Debt Cancellation Agreement Form Submission
This page explains how to submit debt cancellation agreement forms to the OCCC.
Earlier this year, the Texas Legislature passed a bill, HB 2931, which creates a new statutory framework for certain debt cancellation agreements. A debt cancellation agreement (DCA) is an agreement that the holder of a retail installment contract will cancel the remaining amount owed on the contract if the vehicle is stolen or totaled. Some DCAs require that the buyer maintain insurance on the vehicle.
HB 2931, which becomes effective September 1, 2011, adds a new subchapter to Chapter 348 of the Finance Code, detailing the provisions that may be included in a DCA that requires insurance. The bill also requires the OCCC to approve or disapprove DCA forms within 45 days after they are submitted to the agency. A person submitting a DCA form must provide all of the following to the OCCC:
- the person’s name,
- the business with which the person is affiliated,
- a street address where the person may be contacted,
- a phone number where the person may be contacted,
- an e-mail address where the person may be contacted, and
- a form number, including a revision date, that uniquely identifies the form being submitted.
The OCCC has created a submission form, which you may use to fill out this information. Click here for the OCCC’s DCA submission form.
When you submit a DCA form, please attach a completed copy of the OCCC’s submission form, and send both to the OCCC by email (DebtCancellationForms@occc.state.tx.us), fax (512-936-7610), or mail:
Office of Consumer Credit Commissioner
2601 N. Lamar Blvd.
Austin, TX 78705
If you submit a DCA form electronically, please format it as a DOC, DOCX, or PDF document. If you submit a form on or before September 1, 2011, then the OCCC’s 45 days to approve the form will begin running on September 1 (the bill’s effective date).
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Last Updated: September 13, 2011 9:32 AM
