Texas Finance Code 342.505 – Disclosure of Amount Financed and Schedule of Payments
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Terms Used In Texas Finance Code 342.505
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
A lender may not take a promise to pay or loan obligation that does not disclose the amount financed and the schedule of payments, except for an open-end account.