reglab/statecodes huggingface dataset:
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter H - PAYOFF STATEMENTS › Section 89.802 - Payoff Statements

Current through Reg. 49, No. 28; July 12, 2024
(a) Scope. This
				  section applies to a payoff statement described by Texas Tax Code, §
										RSA
				  32.06(a-6) that a property
				  tax lender provides in response to a request described by §
										RSA
				  89.801(a) of this title
				  (relating to Requests for Payoff Statements).
(b) Definitions. In this section, the
				  following terms have the following definitions:
(1) Balance date--The date used to calculate
				  the total payoff amount. The balance date must be the same date as the
				  requested balance date on the request, if possible. If it is not possible for
				  the property tax lender to provide a balance date that is the same as the
				  requested balance date, then the balance date must be as close as possible to
				  the requested balance date.
(2)
				  Business day--A day on which a property tax lender is open for
				  business.
(3) Requestor--A person
				  who sends a request described by §
											RSA
				  89.801(a) of this
				  title.
(4) Total payoff amount--The
				  total amount due under a property tax loan as of the balance date.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter H - PAYOFF STATEMENTS › Section 89.803 - Model Forms

Current through Reg. 49, No. 28; July 12, 2024
(a) Model request
				  for payoff statement. The model request for a payoff statement under Texas Tax
				  Code, §
										RSA
				  32.06(a-6) and §
										RSA
				  89.801 of this title (relating to Requests
				  for Payoff Statements) is presented in the following figure.
Attached
					 Graphic
(b)
				  Model payoff statement. The model payoff statement under Texas Tax Code, §
										RSA
				  32.06(a-6) and §
										RSA 89.802 of
				  this title (relating to Payoff Statements) is presented in the following
				  figure.
Attached
					 Graphic
(c) Use
				  of model request for other purposes. A lienholder may use the model request
				  described in subsection (a) of this section for a purpose other than making a
				  request under Texas Tax Code, §
										RSA
				  32.06(a-6), if the
				  lienholder's use of the request does not violate any other law.
(d) Use of model payoff statement for other
				  purposes. A property tax lender may use the model payoff statement described in
				  subsection (b) of this section for a purpose other than responding to a request
				  under Texas Tax Code, §
										RSA
				  32.06(a-6), if the property
				  tax lender's use of the statement does not violate any other law.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter H - PAYOFF STATEMENTS › Section 89.804 - Permissible Changes

Current through Reg. 49, No. 28; July 12, 2024
(a) Requests for
				  payoff statements. A person who submits a request under Texas Tax Code, §
										RSA
				  32.06(a-6) and §
										RSA
				  89.801 of this title (relating to Requests
				  for Payoff Statements), must use a form substantially similar to the model form
				  prescribed by Figure: 7 TAC §
										RSA
				  89.803(a) of this title. The
				  person submitting the request may consider making one or more of the following
				  types of changes:
(1) deleting fields labeled
				  "Optional";
(2) deleting the word
				  "Optional" and surrounding parentheses;
(3) replacing "Mortgage servicer" with an
				  applicable description of the person submitting the request on the lienholder's
				  behalf (e.g., "Law firm");
(4)
				  replacing "Property tax lender" with "Tax lien transferee" or
				  "Transferee";
(5) replacing
				  "Borrower" with "Property owner";
(6) replacing "Address of property" with
				  "Legal description of property";
(7) replacing "property tax loan" with "tax
				  lien transfer";
(8) replacing
				  "other side" with "next page"; or
(9) adding reasonable instructions regarding
				  delivery of the payoff statement.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 89 - PROPERTY TAX LENDERS › Subchapter H - PAYOFF STATEMENTS › Section 89.805 - Payoff for Property Tax Loan Secured by Multiple Properties

