(OCCC) maintains regulatory oversight over segments of the consumer-lending marketplace in  Texas. Most  non-depository lenders, non-real estate lenders and segments of the home equity industry are supervised by the  OCCC. Exempt lenders (authorized lenders that are exempt from OCCC licensing, e.g., banks) and exempt transactions (e.g., loans at rates lower  than 10%) contribute to the remaining marketplace. Several types of credit products are available and range from those frequently used by Texas consumers to niche offerings. This report highlights five of the most common loans that Texas consumers received from OCCC licensed lenders and lists general lower-cost alternatives to those products.