Texas Administrative Code
Title 7 - BANKING AND SECURITIES
Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER
Chapter 83 - REGULATED LENDERS AND CREDIT ACCESS BUSINESSES
Subchapter A - RULES FOR REGULATED LENDERS
Division 11 - PROHIBITIONS ON AUTHORIZED LENDERS
Section 83.857 - Full Disclosure Requirements - Other than Open-End or Revolving Loan Plans

Universal Citation: 7 TX Admin Code § 83.857

Current through Reg. 50, No. 26; June 27, 2025

(a) If rates or charges are stated in advertising, they must be expressed in terms of an "annual percentage rate" (simple annual interest rate). Any advertisement that states the amount of any installment payment, the dollar amount of any finance charge, or the number of installments or the period of repayment, must also state:

(1) the amount of the loan expressed as "amount financed" (cash advance);

(2) the number, amount, and due dates or periods of payments scheduled to repay the indebtedness if the credit is extended;

(3) the rate of the finance charge; and

(4) the sum of the payments expressed as "total of payments" (amount of loan).

(b) The information required by this section must be clearly shown in such a manner as not to be deceiving or misleading.

(c) If any licensee advertises that the first installment on a loan may be extended beyond one month from the loan date, the licensee must also clearly state whether a charge is to be made for the extension.

(d) For purposes of this section, compliance by an authorized lender with the federal Truth in Lending Act and its implementing regulations relating to closed-end transactions will constitute compliance with Texas Finance Code, § 342.505.

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