Texas Register, Volume 36, Number 44, Pages 7417-7610, November 4, 2011 Page: 7,450
7417-7610 p. ; 28 cm.View a full description of this periodical.
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a schedule of all fees to be charged for services per-
formed by the credit access business in connection with deferred pre-
sentment transactions and motor vehicle title loans, as applicable;
(2) the following consumer credit notice: "This busi-
ness is licensed and examined by the State of Texas - Office of
Consumer Credit Commissioner. Call the Consumer Credit Hotline
or write for credit information or assistance with credit problems.
Office of Consumer Credit Commissioner, 2601 North Lamar Boule-
vard, Austin, Texas 78705-4207, (800) 538-1579, consumer.com-
plaints@occc.state.tx.us, www.occc.state.tx.us."; and
(3) the notice required by Texas Finance Code,
393.222(a)(1).
(b) Internet sales. For business conducted through the Inter-
net, a credit access business must prominently display the information
provided in subsection (a) of this section in a conspicuous location on
the business's website and on any website where the business adver-
tises to the public.
(1) Direct link for fee schedule. The posting required by
subsection (a)(1) of this section may be accessible via a direct link with
the subject matter listed substantially similar to the following: "Fee
Schedule" or "Schedule of All Fees."
(2) Direct link for consumer credit notice. The posting re-
quired by subsection (a)(2) of this section may be accessible via a direct
link with the subject matter listed substantially similar to the follow-
ing: "Consumer Credit Notice," "OCCC Notice," or "Complaints and
Inquiries Notice."
83.6004. Fee Schedule Content.
(a) Required information. For three to five examples of the
most common loans transacted by a credit access business, the business
must post the following under Texas Finance Code, 393.222(a)(1):
i1 standard fee rate;
(2) annual percentage rate (APR);
(3) any additional fees charged at the inception of the loan;
(4) standard loan term; and
(5) any late fees or nonsufficient funds fees, if charged.
(b Schedule required for each product. All information re-
quired by subsection (a) of this section must be posted for each loan
product offered by the credit access business.
(c) Additional information permitted. Additional information
may be included on the fee schedule at the option of the credit access
business as long as it is not misleading.
83.6005. Relationship with Federal Law.
In the event of an inconsistency or conflict between the disclosure or
notice requirements in these provisions and any current or future fed-
eral law, regulation, or interpretation, the requirements of the federal
law, regulation, or interpretation will control to the extent of the incon-
sistency.
,83.6006. Format.
(a) Disclosures for credit access business transactions must be
printed in an easily readable font and type size. If other state or federal
law requires a certain type size for a specific disclosure or notice, the
type size specified by the other law should be used.
(b) The text of the document must be set in an easily readable
typeface. Typefaces considered to be readable include: Arial, Calibri,
Caslon, Century Schoolbook, Garamond, Helvetica, Scala, and Times
New Roman.(c) The consumer disclosure for each product offered under
Texas Finance Code, Chapter 393 must be provided to consumers as a
separate document. Each product disclosure must fit on one standard-
size sheet of paper (8 1/2 by 11 inches), printed on both sides.
,83.6007. Consumer Disclosures.
(a) Consumer disclosure for single payment payday loan. The
required disclosure under Texas Finance Code, 393.223 to be pro-
vided to a consumer before consummation of a payday loan to be repaid
in one payment is presented in the following figure.
Figure: 7 TAC 83.6007(a)
( Consumer disclosure for multiple payment payday loan.
The required disclosure under Texas Finance Code, 393.223 to be pro-
vided to a consumer before consummation of a payday loan to be repaid
in multiple payments is presented in the following figure.
Figure: 7 TAC 83.6007(b)
(c) Consumer disclosure for single payment auto title loan.
The required disclosure under Texas Finance Code, 393.223 to be
provided to a consumer before consummation of a auto title loan to
be repaid in one payment is presented in the following figure.
Figure: 7 TAC 83.6007(c)
( Consumer disclosure for multiple payment auto title loan.
The required disclosure under Texas Finance Code, 393.223 to be pro-
vided to a consumer before consummation of a auto title loan to be re-
paid in multiple payments is presented in the following figure.
Figure: 7 TAC 83.6007(d)
83.6008. Permissible Changes.
(a) A credit access business must use the required disclosures
under Texas Finance Code, 393.223 as prescribed by Figures: 7 TAC
83.6007(a) - (d) of this title (relating to Consumer Disclosures), but
may consider making only limited technical changes, as provided by
the following exclusive list:
(1) Filling in any dollar amounts, interest rates, or other
dynamic terms specific to the individual consumer's loan;
(2) Substituting the pronouns used to denote the consumer
by substituting words such as "you" and "your" for "I" and "my," along
with appropriate grammatical changes;
(3) Adding an optional, dated signature block at the very
bottom of the disclosure form, which must include the following state-
ment directly above the signature line of the consumer: "ACKNOWL-
EDGMENT OF RECEIPT: By signing below, I acknowledge only that
I have received a copy of this disclosure prior to signing any contract
for a payday or auto title loan, this day of , 20 ."
(4) Combining the Texas Finance Code, 393.223 disclo-
sure with the federal disclosure regarding military borrowers under 10
U.S.C. 987 and 32 C.F.R. Part 232;
(5) Combining the Texas Finance Code, 393.223 disclo-
sure with the federal disclosure requirements for advertising under the
Truth in Lending Act, 15 U.S.C. 1632(a), and its implementing regu-
lations, 12 C.F.R. 226.24.
(b) The comparison information regarding alternative forms of
debt required by Texas Finance Code, 393.223(a)(1) and the informa-
tion regarding the typical pattern of repayment required by Texas Fi-
nance Code, 393.223(a)(3) will be periodically updated by the OCCC.
Updated consumer disclosures required by 83.6007 of this title will be
posted on the OCCC website.
This agency hereby certifies that the proposal has been reviewed
by legal counsel and found to be within the agency's legal author-
ity to adopt.36 TexReg 7450 November 4, 2011 Texas Register
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Texas. Secretary of State. Texas Register, Volume 36, Number 44, Pages 7417-7610, November 4, 2011, periodical, November 4, 2011; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth193249/m1/32/: accessed March 29, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.