Texas Register, Volume 37, Number 35, Pages 6819-7008, August 31, 2012 Page: 6,865
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(B) for a vehicle titled in Texas, a copy of the completed
Texas Department of Motor Vehicles' [Transportation]/Texas Comp-
troller of Public Accounts' Application for Texas Certificate of Title
(Form 130-U) signed by the retail buyer and seller that was filed with
the appropriate county tax assessor-collector.
(C) for a vehicle titled outside of Texas, a copy of the
application for certificate of title for the buyer or the properly assigned
evidence of ownership to the buyer including the Texas Comptroller of
Public Accounts' Texas Motor Vehicle Sales Tax Exemption Certificate
(D) for a retail installment sales transaction in which a
power of attorney is necessary to transfer title to the buyer, a copy of
the Texas Department of Motor Vehicles' [Transportation's] Power of
Attorney to Transfer a Motor Vehicle (Form VTR-271) or any other
similar document used as a power of attorney.
(E) for a retail installment sales transaction in which the
retail buyer elects to have the vehicle registered in another county as
permitted by Texas Transportation Code, 501.0234, a completed copy
of the Texas Department of Motor Vehicles' [Transpe4ation's] County
of Title Issuance form (Form VTR-136) signed by the retail buyer.
(F) - (K) (No change.)
(L) for a retail installment sales transaction where sep-
arate disclosures are required by federal or state law including the fol-
(i) a transaction where disclosures required by the
Truth in Lending Act are not incorporated into the text of the retail in-
stallment sales contract and the credit was extended for primarily for
personal, family, or household purposes, a copy of the Truth in Lend-
ing statement required by Regulation Z, Truth in Lending, 12 C.F.R.
(ii) (No change.)
(M) (No change.)
(3) (No change.)
(4) General business and accounting records. General
business and accounting records concerning retail installment sales
transactions must be maintained. The licensee is not required to
produce information protected under the attorney-client privilege or
work product privilege. The business and accounting records must
include receipts, documents, or other records for each disbursement
made by the licensee at the retail buyer's direction or request, on his
behalf, or for his benefit, that is charged to the retail buyer, including:
(A) Texas Comptroller of Public Accounts' Dealer Mo-
tor Vehicle Inventory Tax Statement (Form 50-246); and
(B) Texas Comptroller of Public Accounts' Texas Mo-
tor Vehicle Seller-Financed Sales Tax Report (Form 14-117).
(5) Adverse action records. Each licensee must maintain
adverse action records regarding all applications relating to Texas Fi-
nance Code, Chapter 348 retail installment sales transactions. Adverse
action records must be maintained according to the record retention re-
quirements contained in Regulation B, Equal Credit Opportunity Act,
12 C.F.R. 1002.12(b) [R2012 ) as amended]. The current retention
periods are 25 months for consumer credit and 12 months for business
(6) (No change.)
84.708. Files and Records Required (Retail Sellers Collecting In-
stallments on 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) - (d) (No change.)
(e) 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 [Offe 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) - (iv) (No change.)
(v) the Texas Department of Motor Vehicles'
[Transpeatioens] 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;
(vi) - (vii) (No change.)
PROPOSED RULES August 31, 2012 37 TexReg 6865
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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/m1/47/: accessed June 19, 2018), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.