| (a) Non-standard contracts. A non-standard contract
is a contract that does not use the model contract provisions. Non-standard
contracts submitted in compliance with the provisions of Texas Finance
Code, §341.502(c) will be reviewed to determine that the contract
is written in plain language.
(b) Certification of readability. Contract filings
subject to this chapter must be accompanied by a certification signed
by an officer of the creditor or the entity submitting the form on
behalf of the creditor. The certification must state that the contract
is written in plain language and that the contract can be easily understood
by the average consumer. The certification must state that the contract
is printed in an easily readable font and type size, including a list
of the typefaces used in the contract, the font sizes used in the
contract, and the Flesch-Kincaid Grade Level score of the contract.
The OCCC will prescribe the form of the certification.
(c) Filing requirements. Contract filings must be identified
as to the transaction type. Contract filings must be submitted in
accordance with the OCCC's instructions and the following requirements:
(1) Microsoft Word format. One copy must be submitted
in a Microsoft Word format with the document having either a .doc
or .docx extension. The Flesch-Kincaid Grade Level score of the contract
must be based on the Microsoft Word readability statistics function
for the Microsoft Word version of the contract.
(2) PDF format. One copy must be submitted in a text-searchable
PDF format so that the contract may be visually reviewed in its entirety.
The page size must be 8.5 inches by 11 inches or 8.5 inches by 14
inches. The PDF may not be locked or restricted in a way that prohibits
comparison of different versions of the contract.
(3) No other formats permitted. The OCCC will not accept
paper filings or any other unlisted formats for non-standard contract
filings.
(4) Maximum Flesch-Kincaid score. The maximum Flesch-Kincaid
Grade Level score for a Chapter 348 contact filing is grade 11.
(d) Contact person. One person must be designated as
the contact person for each filing submitted. Each submission must
provide the name, address, phone number, and if available, the email
address and fax number of the contact person for that filing. If the
contracts are submitted by anyone other than the company itself, the
contracts must be accompanied by a dated letter which contains a description
of the anticipated users of the contracts and designates the legal
counsel or other designated contact person for that filing.
(e) Commercial vehicle. Pursuant to Texas Finance Code, §341.502(a),
a motor vehicle retail installment sales contract involving a commercial
vehicle does not have to be submitted in accordance with this section.
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| Source Note: The provisions of this §84.802 adopted to be effective May 8, 2008, 33 TexReg 3584; amended to be effective November 5, 2009, 34 TexReg 7610; amended to be effective November 8, 2012, 37 TexReg 8780; amended to be effective November 5, 2015, 40 TexReg 7623; amended to be effective December 31, 2020, 45 TexReg 9416 |
