Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES › Subchapter B - RULES FOR CREDIT ACCESS BUSINESSES › Division 6 - CONSUMER DISCLOSURES AND NOTICES › Section 83.6007 - Consumer Disclosures

Current through Reg. 49, No. 28; July 12, 2024
(a) Consumer
					 disclosure for single payment payday loan. The required disclosure under Texas
					 Finance Code, §
											393.223 to be provided
					 to a consumer before a credit application is provided and before a financial
					 evaluation occurs in conjunction with a single payment payday loan is presented
					 in the following figure.
Attached
						Graphic
(b)
					 Consumer disclosure for multiple payment payday loan. The required disclosure
					 under Texas Finance Code, §
											393.223 to be provided
					 to a consumer before a credit application is provided and before a financial
					 evaluation occurs in conjunction with a multiple payment payday loan is
					 presented in the following figure.
Attached
						Graphic
(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 a credit application is provided and before a financial
					 evaluation occurs in conjunction with a single payment auto title loan is
					 presented in the following figure.
Attached Graphic
(d) Consumer disclosure for
					 multiple payment auto title loan. The required disclosure under Texas Finance
					 Code, §
											393.223 to be provided
					 to a consumer before a credit application is provided and before a financial
					 evaluation occurs in conjunction with a multiple payment auto title loan is
					 presented in the following figure.
Attached
						Graphic
(e)
					 Consumer disclosures required for three to five common examples. For the three
					 to five examples of the most common loans transacted by a credit access
					 business as utilized under §
											83.6004 of this title (relating to
					 Fee Schedule Content), the business must develop a consumer disclosure for
					 those loan amounts, including appropriate fee information. Three to five
					 examples must be developed for each payday or auto title product sold by the
					 business (e.g., three single payment payday examples of $300, $500, and $700;
					 three multiple payment auto title examples of $1,000, $1,500, and $2,500). The
					 credit access business should provide the consumer with the example form for
					 the product and amount that most closely relates to the consumer's loan
					 request.
(f) Internet sales. A
					 credit access business must provide the required disclosure to a consumer
					 immediately upon the consumer's arrival at the credit access business's website
					 that includes information about a payday or auto title loan as defined by Texas
					 Finance Code, §
											393.221. Access to the
					 required disclosure must be clearly visible upon the consumer's arrival at the
					 website. If a consumer is directed to a credit access business's website by
					 another commercial entity that is not required to be licensed as a credit
					 access business, then the credit access business's website to which the
					 consumer is first directed must contain a direct link to the appropriate
					 consumer disclosure as outlined in subsections (a) - (d) of this section. The
					 direct link to the consumer disclosure must be provided before the consumer is
					 required to verify previously provided information, and before the consumer is
					 required to provide additional information.