Current through Reg. 49, No. 28; July 12, 2024
(a) Purpose and
				  scope. Under Texas Tax Code, §§
										RSA
				  32.06(f),
				  RSA
				  32.06(f-1), and §
										RSA
				  32.065(b-1), in certain
				  situations where a property tax loan or preexisting mortgage is delinquent or
				  in default, a holder or mortgage servicer of a preexisting lien on a property
				  is entitled to obtain a release of a transferred tax lien, by paying the amount
				  owed under the contract between the property owner and the property tax lender.
				  This section describes how to calculate the amount owed for an individual
				  property where a property tax loan is secured by more than one property. This
				  section applies only to:
(1) a payoff by the
				  mortgage servicer or holder of a recorded preexisting lien due to the
				  delinquency of a property tax loan under Texas Tax Code, §
											RSA
				  32.06(f);
(2) a payoff by the mortgage servicer or
				  holder of a preexisting first lien due to the delinquency of the obligation
				  secured by a preexisting first lien under Texas Tax Code, §
											RSA
				  32.06(f-1); and
(3) a payoff by the mortgage servicer of a
				  recorded lien due to default and notice of acceleration of a property tax loan
				  under Texas Tax Code, §
											RSA
				  32.065(b-1).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter A - GENERAL PROVISIONS › Section 90.101 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
The following words and terms, when used in this chapter,
					 will have the following meanings, unless the context clearly indicates
					 otherwise:
(1) Acquisition Charge--A
				  finance charge assessed for making the loan as authorized under Texas Finance
				  Code, §
										RSA
				  342.252.
(2) Borrower--The person or persons who sign
				  the loan agreement.
(3)
				  Collateral--An interest in personal property which serves to secure the payment
				  or performance of an obligation. See "Security."
(4) Deferment--An additional period of time
				  beyond a due date for the borrower to make a payment or payments; also known as
				  "Extension."
(5) Installment
				  Account Handling Charge--A finance charge assessed on the loan as authorized
				  under Texas Finance Code, §
										RSA
				  342.252.
(6) OCCC--The Office of Consumer Credit
				  Commissioner of the State of Texas.
(7) Prepayment--Any whole or partial payment
				  of an amount equal to one or more full installments made by the borrower prior
				  to the date the payment is due.
(8)
				  Security--An interest in personal property which serves to secure the payment
				  or performance of an obligation. See "Collateral."
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter A - GENERAL PROVISIONS › Section 90.102 - Relationship with Federal Law

Current through Reg. 49, No. 28; July 12, 2024
In the event of an inconsistency or conflict between the
					 disclosure or notice requirements in these provisions and any current or future
					 federal law, regulation, or interpretation, the requirements of the federal
					 law, regulation, or interpretation will control to the extent of the
					 inconsistency. The remainder of the contract will remain in full force and
					 effect. Use of the Consumer Financial Protection Bureau's promulgated model
					 forms complies with the Truth in Lending requirements of this
					 chapter.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter A - GENERAL PROVISIONS › Section 90.103 - Format

Current through Reg. 49, No. 28; July 12, 2024
(a) Generally.
				  Plain language contracts must be printed in an easily readable font and type
				  size pursuant to Texas Finance Code, §
										341.502(a).
				  If other state or federal law requires a different type size for a specific
				  disclosure or contractual provision, the type size specified by the other law
				  should be used.
(b) Typeface
				  readability. The text of the document must be set in an easily readable
				  typeface. Typefaces considered to be readable include Arial, Calibri, Georgia,
				  Helvetica, Times New Roman, and Verdana.
(c) Titles and headings. Titles, headings,
				  subheadings, numbering, captions, and illustrative or explanatory tables or
				  sidebars may be used to distinguish between different levels of information or
				  to provide emphasis.
(d) Typeface
				  size. Typeface size is referred to in points. Because different typefaces in
				  the same point size are not of equal size, typeface is not strictly defined but
				  is expressed as a minimum size in the Times New Roman typeface for visual
				  comparative purposes. Use of a larger typeface is encouraged. The typeface for
				  the federal disclosure box or other disclosures required under federal law must
				  be legible, but no minimum typeface is required. Generally, the typeface for
				  the remainder of the contract must be at least as large as 8 point in the Times
				  New Roman typeface. A point is generally viewed as 1/72nd of an inch.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter A - GENERAL PROVISIONS › Section 90.104 - Non-Standard Contract Filing Procedures

Current through Reg. 49, No. 28; July 12, 2024
(a) Non-standard
				  contracts. A non-standard contract is a contract that uses clauses other than
				  the model contract provisions. Before a licensee uses a non-standard contract,
				  the contract must be submitted to the OCCC for review under Texas Finance Code,
				  §
										341.502(c).
				  A non-standard contract:
(1) must be written
				  in plain language designed to be easily understood by the average consumer, as
				  required by Texas Finance Code, §
											341.502(a);
(2) must be printed in an easily readable
				  font and type size, as required by Texas Finance Code, §
											341.502(a) and
				  §
											90.103 of this title (relating to
				  Format);
(3) must be consistent
				  with Texas law and federal law;
(4)
				  must include a notice with the OCCC's contact information, as required by Texas
				  Finance Code, §
											14.104 and §
											90.105 of this title (relating to
				  OCCC notice);
(5) must comply with
				  the requirements described in subsection (c) of this section, including the
				  maximum Flesch-Kincaid Grade Level score; and
(6) must be accompanied by a complete
				  submission form containing the information required by subsection (d) of this
				  section.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter A - GENERAL PROVISIONS › Section 90.105 - OCCC Notice

