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Texas Statutes (Last Updated: January 4, 2014) |
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FINANCE CODE |
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Title 5. PROTECTION OF CONSUMERS OF FINANCIAL SERVICES |
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Chapter 393. CREDIT SERVICES ORGANIZATIONS |
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Subchapter C-1. NOTICE AND DISCLOSURE REQUIREMENTS FOR CERTAIN CREDIT SERVICES ORGANIZATIONS |
Sec. 393.223. CONSUMER TRANSACTION INFORMATION
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(a) Before performing services described by Section 393.221(1), a credit access business must provide to a consumer a disclosure adopted by rule of the Finance Commission of Texas that discloses the following in a form prescribed by the commission:
(1) the interest, fees, and annual percentage rates, as applicable, to be charged on a deferred presentment transaction or on a motor vehicle title loan, as applicable, in comparison to interest, fees, and annual percentage rates to be charged on other alternative forms of consumer debt;
(2) the amount of accumulated fees a consumer would incur by renewing or refinancing a deferred presentment transaction or motor vehicle title loan that remains outstanding for a period of two weeks, one month, two months, and three months; and
(3) information regarding the typical pattern of repayment of deferred presentment transactions and motor vehicle title loans.
(b) If a credit access business obtains or assists a consumer in obtaining a motor vehicle title loan, the credit access business shall provide to the consumer a notice warning the consumer that in the event of default the consumer may be required to surrender possession of the motor vehicle to the lender or other person to satisfy the consumer's outstanding obligations under the loan.
(c) The Finance Commission of Texas shall adopt rules to implement this section.