Texas Register, Volume 37, Number 35, Pages 6819-7008, August 31, 2012 Page: 6,864
The following text was automatically extracted from the image on this page using optical character recognition software:
The statutory provisions affected by the proposed amendments
are contained in Texas Finance Code, Chapter 348.
84. 702. Prohibited Advertising.
(a) Under Texas Finance Code, Subtitle B, Chapter 348, each
licensee must comply with Texas Finance Code, 341.403. A licensee
may not, in any manner, advertise or cause to be advertised a false,
misleading, or deceptive statement or representation relating to a rate,
term, or condition of a motor vehicle retail installment sales contract,
or advertise credit terms that the licensee does not intend to offer to
retail buyers who qualify for those terms.
(b) - (c) (No change.)
(d) Texas Finance Code, 348.009 requires licensees to
comply with federal disclosure requirements. Licensees who advertise
rates, terms, or conditions of a motor vehicle installment transaction
must comply with the disclosure requirements of 15 U.S.C. 1662 and
1664 and Regulation Z, 12 C.F.R. 226.24 and 12 C.F.R. 1026.24
84.704. Correction ofErrors or Violations.
(a) - (c) (No change.)
(d) If the licensee applies the refund to an existing account of
the retail buyer with the licensee, the licensee may be required to refund
the amount due a retail buyer plus the amount of accrued time price
differential on the correction or adjustment amount or a proportionate
amount of time price differential originally charged on the amount be-
ing credited. If more than half of the precomputed time balance (regular
transaction using the sum of the periodic balances method or scheduled
installment earnings method) has been paid before applying the credit
to the account, the licensee may be required to refund the proportion-
ate amount of time price differential originally charged on the amount
(e) - (g) (No change.)
84.705. Unclaimed Funds.
(a) (No change.)
(b) Required information. Evidence of a bona fide attempt to
pay a refund to a retail buyer must be kept in the licensee's records of
the retail buyer's account [buyer]. The licensee must place with the
records of the retail buyer's account [buyer] any information received
by the licensee that indicates the retail buyer has died leaving no will or
heirs or has left the community and the retail buyer's whereabouts are
unknown. If deemed necessary with respect to a specific retail buyer,
a licensee may be required to send the unclaimed funds by registered
or certified mail to the last known address of the retail buyer.
(c) (No change.)
(d) Escheat to state. At the end of three [(3)] years, the un-
claimed funds must be paid to the [State of] Texas Comptroller of Pub-
lic Accounts, Treasury Division, as required by Texas Property Code,
72.101, or must be paid to the appropriate state or other governmen-
tal entity under the time period provided by the other state's or entity's
(e) (No change.)
84.706. Follow-up Examination Fees.
If a follow-up examination visit is required within nine [(9)] months
after a written deficiency report has been given as a result of a failure
to comply with Texas Finance Code, Chapter 348, this chapter, or the
special instruction section of the examination report, an examination
fee at the hourly rate of $100 per examiner may be assessed.
84.707. Files andRecords Required (Retail Sellers Assigning Retail
Installment Sales Contracts).
(a) (No change.)
(b) Records required for each retail installment sales transac-
tion. Each licensee must maintain records with respect to the licensee's
compliance with Texas Finance Code, Chapter 348 for each motor ve-
hicle retail installment sales contract made, acquired, serviced, or held
under Chapter 348 and make those records available for examination.
This requirement includes any retail installment sales contract signed
by a retail buyer for a vehicle that has been delivered, including con-
tracts that are subsequently voided or canceled after a seller regains
possession and ownership of the vehicle.
(c) (No change.)
(d) Records required.
(1) Retail installment sales transaction report.
(A) - (B) (No change.)
(C) Dealer's Motor Vehicle Inventory Tax Statement
(i) A licensee may utilize a copy of the Dealer's Mo-
tor Vehicle Inventory Tax Statement (VIT Statement) submitted to the
Texas [Office of the] Comptroller of Public Accounts to satisfy the re-
quirements of this paragraph if the following two conditions are met
when the VIT Statement is provided to the commissioner's representa-
(I) - (II) (No change.)
(ii) (No change.)
(D) Required information. A retail installment sales
transaction report must contain the following information:
(i) - (ii) (No change.)
(iii) a method of identifying the vehicle, such as the
last six [(6)] digits of the vehicle identification number or the stock
(iv) (No change.)
(2) Retail installment sales transaction file. A licensee
must maintain a paper or imaged copy of a retail installment sales
transaction file for each individual retail installment sales contract or
be able to produce the same information within a reasonable amount
of time. The retail installment sales transaction file must contain
documents which show the licensee's compliance with applicable law.
The required documents must show the licensee's compliance with
Texas Finance Code, Chapter 348 and would accordingly include
applicable state and federal laws and regulations, including the Truth
in Lending Act. If a substantially equivalent electronic record for any
of the following records exists, a paper copy of the record does not
have to be included in the retail installment sales transaction file if the
electronic record can be accessed upon request. The retail installment
sales transaction file must include copies of the following records or
documents, unless otherwise specified:
(A) for all retail installment sales transactions:
(i) - (iii) (No change.)
(iv) the Texas Department of Motor Vehicles'
[Transportatiens] Title Application Receipt (Form VTR-500-RTS),
Tax Assessor's Tax Collector's Receipt for Title Application/Registra-
tion/Motor Vehicle Tax handwritten receipt (Form 31-RTS), or similar
document evidencing the disbursement of the sales tax, and fees for
license, title, and registration of the vehicle;
(v) - (vi) (No change.)
37 TexReg 6864 August 31, 2012 Texas Register
Here’s what’s next.
This issue can be searched. Note: Results may vary based on the legibility of text within the document.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Periodical.
Texas. Secretary of State. Texas Register, Volume 37, Number 35, Pages 6819-7008, August 31, 2012, periodical, August 31, 2012; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth253227/m1/46/: accessed June 28, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.