Texas Register, Volume 37, Number 35, Pages 6819-7008, August 31, 2012 Page: 6,867
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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);
(B) Texas Comptroller of Public Accounts' Texas Mo-
tor Vehicle Seller-Financed Sales Tax Report (Form 14-117); and
(C) (No change.)
(6) - (7) (No change.)
(8) 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) [2202.12(b), as amended]. The current retention
periods are 25 months for consumer credit and 12 months for business
credit.
(9) (No change.)
(f) Repossession records.
(1) (No change.)
(2) Required information. For a retail installment sales
transaction involving the repossession of the vehicle, the following
records must be maintained, unless otherwise specified:
(A) - (B) (No change.)
(C) for a vehicle disposed of in a public or private sale
as permitted by the Texas Business and [&] Commerce Code, 9.610,
the following documents:
(i) one of the three following notices:
(I) for a transaction not involving consumer
goods, a copy of any Notification of Disposition of Collateral letter
sent to the retail buyer and other obligors as required by Texas Busi-
ness and [&] Commerce Code, 9.613;
(II) for a transaction involving consumer goods,
a copy of any Notice of Our Plan to Sell Property as sent to the retail
buyer and other obligors as required by Texas Business and [&] Com-
merce Code, 9.614; or
(III) (No change.)
(ii) - (v) (No change.)
(vi) for a disposition or sale of collateral resulting
in a surplus or deficiency, a copy of the explanation of calculation of
surplus or deficiency as required by Texas Business and [&] Commerce
Code, 9.616, if applicable;
(vii) (No change.)
(D) for a vehicle disposed of using the strict foreclosure
method as permitted by the Texas Business and [&] Commerce Code,
9.620 and 9.621, the following documents:
(i) - (iii) (No change.)
(E) for a vehicle disposed by another authorized method
pursuant to the Texas Business and [&] Commerce Code, Chapter 9, a
copy of any and all records or documents relating to the disposition of
the collateral.
84.709. Files and Records Required (Holders Taking Assignment of
Retail Installment Sales Contracts).
(a) - (d) (No change.)(e) Records required.
(1) Retail installment sales transaction report. Each li-
censee must maintain records sufficient to produce a retail installment
sales transaction report that contains a listing of each Texas Finance
Code, Chapter 348 retail installment sales contract acquired by the
licensee. The report is only required to include those retail installment
sales contracts that are subject to the record retention period of para-
graph (9) of this subsection. The retail installment sales transaction
report can be maintained either as a paper record or may be generated
from an electronic system or systems so long as the licensee can inte-
grate the following information into a report. If the retail installment
sales transaction report is maintained under a manual recordkeeping
system, the retail installment sales transaction report must be updated
within a reasonable time from the date the contract is acquired. A
retail installment sales transaction report must contain the following
information:
(A) - (B) (No change.)
(C) a method of identifying the vehicle, such as the last
six [(6)] digits of the vehicle identification number or the stock number;
and
(D) (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) (No change.)
(B) for a vehicle titled in Texas, a copy of the completed
Texas Department of Motor Vehicles' [Transportati-on]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) - (D) (No change.)
(E) for a retail installment sales transaction involving
insurance claims for credit life, credit accident and health, credit prop-
erty, credit involuntary unemployment, collateral protection, or credit
gap insurance:
(i) (No change.)
(ii) if the licensee negotiates or transacts insurance
claims on behalf of the retail buyer, supplemental insurance records, to
the extent received by the licensee, supporting the settlement or denials
of claims reported in the insurance loss records provided by paragraph
(6) of this subsection including:
(I) - (IV) (No change.)
(V) Credit gap insurance claims. The supple-
mental insurance records for credit gap insurance claims must include
the gap insurance claim form; proof of loss and settlement check fromPROPOSED RULES August 31, 2012 37 TexReg 6867
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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. (https://texashistory.unt.edu/ark:/67531/metapth253227/m1/49/?rotate=90: accessed May 6, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.