Current through Reg. 49, No. 28; July 12, 2024
(a) Definitions.
				  "Privacy notice" means any notice that a lender gives regarding a consumer's
				  right to privacy as required by a specific state or federal law.
(b) Required notice.
(1) The following notice must be given by
				  licensees to let consumers know how to file complaints: "For questions or
				  complaints about this loan, contact (insert name of lender) at (insert lender's
				  phone number and, at lender's option, one or more of the following: mailing
				  address, fax number, website, e-mail address). The lender is licensed and
				  examined under Texas law by the Office of Consumer Credit Commissioner (OCCC),
				  a state agency. If a complaint or question cannot be resolved by contacting the
				  lender, consumers can contact the OCCC to file a complaint or ask a general
				  credit-related question. OCCC address: 2601 N. Lamar Blvd., Austin, Texas
				  78705. Phone: (800) 538-1579. Fax: (512) 936-7610. Website: occc.texas.gov.
				  E-mail: consumer.complaints@occc.texas.gov."
(2) The required notice must be given in the
				  language in which a transaction is conducted.
(3) The required notice must be included with
				  each privacy notice.
(4) Regardless
				  of whether any state or federal law requires the lender to give privacy
				  notices, the licensee must take appropriate steps to let consumers know how to
				  file complaints by giving the required notice in compliance with paragraph (1)
				  of this subsection.
(5) The notice
				  described by paragraph (1) must be included on each loan contract of a licensee
				  pursuant to Texas Finance Code, §
											RSA 14.104.
(6) The lender's phone number may
				  be printed in conjunction with the lender's name and address elsewhere on the
				  privacy notice or loan contract if the notice described by paragraph (1) is
				  amended to direct the reader's attention to the area of the document where the
				  phone number may be found.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter B - SECURED CONSUMER INSTALLMENT LOANS (SUBCHAPTER E) › Section 90.201 - Purpose

Current through Reg. 49, No. 28; July 12, 2024
(a) The purpose of
				  the rules contained in this subchapter is to provide model plain language
				  contracts in English for Texas Finance Code, Chapter 342, Subchapter E
				  transactions. The establishment of model provisions for these transactions will
				  encourage use of simplified wording that will ultimately benefit consumers by
				  making these contracts easier to understand. The use of the "plain language"
				  model contract by a licensee is not mandatory. The licensee, however, may not
				  use a contract other than a model contract unless the licensee has submitted
				  the contract to the OCCC in compliance with §
										RSA
				  90.104 of this title (relating to
				  Non-Standard Contract Filing Procedures). The OCCC will issue an order
				  disapproving the contract if the OCCC determines the contract does not comply
				  with Texas Finance Code, §
										RSA
				  341.502 or rules adopted under this chapter.
				  A licensee may not claim the OCCC's failure to disapprove a contract
				  constitutes an approval.
(b) The
				  provisions in this subchapter are intended to constitute a complete plain
				  language Chapter 342, Subchapter E contract; however, a licensee is not limited
				  to the contract provisions addressed by these rules.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter B - SECURED CONSUMER INSTALLMENT LOANS (SUBCHAPTER E) › Section 90.202 - Contract Provisions

Current through Reg. 49, No. 28; July 12, 2024
A Chapter 342, Subchapter E contract may include, but is
					 not limited to, the following contract provisions to the extent not prohibited
					 by law or regulation. If the licensee desires to exercise its rights under one
					 of the following provisions, it must include the provision in the contract. A
					 licensee who does not desire to apply a provision is not required to include it
					 in the contract. For example, if a licensee does not take a security interest
					 in the borrower's personal property, the provisions addressing security
					 interests are not required. A licensee may also exclude non-relevant portions
					 of a model clause. For example, a licensee who does not routinely finance
					 certain insurance coverages may omit those non-applicable portions of the model
					 clause. A Chapter 342, Subchapter E contract may contain the following
					 provisions:
(1) Identification of the
				  parties, including the name and address of each party;
(2) A Truth in Lending Act disclosure
				  box;
(3) An itemization of amount
				  financed box;
(4) A definitions
				  section specifying the pronouns that designate the borrower and the
				  lender;
(5) A promise to
				  pay;
(6) A late charge
				  provision;
(7) A provision for
				  after maturity interest;
(8) A
				  provision specifying that prepayment is permitted;
(9) A provision specifying the finance charge
				  earnings and refund method;
(10) A
				  provision authorizing deferments;
(11) A provision contracting for a fee for a
				  dishonored check;
(12) A provision
				  specifying the conditions causing default;
(13) A provision regarding property
				  insurance;
(14) A provision
				  regarding credit insurance;
(15) A
				  provision regarding the mailing of notices to the borrower;
(16) Statement of truthful
				  information;
(17) A waiver of
				  notice of intent to accelerate and waiver of notice of acceleration;
(18) A provision expressing no waiver of the
				  lender's rights;
(19) A collection
				  expenses clause;
(20) A clause
				  providing for joint liability;
(21)
				  A usury savings clause;
(22) A
				  credit reporting clause;
(23) A
				  savings clause stating that if any part of the contract is invalid, the rest of
				  the contract remains valid; and
(24) OCCC notice.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter B - SECURED CONSUMER INSTALLMENT LOANS (SUBCHAPTER E) › Section 90.204 - Model Contracts; Permissible Changes

