7 Tex. Admin. Code § 90.204

Current through Reg. 49, No. 50; December 13, 2024
Section 90.204 - Model Contracts; Permissible Changes
(a) A licensee may consider making the following types of changes to the secured consumer installment loans plain language model clauses:
(1) Adding information related to information set forth in the model clauses that is not otherwise prohibited by law;
(2) Substituting another term for "Lender" or "Borrower" that has the same meaning, or using pronouns such as "you," "we," and "us";
(3) Presenting the model clauses in any order, and combining or further segregating the model clauses;
(4) Inserting descriptive headings or number provisions;
(5) Changing the case of a word if otherwise permitted by the Texas Finance Code; or
(6) Making other changes that do not affect the substance of the disclosures.
(7) A sample model contract using the scheduled installment earnings method is presented in the following example.

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(8) A sample model contract using the true daily earnings method is presented in the following example.

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(9) A sample model security agreement is presented in the following example.

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(b) A licensee has considerable flexibility to arrange the format of the model form if the revised format does not significantly adversely affect the substance, clarity, or meaningful sequence of the disclosures.

7 Tex. Admin. Code § 90.204

The provisions of this §90.204 adopted to be effective August 31, 2006, 31 TexReg 6673; amended to be effective September 9, 2010, 35 TexReg 8104; Amended by Texas Register, Volume 40, Number 44, October 30, 2015, TexReg 7639, eff. 11/5/2015; Amended by Texas Register, Volume 45, Number 27, July 3, 2020, TexReg 4502, eff. 7/9/2020