| (a) Any advertisement of an open-end or revolving loan
plan that states any of the specific terms of that plan, must also
clearly and conspicuously state the following items:
(1) the time period, if any, within which any credit
extended may be repaid without incurring a finance charge;
(2) the method of determining the balance upon which
a finance charge will be imposed;
(3) the method of determining the amount of the finance
charge;
(4) the method by which any charge for insurance, if
any, is to be calculated; and
(5) when periodic rates may be used to compute the
finance charge, with the periodic rates expressed as annual percentage
rates.
(b) For purposes of this section, compliance by an
authorized lender with the federal Truth in Lending Act and its implementing
regulations relating to open-end credit transactions will constitute
compliance with the Texas Credit Title.
|
| Source Note: The provisions of this §83.858 adopted to be effective November 9, 2006, 31 TexReg 9014; amended to be effective November 4, 2010, 35 TexReg 9698; amended to be effective July 10, 2014, 39 TexReg 8142 |