Current through Reg. 49, No. 28; July 12, 2024
(a) A licensee may consider making the
				  following types of changes to the secured consumer installment loans plain
				  language model clauses:
(1) Adding
				  information related to information set forth in the model clauses that is not
				  otherwise prohibited by law;
(2)
				  Substituting another term for "Lender" or "Borrower" that has the same meaning,
				  or using pronouns such as "you," "we," and "us";
(3) Presenting the model clauses in any
				  order, and combining or further segregating the model clauses;
(4) Inserting descriptive headings or number
				  provisions;
(5) Changing the case
				  of a word if otherwise permitted by the Texas Finance Code; or
(6) Making other changes that do not affect
				  the substance of the disclosures.
(7) A sample model contract using the
				  scheduled installment earnings method is presented in the following example.
Attached Graphic
(8) A sample model contract using
				  the true daily earnings method is presented in the following example.
Attached Graphic
(9) A sample model security
				  agreement is presented in the following example.
Attached
					 Graphic
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter C - SIGNATURE LOANS (SUBCHAPTER F) › Section 90.301 - Purpose

Current through Reg. 49, No. 28; July 12, 2024
(a) The purpose of
				  the rules contained in this subchapter is to provide model plain language
				  contracts in English for Texas Finance Code, Chapter 342, Subchapter F
				  transactions. The establishment of model provisions for these transactions will
				  encourage use of simplified wording that will ultimately benefit consumers by
				  making these contracts easier to understand. The use of the "plain language"
				  model contract by a licensee is not mandatory. The licensee, however, may not
				  use a contract other than a model contract unless the licensee has submitted
				  the contract to the OCCC in compliance with §
										RSA
				  90.104 of this title (relating to
				  Non-Standard Contract Filing Procedures). The OCCC will issue an order
				  disapproving the contract if the OCCC determines the contract does not comply
				  with Texas Finance Code, §
										RSA
				  341.502 or rules adopted under this chapter.
				  A licensee may not claim the OCCC's failure to disapprove a contract
				  constitutes an approval.
(b) The
				  provisions in this subchapter are intended to constitute a complete plain
				  language Chapter 342, Subchapter F contract; however, a licensee is not limited
				  to the contract provisions addressed by these rules.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter C - SIGNATURE LOANS (SUBCHAPTER F) › Section 90.302 - Contract Provisions

Current through Reg. 49, No. 28; July 12, 2024
A Chapter 342, Subchapter F contract may include, but is
					 not limited to, the following contract provisions to the extent not prohibited
					 by law or regulation. If the licensee desires to exercise its rights under one
					 of the following provisions, it must include the provision in the contract. A
					 licensee who does not desire to apply a provision is not required to include it
					 in the contract. For example, if a licensee does not take a security interest
					 in the borrower's personal property, the provisions addressing security
					 interests are not required. A Chapter 342, Subchapter F contract may contain
					 the following provisions.
(1)
				  Identification of the parties, including the name and address of each
				  party;
(2) A Truth in Lending Act
				  disclosure box;
(3) A definitions
				  section specifying the pronouns that designate the borrower and the
				  lender;
(4) A promise to
				  pay;
(5) A late charge
				  provision;
(6) A provision for
				  after maturity interest;
(7) A
				  provision specifying that prepayment is permitted;
(8) A provision specifying the finance charge
				  earnings and refund method;
(9) A
				  provision authorizing deferments;
(10) A provision specifying the conditions
				  causing default;
(11) A waiver of
				  notice of intent to accelerate and waiver of notice of acceleration;
(12) A provision contracting for a fee for a
				  dishonored check;
(13) A signature
				  block;
(14) A security agreement
				  including provisions addressing:
(A) a
				  statement that the collateral is free from encumbrances;
(B) the location and restrictions on movement
				  or transfer of the collateral; and
(C) a statement that the borrower will
				  appropriately maintain and use the collateral;
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter C - SIGNATURE LOANS (SUBCHAPTER F) › Section 90.304 - Model Contracts; Permissible Changes

Current through Reg. 49, No. 28; July 12, 2024
(a) A licensee may consider making the
				  following types of changes to the signature loans plain language model clauses:
(1) Adding information related to information
				  set forth in the model clauses that is not otherwise prohibited by
				  law;
(2) Substituting another term
				  for "Lender" or "Borrower" that has the same meaning, or using pronouns such as
				  "you," "we," and "us";
(3)
				  Presenting model clauses in any order, and combining or further segregating the
				  model clauses;
(4) Inserting
				  descriptive headings or number provisions;
(5) Changing the case of a word if otherwise
				  permitted by the Texas Finance Code; or
(6) Making other changes that do not affect
				  the substance of the disclosures.
(7) A sample model contract using the add-on
				  method is presented in the following example:
Attached Graphic
(8) A sample model contract using
				  the scheduled installment earnings method is presented in the following
				  example:
Attached Graphic
(9) A sample model contract using
				  the true daily earnings method is presented in the following example:
Attached Graphic
(10) A sample model security
				  agreement is presented in the following example.
Attached Graphic
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter D - SECOND LIEN HOME EQUITY LOANS (SUBCHAPTER G) › Section 90.401 - Purpose

