Credit Access Business

Who Must Register
You must register with the City of Weatherford if you are a credit access business as defined by Section 393 of the Texas Finance Code and operating in the City of Weatherford. These businesses obtain for consumers, or assist consumers in obtaining, an extension of consumer credit commonly known as payday loans or motor vehicle title loans.

General Provisions
Ordinance 752-2015-41 authorizes the City to:
  • Require lenders to register with the City annually
  • Limit payday loans to 20% of the borrower's gross monthly income
  • Limit auto title loans to the lesser of 3% of the borrower's gross annual income or 70% of the vehicle value
  • Limit loans to no more than four installments or three rollovers or renewals (a rollover or renewal is defined as an extension of consumer credit made within seven days of the previous extension of credit)
  • Require that proceeds from each installment or renewal reduce the loan principal by 25%
  • Require that every contract be written in a language the borrower can understand
  • Require that the contract be read in its entirety to any borrower who cannot read
  • Require the lender to provide to the borrower a form created by the City which references non-profit agencies that provide financial education and agencies with cash assistance programs, and contains general information regarding extensions of consumer credit

  • Fee
    The City of Weatherford charges a non-refundable application fee of $100.