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TITLE 7BANKING AND SECURITIES
PART 5OFFICE OF CONSUMER CREDIT COMMISSIONER
CHAPTER 83REGULATED LENDERS AND CREDIT ACCESS BUSINESSES
SUBCHAPTER BRULES FOR CREDIT ACCESS BUSINESSES
DIVISION 6CONSUMER DISCLOSURES AND NOTICES
RULE §83.6007Consumer Disclosures

(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 or before a financial evaluation occurs in conjunction with a single payment payday loan is presented in the following figure.

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(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 or 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 or 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 or 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.


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

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