| (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
(b) A licensee has considerable flexibility to arrange
the format of the model form if the revised format does not significantly
adversely affect the substance, clarity, or meaningful sequence of
the disclosures.
|
| Source Note: The provisions of this §90.204 adopted to be effective August 31, 2006, 31 TexReg 6673; amended to be effective September 9, 2010, 35 TexReg 8104; amended to be effective November 5, 2015, 40 TexReg 7635; amended to be effective July 9, 2020, 45 TexReg 4501 |
