Texas Loan Agreement Notice

In addition, the Texas administrative code requires, in Section 3.34, the publication of a notice in all financial institutions: oral agreements on $50,000 loans are not effective, either to establish a loan obligation or to change the terms of a written loan agreement. The above notice, which must be signed by both the borrower and the financial institution, may be included in a separate document or be included in one or more of the documents constituting the loan agreement. The notice must be in a way that is bold, basically, basically, highlighting or otherwise indicated from the surrounding written material, to get noticed. NOTICE TO BORROWERS CERTAIN LOAN AGREEMENTS MUST BE IN WRITING TEXAS LAW (Section 26.02, Business and Commerce Code) requires all financial institutions to publish notifications that summarize the requirements for concluding loan contracts in writing. Please be aware that, in accordance with Economic and Commercial Code 26.02, all financial institutions must issue notifications informing borrowers of the requirements under which certain credit contracts are entered into in writing. While a federal regulator is unable to seek notice and a national institution is unable to rely on it for non-disclosure, the bank remains civilly liable for the failure and has a risk of litigation in the event of non-disclosure. (g) all financial institutions publish notices informing borrowers of the provisions of this section.  The notices are thus established and established in the institutions in order to fully inform borrowers of the provisions of this section.  The Texas Financial Commission prescribes the language of the notice. The written loan agreement will be the sole source of rights and obligations for loan contracts over $50,000. (e) In a loan agreement under point (b) of this section, the financial institution informs the debtor or debtor of the provisions of the subsections (b) and (c) of this section.

 The notice must be in a separate document signed by the debtor or debtor or incorporated into one or more of the documents that make up the loan agreement.  The mention must be of a species in bold, capitalized, highlighted or otherwise indicated from the surrounding written material to be noticed.