30 Day CSO Disclosure Statement - NCP-Cap Indemn

Credit Services Disclosure Statement
TitleMax of Texas, Inc. d/b/a TitleMax

CAUTION: THE CREDIT SERVICES THAT CSO PROVIDES AND THE LOAN THAT CSO MAY ARRANGE FROM A THIRD-PARTY LENDER ARE NOT INTENDED TO MEET LONG-TERM FINANCIAL NEEDS. SUCH CREDIT SERVICES AND LOAN SHOULD ONLY BE USED TO MEET IMMEDIATE SHORT-TERM CASH NEEDS. REPEATED OR FREQUENT USE CAN CREATE SERIOUS FINANCIAL HARDSHIPS. BEFORE ENTERING INTO A CONTRACT WITH CSO AND A LOAN AGREEMENT WITH A LENDER, CONSUMER SHOULD EVALUATE THE COSTS AND BENEFITS OF ALL ALTERNATIVES, INCLUDING A LOAN FROM ANOTHER LENDER (WITHOUT THE ASSISTANCE OF A CSO), A LOAN FROM FAMILY OR FRIENDS, A CREDIT CARD CASH ADVANCE, AN ADVANCE UNDER AN ACCOUNT WITH OVERDRAFT PROTECTION, OR A SALARY ADVANCE.

In this Credit Services Disclosure Statement (this “Disclosure Statement”), I, me, my, we, us, our, and Consumer refer to the individual consumer who signs this Disclosure Statement. You, your, yours, and CSO mean TitleMax of Texas, Inc. d/b/a TitleMax, whose principal business address is 15 Bull Street, Suite 200, Savannah, Georgia 31401, (800) 804-5368. The third-party lender from whom Consumer may get a loan (“Lender”) is NCP Finance Limited Partnership, 205 Sugar Camp Circle Dayton, OH 45409-1970.

About CSO: CSO is a credit services organization registered with the Texas Secretary of State and a credit access business licensed and examined by the State of Texas Office of Consumer Credit Commissioner. Call the Consumer Credit Hotline or write for credit information or assistance with credit problems: Office of Consumer Credit Commissioner, 2601 N. Lamar Blvd., Austin, Texas 78705, (800) 538-1579, www.occc.texas.gov, consumer.complaints@occc.texas.gov. CSO’s agent in Texas authorized to receive service of process is CT Corporation, 1999 Bryan Street, Suite 900, Dallas, Texas 75201. Credit services organizations are not lenders and do not make loans. CSO helps consumers obtain loans from a third-party lender and issues a letter of credit to the third-party lender on Consumer’s behalf to back up Consumer’s promise to pay the loan.

This Disclosure Statement is being provided before Consumer enters into any credit services transaction or loan or pays any fee or other consideration to any party. If CSO and Consumer enter into a transaction, this Disclosure Statement will be incorporated by reference in the separate Credit Services Contract and Security Agreement (the “CSO Contract”) into which CSO and Consumer will enter.

Description of CSO Services: CSO’s credit services (collectively, the “CSO Services”) include: (a) arranging for Consumer a single-payment loan from Lender with an annual interest rate not to exceed 9.95% (the “Loan”); (b) helping Consumer complete the paperwork (including the credit application) needed to get the Loan from Lender; and (c) providing to Lender in respect of the Loan from Lender a letter of credit that backs Consumer’s repayment of the Loan (the “Letter of Credit”). To get the Loan from Lender, Consumer must enter into a separate Loan Agreement, Promissory Note and Security Agreement (the “Note”) with Lender. As a condition to getting CSO Services from CSO and the Loan from Lender, Consumer must grant to CSO and to Lender a lien on Consumer’s unencumbered motor vehicle. The CSO Services that CSO provides to Consumer are complete on the date on which Consumer signs a Note with Lender.

Fee for CSO Services: CSO will charge Consumer a fee for providing CSO’s services (the “CSO Fee”). The CSO Fee is a percentage of the Amount Financed, calculated as shown in the CSO Fee Schedule set forth below. The actual amount of the CSO Fee that CSO will charge Consumer will be set forth in the CSO Contract and also will be included in the Itemization of Amount Financed in the Note. The CSO Fee is due and payable to CSO on the date of the Loan that CSO helps Consumer get from Lender. Consumer will not owe the CSO Fee to CSO if (a) the Lender denies Consumer’s credit application, (b) Consumer does not take the Loan from Lender, or (c) Consumer cancels the CSO Contract as described therein. The CSO Fee may be financed as part of the Loan made by Lender to Consumer. The CSO Fee I agree to pay to CSO, though required to be treated as finance charge for purposes of federal law disclosures, is for a separate service and is not interest under Texas law. My payment and other obligations to CSO are separate and distinct from my obligations to Lender. The CSO Fee amount I must pay to CSO is not a loan payment owed to Lender. Lender receives no portion of the CSO Fee.

