| (14) Mailing of notice to borrower. The model agreement
regarding the mailing of notices to the borrower reads: "You can mail
any notice to me at my last address in your records. Your duty to
give me notice will be satisfied when you mail it."
(15) Statement of truthful information. The following
clause is sufficient as the borrower's agreement that the information
provided to the licensee is true: "I promise that all information
I gave you is true."
(16) No waiver of lender's rights. The model agreement
regarding the lender's rights reads: "If you don't enforce your rights
every time, you can still enforce them later."
(17) Modifications in writing. The model agreement
requiring any change to be in writing reads: "Any change to this agreement
has to be in writing. Both you and I have to sign it."
(18) Application of law. The model clause regarding
the law to be applied to the contract reads: "Federal law and Texas
law apply to this contract."
(19) Joint liability. The model joint liability agreement
reads: "I will keep all of my promises in this document. If there
is more than one Borrower, each Borrower agrees to keep all of the
promises in the loan document."
(20) Usury savings clause. The model usury savings
clause reads: "I don't have to pay interest or other amounts that
are more than the law allows."
(21) OCCC notice. Under §90.105 of this title
(relating to OCCC Notice), the following required notice must be given
by licensees to let consumers know how to file complaints: "For questions
or complaints about this loan, contact (insert name of lender) at
(insert lender's phone number and, at lender's option, one or more
of the following: mailing address, fax number, website, e-mail address).
The lender is licensed and examined under Texas law by the Office
of Consumer Credit Commissioner (OCCC), a state agency. If a complaint
or question cannot be resolved by contacting the lender, consumers
can contact the OCCC to file a complaint or ask a general credit-related
question. OCCC address: 2601 N. Lamar Blvd., Austin, Texas 78705.
Phone: (800) 538-1579. Fax: (512) 936-7610. Website: occc.texas.gov.
E-mail: consumer.complaints@occc.texas.gov."
(22) Security agreement. The model clause setting out
the security agreement reads: "We are entering into this security
agreement at the same time that we are entering into a loan. In exchange
for the loan referenced above, I agree to the follow terms and conditions:
To secure this loan, I give you a security interest in the collateral.
The collateral includes the property listed below, anything that becomes
attached to it, and all proceeds of the collateral. This security
interest also secures all other debt I owe you now. I understand that
all collateral that I have given to secure loans may also be used
to secure this and any other loans you may make to me. I own the collateral.
I won't sell or transfer it without your written permission. I won't
allow anyone else to have an interest in the collateral except you.
I will keep the collateral at my address shown above. I will promptly
tell you in writing if I change my address. I won't permanently remove
the collateral from Texas unless you give me written permission. I
will timely pay all taxes and license fees on the collateral. I will
keep it in good repair. I won't use the collateral illegally. Any
change to this security agreement has to be in writing. Both you and
I have to sign it. Any default under my agreements with you will be
a default of this security agreement. Federal law and Texas law apply
to this security agreement. If I don't keep any of my promises, you
can take the collateral. You will only take the collateral lawfully
and without a breach of the peace. If you take my collateral, you
will tell me how much I have to pay to get it back. If I don't pay
you to get the collateral back, you can sell it or take other action
allowed by law. You will send me notice at least 10 days before you
sell it. My right to get the collateral back ends when you sell it.
You can use the money you get from selling it to pay amounts the law
allows, and to reduce the amount I owe. If any money is left, you
will pay it to me. If the money from the sale is not enough to pay
all I owe, I must pay the rest of what I owe you plus interest."
(23) Credit reporting. The Fair Credit Reporting Act,
15 U.S.C. §1681s-2(a)(7), generally requires a creditor to provide
a notice to a consumer before furnishing negative information to a
credit bureau. The model clause for credit reporting reads: "You may
report information about my account to credit bureaus. Late payments,
missed payments, or other defaults on my account may be reflected
in my credit report."
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| Source Note: The provisions of this §90.303 adopted to be effective August 31, 2006, 31 TexReg 6676; 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 |
