
Overview
Both sellers and holders of retail installment contracts are required to have motor vehicle sales finance licenses.
Interest or finance charges are not required for a transaction to be considered financed.
A sale is considered financed when the buyer agrees to make payments over time. Exception: Resale purpose. See laws below for more information.
Businesses required to be licensed by the OCCC include, but are not limited to:
- Dealers Holding contracts (Buy Here Pay Here)
- Dealers Assigning Contracts
- Acceptance Companies
Administrative Action Report
Motor Vehicle Sales Finance Administrative Action Report - Fiscal Year 2018
Resources
Licensing & Forms
Advisory Bulletins & Disclosures
Debt Cancellation Agreements
Documentary Fees
Rate Charts
Examination Process
Dealer Education
Contracts- Software Vendors
Contracts- Plain Language
Statutes & Rules
These are the primary statutes and rules that apply to motor vehicle installment sales. This is not a complete list of laws that motor vehicle installment sales companies are required to comply with.
Primary State Statutes
Chapter 348, Texas Finance Code: Motor Vehicle Installment Sales
OCCC's Rules
Title 7, Chapter 84, Texas Administrative Code
Other State Statutes
Texas Legislature Online
Federal Statutes & Rules
U.S. Government Publishing Office