Fee and Interest Schedules: CSO’s fee schedule and Lender’s interest and fee schedule are as follows:

Consumer Reimbursement Obligation: If CSO pays Lender any amount under the Letter of Credit for any reason, Consumer must reimburse CSO for all such amounts that CSO pays to Lender. Interest will accrue on the unreimbursed portion of principal for which CSO pays Lender under the Letter of Credit at the rate of 9.95% per annum (subject to applicable limits).

Surety Bond Information: CSO has filed a $10,000 surety bond with the Texas Secretary of State under Chapter 393 of the Texas Finance Code for each store location. The surety bond is in favor of any person damaged by CSO’s violation of Texas Finance Code Chapter 393 and in favor of the State of Texas for the benefit of such damaged person. A person making a claim against the surety bond for a violation of Chapter 393 may file suit against the surety identified below, the CSO that violated Chapter 393, or both. The surety is liable only for actual damages, reasonable attorney’s fees and court costs awarded under Texas Finance Code § 393.503(a). The aggregate liability of the surety for a credit services organization’s violations of Chapter 393 may not exceed the amount of the surety bond. The surety bond company name and address are: Capitol Indemnity Corporation, 1600 Aspen Commons, Middleton, WI 53562.

Privacy Policies and Texas Finance Code Chapter 393 Disclosures: I acknowledge receipt of (a) CSO’s Interest and Fee Schedule, describing CSO’s fees and all available loan amounts, interest and related fees, (b) separate loan examples from CSO on the Texas OCCC Auto Title Loan – Single Payment form, (c) CSO’s Privacy Policy and Notice, and (d) Lender’s Privacy Policy. I also acknowledge that:

Relationship Between CSO and Lender: CSO and Lender are unaffiliated third-party companies that have a contractual relationship with one another. CSO may act as a special limited agent for Lender in connection with the servicing of the Loan. Also, as a convenience to Lender and Consumer, CSO will accept payments on the Loan at CSO’s store location shown above or at such other place as CSO or Lender may specify in writing, by cash, certified check, money order or other method acceptable by CSO and Lender.

Communications with and about Consumer: Consumer authorizes CSO to: (1) call Consumer during reasonable hours to remind Consumer when Consumer’s Loan payment is due; (2) exchange non-public personal information about Consumer with Lender in order to facilitate Lender’s review of Consumer’s credit application and until any Loan Consumer obtains from Lender is paid in full; and (3) communicate with Consumer in the event of default on the Loan as allowed by law, including calling Consumer, communicating with Consumer in writing or via email, or communicating with any of Consumer’s personal references whom Consumer identified in Consumer’s credit application to acquire Consumer’s location.

Notice and Cure: Before suing or starting arbitration about (a) Consumer’s credit application, (b) this Disclosure Statement, (c) CSO’s Privacy Policy, (d) Lender’s Privacy Policy, (e) the CSO Contract, (f) the Note, or (g) any credit services or loan, the party asserting the claim shall give the other party or parties detailed written notice of the claim and relief requested and a reasonable opportunity of not less than 30 days to cure the claim. Any claim notice to Consumer shall be sent in writing by mail or by email to the address Consumer has provided in Consumer’s credit application (or any updated address Consumer subsequently provides to CSO or Lender). Any claim notice to CSO and/or Lender shall be sent by mail to TitleMax of Texas, Inc. d/b/a TitleMax, c/o Legal Department, 15 Bull Street, Suite 200, Savannah, GA 31401. Provided, however, this notice requirement does not apply to any actions to preserve or protect any collateral (e.g., seeking a writ of a sequestration).

Availability of Credit Counseling: Consumer should consider other ways and sources to obtain credit services. Nonprofit credit counseling services may be available in Consumer’s community. Refer to a local telephone directory under “Credit and Debt Counseling” for listings and sources of nonprofit credit counseling services.