Current through Reg. 49, No. 28; July 12, 2024
(a) The purpose of
				  the rules contained in this subchapter is to provide a model plain language
				  contract in English for Texas Finance Code, Chapter 342, Subchapter G
				  (secondary mortgage loans with an effective rate of greater than 10%) home
				  equity loan transactions. The establishment of model provisions for these
				  transactions will encourage use of simplified wording that will ultimately
				  benefit consumers by making these contracts easier to understand. Use of the
				  "plain language" model contract by a licensee is not mandatory. The licensee,
				  however, may not use a contract other than a model contract unless the licensee
				  has submitted the contract to the OCCC in compliance with §
										RSA
				  90.104 of this title (relating to
				  Non-Standard Contract Filing Procedures). The OCCC will issue an order
				  disapproving the contract if the OCCC determines the contract does not comply
				  with Texas Finance Code, §
										RSA
				  341.502 or rules adopted under this chapter.
				  A licensee may not claim the OCCC's failure to disapprove a contract
				  constitutes an approval.
(b) The
				  provisions in this subchapter are intended to constitute a complete plain
				  language Chapter 342, Subchapter G home equity loan contract; however, a
				  licensee is not limited to the contract provisions addressed by these
				  rules.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter D - SECOND LIEN HOME EQUITY LOANS (SUBCHAPTER G) › Section 90.402 - Contract Provisions

Current through Reg. 49, No. 28; July 12, 2024
(a) A Chapter
				  342, Subchapter G home equity loan contract may include, but is not limited to,
				  the following contract provisions to the extent not prohibited by law or
				  regulation. If the licensee desires to exercise its rights under one of the
				  following provisions, it must include that provision in the contract. A
				  licensee who does not desire to apply a provision is not required to include it
				  in the contract. For example, a licensee who does not assess a fee for
				  dishonored checks may omit the fee for dishonored check clause. A licensee may
				  also exclude non-relevant portions of a model clause. For example, a licensee
				  who does not routinely finance certain insurance coverages may omit those
				  non-applicable portions of the model clause. A Chapter 342, Subchapter G second
				  lien home equity loan contract may contain the following provisions:
(1) Identification of the parties, including
				  the name and address of each party and specifying the pronouns that designate
				  the borrower and the lender;
(2) A
				  promise to pay;
(3) A late charge
				  provision;
(4) A provision for
				  after maturity interest;
(5) A
				  prepayment clause;
(6) A provision
				  specifying the finance charge earnings and refund method;
(7) A provision contracting for a fee for a
				  dishonored check;
(8) A provision
				  specifying the conditions causing default;
(9) A provision regarding property
				  insurance;
(10) A credit insurance
				  disclosure box;
(11) A provision
				  regarding the mailing of notices to the borrower;
(12) A provision regarding the due on sale clause,
				  notice of intent to accelerate, and notice of acceleration;
(13) A provision expressing no waiver of the
				  lender's rights;
(14) A collection
				  expenses clause;
(15) A provision
				  providing for joint liability;
(16)
				  A usury savings clause;
(17) A
				  savings clause stating that if any part of the loan agreement is invalid, the
				  rest remains valid;
(18) An
				  integration clause stating that the contract supersedes all prior agreements
				  and that the contract may not be changed by oral agreement;
(19) A provision stating that the homestead
				  described in the loan agreement is subject to the lien of the security
				  document;
(20) A provision
				  specifying that federal law and Texas law apply to the contract;
(21) OCCC notice;
(22) A provision describing the collateral;
				  and
(23) Signature
				  blocks.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter D - SECOND LIEN HOME EQUITY LOANS (SUBCHAPTER G) › Section 90.403 - Model Clauses

Current through Reg. 49, No. 28; July 12, 2024
(a) Generally.
				  These model clauses are the plain language rendition of contract clauses that
				  have typically been stated in technical legal terms. Nothing in this regulation
				  prohibits a contract from including provisions that provide more favorable
				  results for the borrower than those that would result from the use of a model
				  clause.
(b) Model clauses for a
				  Chapter 342, Subchapter G second lien home equity loan contract.
(1) Identification.
(A) The model identification clause lists the
				  account or contract number, the name and address of the lender, the date of the
				  note, and the name and address of the borrower. It also lists the following
				  items that must be included on the promissory note under Regulation Z, 12
				  C.F.R. §1026.36(g):
(i) the lender's
				  Nationwide Mortgage Licensing System and Registry identification number
				  (labeled "Creditor/Lender NMLS ID");
(ii) the name of the individual residential
				  mortgage loan originator with primary responsibility for the origination
				  (labeled "Loan Originator"); and
(iii) the originator's Nationwide Mortgage
				  Licensing System and Registry identification number (labeled "Loan Originator
				  NMLS ID").
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter D - SECOND LIEN HOME EQUITY LOANS (SUBCHAPTER G) › Section 90.404 - Model Contracts; Permissible Changes

