The Loan Software Star in the Lone Star State
We are excited to announce that GOLDPoint Systems (GPS) is now reviewed to handle both the Schedule Installment Earnings Method and the True Daily Earnings Method in the state of Texas! And that puts us in some truly rare company. In fact, GPS is the ONLY regulated loan software vendor to be reviewed to handle both. The only one.
Lending Software Fintech Regulated in Texas
This April, the Office of Consumer Credit Commissioner (OCCC) in Texas completed the software review of Section 342.201(e), Scheduled Installment Earnings, calculations for GPS and found GPS to be “substantially compliant” with the provisions of the applicable statutes and regulations. “Substantially compliant,” that’s high praise in the regulatory world.
This means that when you look up GOLDPoint Systems in Texas’ Regulated Loan Software Vendors list, you will now see this note:
Reviewed for Section 342.201(e) rate loans, Scheduled Installment Earnings Method, and Section 342.201(e-1)(2) rate loans, Scheduled Installment Earnings Method, True Daily Earnings Method
Why it Matters
So, why is this such a big deal? Well, Texas requires all lenders operating in the state of Texas to use loan software that has been reviewed by the Texas OCCC. It’s a lengthy and involved process that not many companies have undergone, but we’ve done it twice! And, since GPS has already been reviewed, our clients can open branches in Texas without the additional work of loan software review.
This is a fantastic opportunity for our clients to grow because it creates additional lending software options in the HUGE market of Texas. And I do mean HUGE. With more than 31 million residents and 268,596 square miles, Texas is the second-largest state in the US by both area and population.
Loan Software Regulated in Texas—The Specifics
GPS has been reviewed by the OCCC for the following types of loans:
Chapter 342.E Loans: Secured Consumer Installment Loans
GPS has been reviewed for use by licensed lenders making loans in the State of Texas under the provisions of Chapter 342, Subchapter E of the Texas Finance Code. GPS is reviewed for Section 342.201(e) rate loans, Scheduled Installment Earnings Method, and Section 342.201(e-1)(2) rate loans, Scheduled Installment Earnings Method, True Daily Earnings Method.
Chapter 342.F Loans: Unsecured or Payday Loans
GPS has also been reviewed for use by licensed lenders making loans in the State of Texas under the provisions of Chapter 342, Subchapter F of the Texas Finance Code for all types of 342.F loans.
Moving Forward with Our Lending Platform
If your company currently uses GPS lending software solutions and wants to learn more about what it means to be a regulated loan software vendor in Texas, contact your GPS account manager. If your company does not currently use GPS loan software but you want to learn more about partnering with GPS and what our lending platform can do for you, schedule a live demo today!
“You will either step forward into growth or you will step back into safety.”
—Abraham Maslow
