Texas § FI.347.107 - NOTICE OF RATE ADJUSTMENT

§ FI.347.107. NOTICE OF RATE ADJUSTMENT

NOTICE OF RATE ADJUSTMENT. (a) After the notice provided by this section has been given, the rate shall be increased or decreased by the amount determined by this subchapter. (b) Before the 40th day preceding the payment date on which a rate adjustment is to take effect, the creditor shall mail to the consumer, postage prepaid, a notice that states: (1) the initial credit transaction rate or the adjusted rate in effect on the date of the notice, as appropriate; (2) the index base, or the index value used to compute the preceding rate adjustment, as appropriate, and the date on which the index base or value was determined; (3) the index value used to compute the rate adjustment for which the notice is sent and the date on which the index value was determined; (4) the amount of the rate adjustment; (5) the new adjusted rate; (6) the amount of the monthly payments on the indebtedness on the date of the notice; (7) the adjusted amount of the monthly payments and the date on which the adjustment takes effect; and (8) a statement of the prepayment rights of the consumer as set forth in the credit document. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.