Are CSOs required to register with the Secretary of State?
Yes, section 393.101 provides that before conducting business in Texas, a CSO must register with the Secretary of State. Please note that section 393.002 specifically provides that chapter 393 and thus the registration requirement does not apply to the following: • a person: • authorized to make a loan or grant an extension of consumer credit under the laws of this state or the United States; and • subject to regulation and supervision by this state or the United States; • a lender approved by the United States secretary of housing and urban development for participation in a mortgage insurance program under the National Housing Act (12 U.S.C. Section 1701 et seq.); • a bank or savings association the deposits or accounts of which are eligible to be insured by the Federal Deposit Insurance Corporation or a subsidiary of the bank or association; • a credit union doing business in this state; • a nonprofit organization exempt from taxation under Section 501(c)(3), Internal Revenue Code o
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