| (iv) documents or forms evidencing the payoff of any
trade-in vehicle shown on the retail installment sales contract as
required by Texas Finance Code, §348.408(c).
(F) for a retail installment sales transaction involving
a trade-in motor vehicle, a copy of the Texas Disclosure of Equity
in Trade-In Motor Vehicle required by Texas Finance Code, §348.0091
and §84.204 of this title (relating to Disclosure of Equity in
Retail Buyer's Trade-in Motor Vehicle).
(G) for a retail installment sales contract that has
an itemized charge for the inspection of a new or used motor vehicle,
a copy of or access to the work order, inspection receipt, or other
verifiable evidence that reflects that the inspection was performed
including the date and cost of the inspection.
(H) for a retail installment sales transaction involving
the disbursement of funds for money advanced pursuant to Texas Finance
Code, §348.404(b) and (c), a copy of any document, form, or agreement
relating to the disbursement of funds for money advanced.
(I) for a retail installment sales transaction in which
the licensee issues a certificate of insurance regarding insurance
policies issued by or through the licensee in connection with the
retail installment sales transaction, copies of the certificates of
insurance.
(J) for a retail installment sales transaction in which
the licensee issues a debt cancellation agreement, a complete copy
of the debt cancellation agreement provided to the retail buyer, documentation
of disbursement of the debt cancellation agreement fee to the retail
seller or a third-party administrator, any written instruction to
another person to make a full or partial refund of the debt cancellation
agreement fee, and documentation of any refund provided upon cancellation
or termination of the debt cancellation agreement. As an alternative
to maintaining a complete copy of the debt cancellation agreement
in the retail installment sales transaction file, the licensee may
maintain all of the following:
(i) in the retail installment sales transaction file,
a copy of any page of the debt cancellation agreement with a signature,
a transaction-specific term, the cost of the debt cancellation agreement,
or any blank space that has been filled in;
(ii) in the licensee's general business files, a complete
master copy of each debt cancellation agreement form used by the licensee
during the period described by paragraph (10) of this subsection;
(iii) in the licensee's general business files, policies
and procedures that show a verifiable method for ensuring that the
master copy of the debt cancellation agreement accurately reflects
the debt cancellation agreement used in each individual transaction.
(K) for a retail installment sales transaction in which
the licensee issues a certificate of coverage regarding ancillary
products issued by or through the licensee in connection with the
retail installment sales transaction, records of the ancillary products
(motor vehicle theft protection plans, service contracts, maintenance
agreements, identity recovery service contracts, etc.) including all
certificates of coverage.
(L) for a retail installment sales transaction involving
insurance claims for credit life, credit accident and health, credit
property, credit involuntary unemployment, collateral protection,
or credit gap insurance:
(i) if the licensee does not negotiate or transact
insurance claims on behalf of the retail buyer, records are not required
to be maintained under this subparagraph.
(ii) if the licensee negotiates or transacts insurance
claims on behalf of the retail buyer, supplemental insurance records,
to the extent received by the licensee, supporting the settlement
or denials of claims reported in the insurance loss records provided
by paragraph (6) of this subsection including:
(I) Credit life insurance claims. The supplemental
insurance records for credit life insurance claims must include the
death certificate or other written records relating to the death of
the retail buyer; proof of loss or claim form that discloses the amount
of indebtedness at the time of death; check copies or electronic payment
receipts that reflect the gross amount of the claim paid, including
the amount of insurance benefits paid to beneficiaries other than
the licensee which is in excess of the net amount necessary to pay
the indebtedness; and the amount that is paid to beneficiaries other
than the licensee.
(II) Credit accident and health insurance claims. The
supplemental insurance records for credit accident and health insurance
claims must include any written records relating to the disability,
including statements from the physician, employer, and retail buyer;
the proof of loss or claim form filed by the retail buyer; and copies
of the checks or electronic payment receipts reflecting disability
payments paid by the insurance carrier.
(III) Credit involuntary unemployment insurance claims.
The supplemental insurance records for credit involuntary unemployment
insurance claims must include any written document relating to the
termination, layoff, or dismissal of the retail buyer; the proof of
loss or claim form filed by the retail buyer; copies of the checks
or electronic payment receipts reflecting the payment of the claim
by the insurance carrier; and any other pertinent written record relating
to the involuntary unemployment insurance claim.
(IV) Collateral protection insurance claims. The supplemental
insurance records for collateral protection insurance claims must
include the law enforcement report, fire department report, or other
written record reflecting the loss or destruction of any covered motor
vehicle; the proof of loss or claim form filed by the retail buyer;
copies of the checks or electronic payment receipts reflecting the
payment of the claim by the insurance carrier; and any other pertinent
written record relating to the collateral protection insurance claim.
(V) Credit gap insurance claims. The supplemental insurance
records for credit gap insurance claims must include the gap insurance
claim form; proof of loss and settlement check from the retail buyer's
basic comprehensive, collision, or uninsured/underinsured policy or
other parties' liability insurance policy for the settlement of the
insured total loss of the motor vehicle; documents that provide verification
of the retail buyer's primary insurance deductible; if the accident
was investigated by a law enforcement officer, a copy of the offense
or police report filed in connection with the total loss of the motor
vehicle; if the accident was not investigated by a law enforcement
officer, a copy of the Texas Department of Public Safety's "Crash
Report" (Form CR-2) filed in connection with the total loss of the
motor vehicle; and copies of the checks reflecting the settlement
amount paid by the licensee for the gap insurance claim.
(M) for a retail installment sales transaction involving
the cancellation of a full or partial balance under a debt cancellation
agreement for total loss or theft of an ordinary vehicle:
(i) the licensee must maintain copies of the following
records on debt cancellation agreements for total loss or theft of
ordinary vehicles that include insurance coverage as part of the retail
buyer's responsibility to the holder:
(I) supplemental claim records supporting the settlement
or denials of claims reported in the debt cancellation agreement loss
records provided by paragraph (7) of this subsection including the
debt cancellation request form;
(II) proof of loss and settlement payment from the
retail buyer's primary comprehensive, collision, or uninsured/underinsured
policy or other parties' liability insurance policy for the settlement
of the insured total loss of the motor vehicle;
(III) documents that provide verification of the retail
buyer's primary insurance deductible;
(IV) if the accident was investigated by a law enforcement
officer, a copy of the offense or police report filed in connection
with the total loss of the motor vehicle;
(V) if the accident was not investigated by a law enforcement
officer, a copy of the Texas Department of Public Safety's "Crash
Report" (Form CR-2) filed in connection with the total loss of the
motor vehicle; and
(VI) evidence of the credit for the debt cancellation
applied to the account or a copy of the check reflecting the balance
canceled by the licensee; or
(ii) the licensee must maintain copies of the following
records on debt cancellation agreements for total loss or theft of
ordinary vehicles in which the holder bears complete responsibility
for the balance canceled after the total loss or theft:
(I) if the accident was investigated by a law enforcement
officer, a copy of the offense or police report filed in connection
with the total loss of the motor vehicle;
(II) if the accident was not investigated by a law
enforcement officer, a copy of the Texas Department of Public Safety's
"Crash Report" (Form CR-2) filed in connection with the total loss
of the motor vehicle; and
Cont'd... |
