7 Tex. Admin. Code § 59.101 - Required Disclosure
(a) Purpose. The purpose of this section is to clarify and establish requirements related to the written disclosure a wrap lender is required to provide the wrap borrower in accordance with Finance Code §
159.101 (disclosure).
(b) Model Disclosure Form. In accordance with Finance Code §
159.101(c), the following form (Figure: 7 TAC §
59.101(b)(3); model disclosure form) is deemed to satisfy the substantive requirements of Finance Code §
159.101(a). Interested persons should visit SML's website (sml.texas.gov) for a form-fillable version of the model disclosure form and an editable version in Word format (including for purposes of attaching additional sheets to supplement the form with additional information, as necessary). A wrap lender may modify and customize the model disclosure form; provided, the form:
(1) contains all substantive information contained in the model disclosure form that is applicable to the person issuing the disclosure;
(2) conforms to the formatting requirements of §
59.3 of this title (relating to Formatting Requirements for Notices); and
(c) Effective Date. The disclosure is deemed to be provided by the wrap lender and received by the wrap borrower for purposes of Finance Code §
159.101 on the date the disclosure is dated and signed by the wrap borrower, as provided by Finance Code §
159.101(b).
(d) Foreign Language Requirement. The wrap borrower must be provided an English-language version of the disclosure in addition to and contemporaneously with the foreign-language version required by Finance Code §
159.102, if applicable. A wrap lender may provide the English-language and foreign-language disclosure in a single, combined disclosure. A wrap borrower receiving a foreign-language version of the disclosure may, but is not required to, date and sign the foreign-language disclosure. A wrap borrower receiving a foreign-language version of the disclosure must date and sign the English-language version of the disclosure, which determines the effective date the disclosure is received by the wrap borrower, as provided by subsection (c) of this section. A Spanish-language version of the model disclosure form is available on SML's website (sml.texas.gov) and is deemed to satisfy the substantive requirements of Finance Code §
159.101(a) and §
159.102, with respect to negotiations with a wrap borrower conducted primarily in Spanish.
(e) Computation of Time. Computation of the time period for a wrap lender to provide the disclosure required by Finance Code §
159.101(a) is made using calendar days, irrespective of any Saturdays, Sundays, or legal holidays.
Notes
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