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Mission Statement CSAT’s mission is to work cooperatively with
industry, consumers, and government officials to help ensure Texans
have access to short-term loans and other financial service products
in compliance with the law. By working with consumers and member
companies, CSAT helps guide the industry in full compliance laws and
ethical lending standards. To help protect Texas consumers, CSO
companies and lenders are required to comply with Texas Credit
Services Organizations Act; Texas Deceptive Trade Practices Act;
Texas Finance Code; Federal Truth in Lending Act; Texas Debt
Collections Practices Act; Federal Equal Credit Opportunity Act and
Regulation B; Federal Fair Credit Reporting Act and Regulation V;
Federal Trade Commission Act; Gramm-Leach-Bliley Act; and various
Federal Trade Commission regulations. CSAT also requires compliance
with its industry leading CSAT Best Practices.
Executive Summary Credit Service Organizations (CSOs) provide retail financial products and services to Texas consumers in compliance with state and federal laws. From stores in neighborhoods across the state, hard-working Texans have access to regulated small, short-term loans; money orders; pre-paid telephone and debit cards and other services desired to help them manage their finances. Many CSOs also help consumers improve and rebuild their credit ratings by providing the opportunity for successful repayment of loans to be reported favorably to Payment Reporting Builds Credit (PRBC TM) credit bureau. The Consumer Service Alliance of Texas (CSAT) is a nonprofit trade association comprised of businesses which provide financial securitization services in Texas. CSAT works to enhance and improve the economy and quality of life of Texans by satisfying the needs of consumers who have limited access to lenders who extend credit that is short-term and low cost. CSAT shall strive to effectively enhance the CSO business model by promoting the CSO to the general public, protecting the integrity of the business model from legislative or regulatory decisions which would harm the extension of these services, and assisting businesses to improve their profitability. |
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