Current through Reg. 49, No. 28; July 12, 2024
(a) A licensee may consider making the
				  following types of changes to the second lien home equity loans plain language
				  model clauses:
(1) Adding information related
				  to information set forth in the model clauses that is not otherwise prohibited
				  by law;
(2) Substituting another
				  term for "Lender" or "Borrower" that has the same meaning, or using pronouns
				  such as "you," "we," and "us";
(3)
				  Presenting the model clauses in any order, and combining or further segregating
				  the model clauses;
(4) Inserting
				  descriptive headings or number provisions;
(5) Changing the case of a word if otherwise
				  permitted by the Texas Finance Code; or
(6) Making other changes that do not affect
				  the substance of the disclosures.
(7) A licensee may place its NMLS ID number,
				  the individual residential mortgage loan originator's name, or the originator's
				  NMLS ID on any portion of a document requiring this information, including the
				  signature page. To the extent allowed by Regulation Z,
				  RSA
				  1026.36(g), and the official
				  commentary to that section, a licensee may omit:
(A) the licensee's NMLS ID number, if the
				  licensee does not have an NMLS ID number and is not legally required to obtain
				  one; and
(B) the individual
				  residential mortgage loan originator's NMLS ID number, if the originator does
				  not have an NMLS ID number and is not legally required to obtain one.
(8) A sample model note is
				  presented in the following example.
Attached Graphic
(9) A sample model security
				  document is presented in the following example.
Attached Graphic
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter E - SECOND LIEN PURCHASE MONEY LOANS (SUBCHAPTER G) › Section 90.501 - Purpose

Current through Reg. 49, No. 28; July 12, 2024
(a) The purpose of
				  the rules contained in this subchapter is to provide a model plain language
				  contract in English for Texas Finance Code, Chapter 342, Subchapter G purchase
				  money loan transactions. The establishment of model provisions for these
				  transactions will encourage use of simplified wording that will ultimately
				  benefit consumers by making these contracts easier to understand. Use of the
				  "plain language" model contract by a licensee is not mandatory. The licensee,
				  however, may not use a contract other than a model contract unless the licensee
				  has submitted the contract to the OCCC in compliance with §
										RSA
				  90.104 of this title (relating to
				  Non-Standard Contract Filing Procedures). The OCCC will issue an order
				  disapproving the contract if the OCCC determines the contract does not comply
				  with Texas Finance Code, §
										RSA
				  341.502 or rules adopted under this chapter.
				  A licensee may not claim the OCCC's failure to disapprove a contract
				  constitutes an approval.
(b) The
				  provisions in this subchapter are intended to constitute a complete plain
				  language Chapter 342, Subchapter G purchase money loan contract; however, a
				  licensee is not limited to the contract provisions addressed by these
				  rules.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter E - SECOND LIEN PURCHASE MONEY LOANS (SUBCHAPTER G) › Section 90.502 - Contract Provisions

Current through Reg. 49, No. 28; July 12, 2024
(a) A Chapter
				  342, Subchapter G purchase money loan transaction may include, but is not
				  limited to, the following contract provisions to the extent not prohibited by
				  law or regulation. If the licensee desires to exercise its rights under one of
				  the following provisions, it must include that provision in the contract. A
				  licensee who does not desire to apply a provision is not required to include it
				  in the contract. For example, a licensee who does not assess a fee for
				  dishonored checks may omit the fee for dishonored check clause. A licensee may
				  also exclude non-relevant portions of a model clause. For example, a licensee
				  who does not routinely finance certain insurance coverages may omit those
				  non-applicable portions of the model clause. A Chapter 342, Subchapter G second
				  lien purchase money loan transaction may contain the following provisions:
(1) Identification of the parties, including
				  the name and address of each party and specifying the pronouns that designate
				  the borrower and the lender, and the property address;
(2) A promise to pay;
(3) A late charge provision;
(4) A provision for after maturity
				  interest;
(5) A prepayment
				  clause;
(6) A provision specifying
				  the finance charge earnings and refund method;
(7) A provision contracting for a fee for a
				  dishonored check;
(8) A provision
				  specifying the conditions causing default;
(9) A provision regarding property
				  insurance;
(10) A credit insurance
				  disclosure box;
(11) A provision
				  regarding the mailing of notices to the borrower;
(12) A provision regarding the due on sale
				  clause, notice of intent to accelerate, and notice of acceleration;
(13) A provision expressing no waiver of the
				  lender's rights;
(14) A collection
				  expenses clause;
(15) A provision
				  providing for joint liability;
(16)
				  A usury savings clause;
(17) A
				  savings clause stating that if any part of the loan agreement is invalid, the
				  rest remains valid;
(18) An
				  integration clause stating that the contract supersedes all prior agreements
				  and that the contract may not be changed by oral agreement;
(19) A provision stating that the property
				  described in the loan agreement is subject to the lien of the security
				  document;
(20) A provision
				  specifying that federal law and Texas law apply to the contract;
(21) OCCC notice;
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter E - SECOND LIEN PURCHASE MONEY LOANS (SUBCHAPTER G) › Section 90.503 - Model Clauses

