Texas § FI.371.157 - PAWN TICKET

§ FI.371.157. PAWN TICKET

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. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2003, 78th Leg., ch. 1199, Sec. 1, eff. Sept. 1, 2003. Amended by: Acts 2023, 88th Leg., R.S., Ch. 159 (S.B. 1371 ), Sec. 27, eff. September 1, 2023.