Credit service professionals in Texas must furnish and maintain a surety bond to ensure their organizations conduct business in an ethical and lawful manner. The credit service organization surety bond amount is $10,000 and it is required by the Texas Secretary of State.

In Texas, credit service organizations (“CSOs”) are governed by Chapter 393 of the Finance Code and the secretary of state's administrative rules found in 1 Texas Administrative Code Chapter 74, as well as any other applicable state or federal law.

Yes, § 393.101, Finance Code, provides that before conducting business in Texas, a CSO must register with the secretary of state. See Form 2801. A registration must be accompanied by proof of security or a statement explaining why proof of security is not required and the registration fee.

Credit Access Businesses (CAB) are credit services organizations that obtain or assist consumers in obtaining extensions of consumer credit in the form of deferred presentment transactions or motor vehicle title loans. CABs are governed by Chapter 393 of the Texas Finance Code.