Current through Reg. 49, No. 28; July 12, 2024
(a) Generally.
				  These model clauses are the plain language rendition of contract clauses that
				  have typically been stated in technical legal terms. Nothing in this regulation
				  prohibits a contract from including provisions that provide more favorable
				  results for the borrower than those that would result from the use of a model
				  clause.
(b) Model clauses for a
				  Chapter 342, Subchapter G second lien purchase money loan contract.
(1) Identification.
(A) The model identification clause lists the
				  account or contract number, the name and address of the lender, the date of the
				  note, the name and address of the borrower, and the property address. It also
				  lists the following items that must be included on the promissory note under
				  Regulation Z, 12 C.F.R. §1026.36(g):
(i)
				  the lender's Nationwide Mortgage Licensing System and Registry identification
				  number (labeled "Creditor/Lender NMLS ID");
(ii) the name of the individual residential
				  mortgage loan originator with primary responsibility for the origination
				  (labeled "Loan Originator"); and
(iii) the originator's Nationwide Mortgage
				  Licensing System and Registry identification number (labeled "Loan Originator
				  NMLS ID").
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter E - SECOND LIEN PURCHASE MONEY LOANS (SUBCHAPTER G) › Section 90.504 - Model Contracts; Permissible Changes

Current through Reg. 49, No. 28; July 12, 2024
(a) A licensee may consider making the
				  following types of changes to the second lien purchase money loans plain
				  language model clauses:
(1) Adding
				  information related to information set forth in the model clauses that is not
				  otherwise prohibited by law;
(2)
				  Substituting another term for "Lender" or "Borrower" that has the same meaning,
				  or using pronouns such as "you," "we," and "us";
(3) Presenting the model clauses in any
				  order, and combining or further segregating the model clauses;
(4) Inserting descriptive headings or number
				  provisions;
(5) Changing the case
				  of a word if otherwise permitted by the Texas Finance Code; or
(6) Making other changes which do not affect
				  the substance of the disclosures.
(7) A licensee may place its NMLS ID number,
				  the individual residential mortgage loan originator's name, or the originator's
				  NMLS ID on any portion of a document requiring this information, including the
				  signature page. To the extent allowed by Regulation Z,
				  RSA
				  1026.36(g), and the official
				  commentary to that section, a licensee may omit:
(A) the licensee's NMLS ID number, if the
				  licensee does not have an NMLS ID number and is not legally required to obtain
				  one; and
(B) the individual
				  residential mortgage loan originator's NMLS ID number, if the originator does
				  not have an NMLS ID number and is not legally required to obtain one.
(8) A sample model note is
				  presented in the following example.
Attached Graphic
(9) A sample model security
				  document is presented in the following example.
Attached Graphic
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter F - SECOND LIEN HOME IMPROVEMENT CONTRACTS (SUBCHAPTER G) › Section 90.601 - Purpose

Current through Reg. 49, No. 28; July 12, 2024
(a) The purpose of
				  the rules contained in this subchapter is to provide a model plain language
				  contract in English for Texas Finance Code, Chapter 342, Subchapter G home
				  improvement transactions. The establishment of model provisions for these
				  transactions will encourage use of simplified wording that will ultimately
				  benefit consumers by making these contracts easier to understand. Use of the
				  "plain language" model contract by a licensee is not mandatory. The licensee,
				  however, may not use a contract other than a model contract unless the licensee
				  has submitted the contract to the OCCC in compliance with §
										RSA
				  90.104 of this title (relating to
				  Non-Standard Contract Filing Procedures). The OCCC will issue an order
				  disapproving the contract if the OCCC determines the contract does not comply
				  with Texas Finance Code, §
										RSA
				  341.502 or rules adopted under this chapter.
				  A licensee may not claim the OCCC's failure to disapprove a contract
				  constitutes approval.
(b) The
				  provisions in this subchapter are intended to constitute a complete plain
				  language Chapter 342, Subchapter G home improvement transaction; however, a
				  licensee is not limited to the contract provisions addressed by these
				  rules.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter F - SECOND LIEN HOME IMPROVEMENT CONTRACTS (SUBCHAPTER G) › Section 90.602 - Contract Provisions

