6-631. Disclosures; penalty

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. To the extent applicable, a licensee shall comply with the disclosure requirements of the truth in lending act.

B. Each note or agreement evidencing a consumer lender loan shall contain the following disclosure statement in at least ten-point type that is in English and in Spanish and in close proximity to the consumer's signature line:

Notice: You may request that the initial disclosures prescribed in the truth in lending act (15 United States Code sections 1601 through 1666j) be provided in Spanish before signing any loan documents.

C. A licensee shall continuously and conspicuously display a sign printed in at least twelve-point bold type containing the notice prescribed by subsection B of this section and the following notice at each desk in each licensed office or branch office at which consumer lender loans are usually and normally closed:

Notice

Before signing any loan documents or otherwise committing to a loan, you may take copies of those documents away from the consumer lender's place of business for review.

D. A licensee shall give to the consumer a receipt or another written record of the amount of any payment made in currency on any consumer lender loan, either at the time the payment is made or within ten days after the payment is made, or the licensee may reflect the payment on the periodic statement sent to the consumer for the billing period that includes the date of that payment.

E. A licensee shall mail periodic statements for consumer revolving loans and home equity revolving loans to the consumer within fourteen days after the end of each monthly billing cycle period. A billing cycle period is considered monthly if the closing date of the billing cycle period is the same day each month or does not vary by more than four days from that day.

F. If the licensee fails to make the disclosure statement prescribed in subsection B of this section, the deputy director shall assess the licensee a one-time penalty of up to $300 for every violation.