| (a) Consumer disclosure for single payment payday loan.
The required disclosure under Texas Finance Code, §393.223 to
be provided to a consumer before a credit application is provided
and before a financial evaluation occurs in conjunction with a single
payment payday loan is presented in the following figure.
Attached Graphic
(b) Consumer disclosure for multiple payment payday
loan. The required disclosure under Texas Finance Code, §393.223
to be provided to a consumer before a credit application is provided
and before a financial evaluation occurs in conjunction with a multiple
payment payday loan is presented in the following figure.
Attached Graphic
(c) Consumer disclosure for single payment auto title
loan. The required disclosure under Texas Finance Code, §393.223
to be provided to a consumer before a credit application is provided
and before a financial evaluation occurs in conjunction with a single
payment auto title loan is presented in the following figure.
Attached Graphic
(d) Consumer disclosure for multiple payment auto title
loan. The required disclosure under Texas Finance Code, §393.223
to be provided to a consumer before a credit application is provided
and before a financial evaluation occurs in conjunction with a multiple
payment auto title loan is presented in the following figure.
Attached Graphic
(e) Consumer disclosures required for three to five
common examples. For the three to five examples of the most common
loans transacted by a credit access business as utilized under §83.6004
of this title (relating to Fee Schedule Content), the business must
develop a consumer disclosure for those loan amounts, including appropriate
fee information. Three to five examples must be developed for each
payday or auto title product sold by the business (e.g., three single
payment payday examples of $300, $500, and $700; three multiple payment
auto title examples of $1,000, $1,500, and $2,500). The credit access
business should provide the consumer with the example form for the
product and amount that most closely relates to the consumer's loan
request.
(f) Internet sales. A credit access business must provide
the required disclosure to a consumer immediately upon the consumer's
arrival at the credit access business's website that includes information
about a payday or auto title loan as defined by Texas Finance Code, §393.221.
Access to the required disclosure must be clearly visible upon the
consumer's arrival at the website. If a consumer is directed to a
credit access business's website by another commercial entity that
is not required to be licensed as a credit access business, then the
credit access business's website to which the consumer is first directed
must contain a direct link to the appropriate consumer disclosure
as outlined in subsections (a) - (d) of this section. The direct link
to the consumer disclosure must be provided before the consumer is
required to verify previously provided information, and before the
consumer is required to provide additional information.
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| Source Note: The provisions of this §83.6007 adopted to be effective January 5, 2012, 36 TexReg 9294; amended to be effective May 10, 2012, 37 TexReg 3396; amended to be effective March 10, 2016, 41 TexReg 1673; amended to be effective November 5, 2020, 45 TexReg 7704; amended to be effective March 7, 2024, 49 TexReg 1259 |