Current through Reg. 49, No. 28; July 12, 2024
(a) A Chapter
				  342, Subchapter G second lien home improvement loan transaction may include,
				  but is not limited to, the following contract provisions to the extent not
				  prohibited by law or regulation. If the licensee desires to exercise its rights
				  under one of the following provisions, it must include that provision in the
				  contract. A licensee who does not desire to apply a provision is not required
				  to include it in the contract. For example, a licensee who does not assess a
				  fee for dishonored checks may omit the fee for dishonored check clause. A
				  licensee may also exclude non-relevant portions of a model clause. For example,
				  a licensee who does not routinely finance certain insurance coverages may omit
				  those non-applicable portions of the model clause. A Chapter 342, Subchapter G
				  home improvement loan transaction may contain the following provisions:
(1) For a contract for use in a transaction
				  that does not allow withdrawals or multiple advances:
(A) An identification clause;
(B) A definitions section;
(C) A provision regarding construction of
				  improvements;
(D) A clause
				  regarding the contract price;
(E) A
				  transfer of lien clause;
(F) A
				  provision specifying that completion is made by the contractor, not the
				  lender;
(G) A partial lien
				  clause;
(H) A provision regarding
				  changes and extras;
(I) A provision
				  regarding receipts and releases;
(J) A provision specifying that no work has
				  been done prior to execution of the contract;
(K) A provision regarding the trustee's
				  duties;
(L) A notice specifying the
				  preservation of claims and defenses;
(M) A notice specifying that the owner and
				  the contractor are responsible for meeting the terms of the contract;
(N) An assignment; and
(O) A provision regarding notice of
				  confidentiality rights.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter G - SPANISH DISCLOSURES › Section 90.701 - Applicability

Current through Reg. 49, No. 28; July 12, 2024
(a) If a contract
				  for a loan under Chapter 342, Subchapters E, F, or G is negotiated in Spanish,
				  then the licensee must deliver a Spanish disclosure specified in §
										RSA
				  90.703(a) of this title
				  (relating to Form of Disclosure) to the debtor.
(b) If a retail installment transaction under
				  Chapter 348 is negotiated in Spanish, then the licensee may (but is not
				  required to) deliver a Spanish disclosure specified in §
										RSA
				  90.703(b) of this title to
				  the debtor.
(c) The disclosure
				  requirement does not apply to open-end transactions.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter G - SPANISH DISCLOSURES › Section 90.702 - Negotiation in Spanish

Current through Reg. 49, No. 28; July 12, 2024
(a) Negotiation
				  terms. The disclosure specified in §
										RSA 90.703 of
				  this title (relating to Form of Disclosure) must be given if a licensee
				  provides information in relation to a credit transaction with a debtor or the
				  debtor's representative regarding any of the following credit terms in Spanish:
(1) amount financed;
(2) finance charge;
(3) annual percentage rate;
(4) the amount of any payment or schedule of
				  payments;
(5) total of payments;
				  or
(6) security interest.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter G - SPANISH DISCLOSURES › Section 90.703 - Form of Disclosure

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  For a loan under Chapter 342, Subchapters E, F, or G, if the licensee
				  negotiates a term described by §
										RSA
				  90.702(a) of this title
				  (relating to Negotiation in Spanish), then the licensee must deliver a Spanish
				  disclosure described by this subsection to the debtor. The disclosure must be
				  completed with amounts that are accurate within the tolerances described by
				  Regulation Z, 12 C.F.R. Part 1026.
(1) For
				  loans negotiated in Spanish that are subject to Chapter 342, Subchapter E, the
				  licensee must provide, no later than the consummation of the loan:
(A) a Spanish translation of the loan
				  contract that includes the disclosure form under Regulation Z, 12 C.F.R.
				  §1026.18; or
(B) a copy of the
				  "Notificacion de Credito Al Consumidor (Prestamo a Plazos)" as prescribed in
				  the following figure:
Attached Graphic
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter G - SPANISH DISCLOSURES › Section 90.704 - Items Excluded From Translation Requirement

Current through Reg. 49, No. 28; July 12, 2024
The summary or translation required under Texas Finance
					 Code, §
										RSA
					 341.502(a-1) may retain the
					 following elements in English without translation to Spanish:
(1) names and titles of individuals,
				  companies and other persons;
(2)
				  addresses;
(3) brand names, trade
				  names, trademarks, registered service marks, or full or abbreviated
				  designations of the make and model of goods or services;
(4) alphanumeric codes, numerals, dollar
				  amounts expressed in numerals, or dates; or
(5) words or expressions not having a
				  generally-accepted Spanish translation.