7 Tex. Admin. Code § 83.858 - Full Disclosure Requirements - Open-End and Revolving Loan Plans

(a) Any advertisement of an open-end or revolving loan plan that states any of the specific terms of that plan, must also clearly and conspicuously state the following items:

(1) the time period, if any, within which any credit extended may be repaid without incurring a finance charge;

(2) the method of determining the balance upon which a finance charge will be imposed;

(3) the method of determining the amount of the finance charge;

(4) the method by which any charge for insurance, if any, is to be calculated; and

(5) when periodic rates may be used to compute the finance charge, with the periodic rates expressed as annual percentage rates.

(b) For purposes of this section, compliance by an authorized lender with the federal Truth in Lending Act and its implementing regulations relating to open-end credit transactions will constitute compliance with the Texas Credit Title.

Notes

7 Tex. Admin. Code § 83.858

The provisions of this §83.858 adopted to be effective November 9, 2006, 31 TexReg 9014; amended to be effective November 4, 2010, 35 TexReg 9698; amended to be effective July 10, 2014, 39 TexReg 8142