SECTION 90.101. Definitions

The following words and terms, when used in this chapter, will have the following meanings, unless the context clearly indicates otherwise:

(1) Acquisition Charge--A finance charge assessed for making the loan as authorized under Texas Finance Code, §342.252.

(2) Borrower--The person or persons who sign the loan agreement.

(3) Collateral--An interest in personal property which serves to secure the payment or performance of an obligation. See "Security."

(4) Deferment--An additional period of time beyond a due date for the borrower to make a payment or payments; also known as "Extension."

(5) Installment Account Handling Charge--A finance charge assessed on the loan as authorized under Texas Finance Code, §342.252.

(6) OCCC--The Office of Consumer Credit Commissioner of the State of Texas.

(7) Prepayment--Any whole or partial payment of an amount equal to one or more full installments made by the borrower prior to the date the payment is due.

(8) Security--An interest in personal property which serves to secure the payment or performance of an obligation. See "Collateral."

Source Note: The provisions of this §90.101 adopted to be effective August 31, 2006, 31 TexReg 6671; amended to be effective November 5, 2015, 40 TexReg 7635