Disclosures Required by Law
Home Equity Loans: The Texas Constitution requires in Article 16, Section 50 that a 12-day waiting period must lapse from the time an application is taken AND the following consumer rights notice is given to the borrower to the closing. For example, if a potential borrower submits an application on Monday, but doesn't receive a copy of the consumer rights notice until Wednesday, then the 12-day countdown would begin on Wednesday. Once the waiting period has passed, the loan can be closed.
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Home Equity Lending Contract Disclosure: Home equity lenders must provide copies of this consumer rights notice to loan applicants. Updated December 2007
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Aviso Sobre El Crédito Que Se Concede If discussions with the borrower are conducted primarily in Spanish, this Spanish version of the home equity contract disclosure may be used by OCCC licensees to satisfy the requirements of Texas Constitution, Article 16, Section 50(g). Updated March 2008.
Spanish Disclosures for Certain Loans Made under Texas Finance Code, Chapter 342 are required; see 7 Texas Administrative Code Sections 90.701 through 90.706 for the requirements.
