§ 5-11-10. Maintenance of records.

A person who acts, operates, or conducts business as a credit access business and the employees, servants, and agents of such person shall:

(a)

Maintain a complete set of records of all extensions of consumer credit arranged or obtained by the credit access business, which shall include the following information:

(1)

The name and address of the consumer;

(2)

The principal amount of cash actually advanced;

(3)

The length of the extension of consumer credit, including the number of installments and renewals;

(4)

The fees charged by the credit access business to arrange or obtain the extension of consumer credit; and

(5)

The documentation used to establish the consumer's income under Section 5-11-11;

(b)

Maintain a copy of each written agreement between the credit access business and a consumer evidencing an extension of consumer credit, including, but not limited to, any refinancing or renewal granted to the consumer;

(c)

Maintain a copy of each quarterly report filed with the Texas Consumer Credit Commissioner under Section 393.627 of the Texas Finance Code; and

(d)

Maintain all records under this Section for at least three years and, upon an order from the Director, an officer of the City of Midland Code Administration Division, or a peace officer of the City of Midland Police Department to produce a record or records during the usual and customary business hours of the credit access business, shall produce the record or records for inspection.

( Ord. No. 9274, § 1, 6-17-14 )