Regulations for Property Tax Lenders and Why This Matters to You
Are you delinquent on your Texas property tax bill and unsure if a tax lender is a trustworthy solution for you? Fortunately, property tax lenders are subject to several regulations they are required to follow prior to, and during the duration of, their business. These regulations protect both the lender and borrower from any issues involving a property tax loan agreement. So, if you are wondering what these regulations are and why they should matter to you, read more below.
How Are Property Tax Lenders Regulated?
Before a Texas Property Tax lender can start selling property tax loans, they must be licensed by the Texas Office of Consumer Credit Commissioner (OCCC). The OCCC will regulate the licensing of members, conduct various examinations of licensed members periodically, and require each licensed lender to submit an annual report. Not only does the OCCC require a tax lender to be licensed, but they also require all loan officers for a property tax loan company to obtain a National Mortgage Loan Originators License (NMLS) in order to originate residential property tax loans. The purpose of these requirements and the overall goal is to create a fair, lawful, and healthy credit environment for Texans.
The OCCC continues to effectively work to enforce the requirements of the Texas Finance Code. The chapter of the code specifically for property tax loans is in Chapter 351. Here you will find the various types of regulations that a tax lender must ensure compliance with. This code gives the commissioner and their staff the right to regulate whether a tax lender has violated any regulations.
Why Does this Matter to You?
With the OCCC requiring licensing and ensuring proper regulations for Texas property tax lenders, it assures customers that they are receiving a fair and non-exploitative service. When choosing a property tax lender, you will want to ensure they are licensed by the OCCC to avoid any uncertainty. If the company is not, it is most likely operating illegally. You can call the OCCC or visit their website to verify if a loan provider you are considering is licensed. It’s also worth noting that Texas property tax lenders must include their license number on their website and all marketing materials. It will allow you to feel confident in your potential property tax lender, knowing they are trustworthy and regulated.
How We Can Help
At Johnson & Starr, we pride ourselves on being a trusted property Tax Lender that saves homes and businesses. We offer fair, flexible, and easy-to-understand loans that relieve the stress of burdensome past-due property tax bills.
A statement from our CEO, Nikolaos Stavros states, “our commitment to serving our clients is unwavering. Each of our employees has years of experience protecting Texans who need help with high property tax bills. We are proud to offer payment plans that fit the needs of our clients, competitive terms, and our one-of-a-kind ‘Life Happens’ package of loan advantages.” — Nikolaos Stavros, CEO
If you are in need of property tax relief and looking for help, Johnson & Starr can answer any of your questions. Call us today at 877-301-3032 to find out how we can help, and one of our team members will walk you through our process.