Terms Used In Texas Finance Code 371.157

  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC

A pawnbroker, at the time a pawn transaction is entered, shall deliver to the pledgor a pawn ticket or other memorandum that clearly shows:
(1) the name and address of the pawnshop;
(2) the pledgor’s name, address, and physical description and a driver’s license number, military identification number, identification certificate number, or other official number that can identify the pledgor;
(3) the date of the transaction;
(4) an identification and description of the pledged goods, including serial numbers if reasonably available;
(5) the amount of cash advanced or credit extended to the pledgor, designated as “Amount Financed”;
(6) the amount of the pawn service charge, designated as “Finance Charge”;
(7) the total amount, consisting of the amount financed plus the finance charge, that must be paid to redeem the pledged goods on the maturity date, designated as “Total of Payments”;
(8) the “Annual Percentage Rate,” computed according to Regulation Z (12 C.F.R. part 1026) adopted by the Consumer Financial Protection Bureau under the Truth in Lending Act (15 U.S.C. § 1601 et seq.), as amended;
(9) the maturity date of the pawn transaction; and
(10) a statement that:
(A) the pledgor is not obligated to redeem the pledged goods; and
(B) the pledged goods may be forfeited to the pawnbroker on the 31st day after the maturity date.