 |
Texas Statutes (Last Updated: January 4, 2014) |
 |
FINANCE CODE |
|
Title 5. PROTECTION OF CONSUMERS OF FINANCIAL SERVICES |
|
Chapter 393. CREDIT SERVICES ORGANIZATIONS |
|
Subchapter G. LICENSING AND REGULATION OF CERTAIN CREDIT SERVICES ORGANIZATIONS |
Sec. 393.628. TEXAS FINANCIAL EDUCATION ENDOWMENT
-
(a) As part of the licensing fee and procedures described under this subchapter, each credit access business or license holder shall pay to the commissioner an annual assessment to improve consumer credit, financial education, and asset-building opportunities in this state. The annual assessment may not exceed $200 for each license as specified by the finance commission.
(b) The commissioner shall remit to the comptroller amounts received under Subsection (a) for deposit in an interest-bearing deposit account in the Texas Treasury Safekeeping Trust Company. Money in the account may be spent by the finance commission only for the purposes provided by this section. Amounts in the account may be invested and reinvested in the same manner as funds of the Employees Retirement System of Texas, and the interest from those investments shall be deposited to the credit of the account.
(c) The Texas Financial Education Endowment shall be administered by the finance commission to support statewide financial education and consumer credit building activities and programs, including:
(1) production and dissemination of approved financial education materials at licensed locations;
(2) advertising, marketing, and public awareness campaigns to improve the credit profiles and credit scores of consumers in this state;
(3) school and youth-based financial literacy and capability;
(4) credit building and credit repair;
(5) financial coaching and consumer counseling;
(6) bank account enrollment and incentives for personal savings; and
(7) other consumer financial education and asset-building initiatives as considered appropriate by the finance commission.
(d) In implementing this section, the finance commission may solicit gifts, grants, and donations for this purpose.
(e) The finance commission may partner with other state agencies and entities to implement this section.
(f) The finance commission shall adopt rules to administer this section.