| (a) Scope. This division applies to all precomputed
loan transactions made pursuant to Texas Finance Code, Chapter 342,
Subchapters E, F, and G. This division is inapplicable to interest-bearing
loans made under Texas Finance Code, Chapter 342.
(b) Refund methods for Chapter 342, Subchapter F and
G loans. The chosen method of determining refunds must be contracted
for in the loan agreement. An authorized lender may utilize one of
the following methods of determining the amount of a refund:
(1) the sum of the periodic balances method;
(2) the scheduled installment earnings method; or
(3) the true daily earnings method.
(c) Refund method for Chapter 342, Subchapter E loans.
An authorized lender may not use the sum of the periodic balances
method for a Subchapter E loan.
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| Source Note: The provisions of this §83.751 adopted to be effective November 9, 2006, 31 TexReg 8999; amended to be effective November 4, 2010, 35 TexReg 9698; amended to be effective July 10, 2014, 39 TexReg 5142 |