Credit Information and Credit Reporting: Consumer authorizes CSO and Lender to verify the information given in connection with Consumer’s credit application and to obtain information about Consumer from a consumer reporting agency and other sources. CSO and Lender may report Consumer’s account information to consumer reporting agencies. Late payments, missed payments, or other defaults by Consumer may be reflected in Consumer’s credit report. If Consumer believes that CSO or Lender has reported inaccurate information about Consumer to a consumer reporting agency, please write to CSO or Lender in care of the CSO at TitleMax of Texas, Inc. d/b/a TitleMax, c/o Legal Department, 15 Bull Street, Suite 200, Savannah, GA 31401, and include the date of Consumer’s transaction, the information Consumer questions and why Consumer believes it is inaccurate.

A Summary of My Rights Under the Fair Credit Reporting Act and State Law

The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. There are many types of consumer reporting agencies, including credit bureaus and specialty agencies (such as agencies that sell information about check writing histories, medical records, and rental history records). Following is a summary of my major rights under the FCRA. For more information, including information about additional rights, go to www.consumerfinance.gov/learnmore or write to: Consumer Financial Protection Bureau, 1700 G Street N.W., Washington, DC 20552. Para información en español, visite www.consumerfinance.gov/learnmore o escribe a la Consumer Financial Protection Bureau, 1700 G Street N.W., Washington, DC 20552.

States may enforce the FCRA, and many states have their own consumer reporting laws. In some cases, I may have more rights under state law. For more information, I may contact my state or local consumer protection agency or my state Attorney General. For information about my federal rights, I may contact:

TYPE OF BUSINESS: CONTACT:
Banks, savings associations, and credit unions with total assets of over $10 billion and their affiliates Affiliates of the foregoing companies that are not banks, savings associations, or credit unions

Consumer Financial Protection Bureau
1700 G Street
N.W. Washington, DC 20552

Federal Trade Commission: Equal Credit Opportunity
Washington, DC 20580
1-877-382-4357

National banks, federal savings associations, and federal branches and federal agencies of foreign banks (other than those identified above) Office of the Comptroller of the Currency, Customer Assistance Group
1301 McKinney Street, Suite 3450
Houston, TX 77010-9050
State member banks, branches and agencies of foreign banks (other than federal branches, federal agencies, and Insured State Branches of Foreign Banks), commercial lending companies owned or controlled by foreign banks, and organizations operating under section 25 or 25A of the Federal Reserve Act Federal Reserve Consumer Help Center
P.O. Box 1200
Minneapolis, MN 55480
Nonmember Insured Banks, Insured State Branches of Foreign Banks, and insured state savings associations Federal Deposit Insurance Corporation, Consumer Response Center
1100 Walnut Street, Box #11
Kansas City, MO 64106
Federal credit unions National Credit Union Administration, Office of Consumer Protection (OCP)
1775 Duke Street
Alexandria, VA 22314
Air carriers Asst. General Counsel for Aviation Enforcement & Proceedings, Dep’t of Transportation,
1200 New Jersey Avenue, S.E.
Washington, DC 20590
Creditors Subject to the Surface Transportation Board Office of Proceedings, Surface Transportation Board, Department of Transportation
1925 K Street NW
Washington, DC 20423
Creditors Subject to the Packers and Stockyards Act, 1921 Nearest Packers and Stockyards Administration area supervisor or Department of Agriculture, Office of Deputy Administrator – GIPSA
Washington, DC 20250
Small Business Investment Companies Assoc. Deputy Administrator for Capital Access, U.S. Small Business Administration
409 Third Street, S.W.
8th Floor, Washington, DC 20416
Brokers and Dealers Securities and Exchange Commission
100 F Street, N.E.
Washington, DC 20549
Federal Land Banks, Federal Land Bank Associations, Federal Intermediate Credit Banks, and Production Credit Associations Farm Credit Administration
1501 Farm Credit Drive
McLean, VA 22102-5090
Retailers, Finance Companies, and All Other Creditors Not Listed Above FTC Regional Office for region in which the creditor operates or Federal Trade Commission: Equal Credit Opportunity
Washington, DC 20580

I AGREE TO AND ACKNOWLEDGE RECEIPT OF A COPY OF THIS CREDIT SERVICES DISCLOSURE STATEMENT WITHOUT OBLIGATION TO ACCEPT CREDIT SERVICES OR A THIRD-PARTY LOAN, AND BEFORE ENTERING INTO A CREDIT SERVICES CONTRACT OR THIRD-PARTY LOAN OR PAYING ANY FEE OR OTHER CONSIDERATION TO ANY PARTY.