11 - Credit Access Business report and ordinance

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(b) For every consumer who cannot read, every agreement between the credit access business and a consumer evidencing an extension of consumer credit (including, but not limited to, any refinancing or renewal granted to the consumer) must be read to the consumer in its entirety in the consumer's language of preference, prior to the consumer's signature. (c) For every consumer who cannot read, every disclosure and notice required by law must be read to the consumers in its entirety in the consumer's language of preference, prior to the consumer's signature. 5.12.014 Referral to Consumer Credit Counseling. A credit access business shall provide a form, to be prescribed by the Director, to each consumer seeking assistance in obtaining an extension of consumer credit which references non-profit agencies that provide financial education and training programs and agencies with cash assistance programs. The form will also contain information regarding extensions of consumer credit, and must include the information required by 5.12.011(a)(1)-(5) of this ordinance specific to the loan agreement with the consumer. If the Director has prescribed a form in the consumer's language of preference, the form must be provided in the consumer's language of preference." Section 2. That Appendix A, Article A1.000, "Miscellaneous Fees," shall be and is hereby amended to add Section A1.005, "Fees related to Credit Access Businesses," to read in its entirety as follows: "§ A1.005 Fees related to credit access businesses (1) The application fee for the initial certificate of registration for a credit access business under Article 5.12 of this Code of Ordinances shall be $500.00. (2) The application fee for an annual renewal certificate of registration for a credit access business shall be $250.00." Section 3. That all provisions of the ordinances of the City of Paris, Texas in conflict with the provisions of this ordinance are hereby repealed, and all other provisions of the ordinances of the City of Paris, Texas not in conflict with the provisions of this ordinance shall remain in full force and effect. Section 4. That the repeal of any ordinance or part of ordinances affected by the enactment of this ordinance shall not be construed as abandoning any action now pending under or by virtue of such ordinance or as discontinuing, abating, modifying, or altering any penalty accruing or to accrue, or as affecting any rights of the municipality under any section or provisions of any ordinance at the time of passage of this ordinance. Section 5. That this ordinance shall become effective from and after its passage and publication as required by law.