Texas Administrative Code

Texas Administrative Code

TITLE 7	BANKING AND SECURITIES
PART 5	OFFICE OF CONSUMER CREDIT COMMISSIONER
CHAPTER 85	PAWNSHOPS AND CRAFTED PRECIOUS METAL DEALERS
SUBCHAPTER A	RULES OF OPERATION FOR PAWNSHOPS
DIVISION 4	OPERATION OF PAWNSHOPS
RULE §85.405	Pawn Transaction

(1) Cannot require separate transactions if pawn service charge over maximum. Items usually sold as a set in a retail transaction or pledged together with their accessories may not be required to be split into separate transactions or that they be pledged separately where the result would be a total pawn service charge over the legal maximum for the single transaction.

(2) Pawn service charge for separate transactions. If items usually sold as a set in a retail transaction or pledged together with their accessories are split into separate transactions, the effective rate of the separate transactions must not be greater than the rate a single transaction would have produced.

(3) Items pledged on separate days. Items that may usually be sold as a set in a retail transaction or pledged together with their accessories, but which are pledged on separate days will not normally be considered to fall within the provisions in paragraph (2) of this subsection.

(4) Pledgor requests separate transactions. If a pledgor requests separate pawn transactions on items usually sold as a set in a retail transaction or pledged together with their accessories, a notation of that request in the description field of the pawn ticket must be made and will not normally be considered to fall within the provisions in paragraph (2) of this subsection.

(h) Alphabetical file of pawn tickets. Either an automated or a manual system capable of allowing searches utilizing the pledgor's name in the case of a lost or destroyed pawn ticket must be maintained.

Source Note: The provisions of this §85.405 adopted to be effective October 1, 2000, 25 TexReg 9435; amended to be effective November 8, 2001, 26 TexReg 8797; amended to be effective February 1, 2006, 30 TexReg 8856; amended to be effective June 7, 2010, 35 TexReg 3471; amended to be effective July 1, 2014, 39 TexReg 3392; amended to be effective January 1, 2017, 41 TexReg 8815; amended to be effective February 1, 2019, 43 TexReg 8584