Austin City Code § 4-12-1 DEFINITIONS.
§ 4-12-1 - DEFINITIONS.
In this chapter:
(A) CERTIFICATE OF REGISTRATION means a certificate of registration issued by the director under this chapter to the owner or operator of a credit services organization or a credit access business.
(B) CONSUMER means an individual who is solicited to purchase or who purchases the services of a credit services organization or a credit access business.
(C) CREDIT ACCESS BUSINESS means a credit services organization that obtains for a consumer or assists a consumer in obtaining an extension of consumer credit in the form of a deferred presentment transaction or a motor vehicle title loan.
(D) CREDIT ACCESS BUSINESS FEES mean the fees charged by a credit access business pursuant to Section 393.602, Texas Finance Code.
(E) CREDIT SERVICES ORGANIZATION means a person who obtains an extension of consumer credit for a consumer as described in Section 393.001(3)(B), Texas Finance Code, or a person who provides advice or assistance to a consumer with regard to obtaining an extension of consumer credit.
(F) DEFERRED PRESENTMENT TRANSACTION has the same meaning as defined in Section 393.601 of the Texas Finance Code.
(G) DIRECTOR means, for purposes of this chapter, the director of the department designated by the City Manager to enforce and administer this chapter.
(H) EXTENSION OF CONSUMER CREDIT has the same meaning as defined in Section 393.001 of the Texas Finance Code.
(I) EXTENSION OF CONSUMER CREDIT TRANSACTION means the entirety of the agreements made by a consumer to obtain an extension of consumer credit, and includes any loan agreement between the lender and the consumer, and any fee agreement between the credit services organization or credit access business and the consumer.
(J) MOTOR VEHICLE TITLE LOAN has the same meaning as defined in Section 393.601 of the Texas Finance Code.
(K) OWNER means, for the purposes of this chapter, any person who directly or indirectly owns a credit services organization or a credit access business. For publicly traded companies, the term means any person who directly or indirectly owns or controls 10% or more of the outstanding shares of stock in the credit services organization or credit access business.
(L) PERSON means, for purposes of this chapter, any individual, corporation, organization, partnership, association, financial institution, or any other legal entity, but does not include the City.
(M) STATE LICENSE means a license to operate a credit access business issued by the Texas Consumer Credit Commissioner under Chapter 393 of the Texas Finance Code.
(N) VALUABLE CONSIDERATION means the consideration described in Section 393.001(3), Texas Finance Code. Valuable consideration includes an immediate payment and any future payments in exchange for an extension of consumer credit as described in Section 393.001(3)(B), Texas Finance Code, or advice or assistance with regard to an extension of consumer credit as described in Section 393.001(3)(B), Texas Finance Code.
Source: Ord. 20110818-075; Ord. No. 20200521-028, Pts. 2, 3, 6-1-20; Ord. No. 20200730-004, Pts. 2, 3, 8-10-20.