Sec. 371.157. PAWN TICKET. 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. Section 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.
‹ Prev All Texas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.