(d) This section does not apply to a debt cancellation contract proposed in connection with the purchase of a commercial vehicle. Art. 354.004. REQUIRED LANGUAGE OF THE DEBT CANCELLATION CONTRACT. A debt cancellation contract must stipulate: (4) the procedure that the retail investor must follow to obtain benefits in accordance with the terms of the debt cancellation contract, including a telephone number and an address to which the retail investor can make a disclosure in accordance with the debt cancellation contract; (g) the holder keeps records of any repayment or credit corresponding to a sub-point e of a debt cancellation fee and grants electronic access to these registrations until the fourth anniversary of the contract or the second anniversary of the repayment or credit date. b) Repayment or credit for the debt cancellation contract can be rounded to the nearest dollar. A refund or credit is not required if the amount of the refund or credit is less than $5. b) The amount charged for a contract cancellation contract may not exceed 5% of the amount of financing provided by the contract. Point (c) of Section 348.124 does not apply to a debt cancellation contract governed by this chapter. (4) the total rejection of a claim for debt remittance based on one of the exclusions listed in point 354.003, except in the case of a partial loss of the covered vehicle. Article 354.007. REPAYMENT OF DEBT CANCELLATION AGREEMENTS. (a) the repayment or credit of the debt cancellation tax must be based on the earliest date of: (1) the holding of documents relating to the agreement in the seller`s possession; and (2) at the request of the Office of the Commissioner of Consumer Credit, to participate in the application and obtaining documents relating to the agreement that is not held by the retail seller.
(e) If the debt cancellation contract is terminated due to the early termination of the contract, the holder must terminate on the 60th day at the latest after the end of the debt cancellation contract: (f) The holder ensures that the repayment or credit of an amount of a recession tax paid by another person in accordance with point e) (2) is made no later than the 60th day following the end date of debt cancellation. Is debt cancellation the answer to all vehicles? No, debt cancellation waives the customer`s debts in the event of total loss or theft and does not cover partial losses such as plinths. Debt relief agreements may not be the right product for long-term financed vehicles with higher real values. (16) that the holder cancel certain amounts of the debt cancellation contract for total loss or theft of an insured vehicle in the following or essentially similar language: “You WILL CANCEL CERTAIN AMOUNTS I OWE UNDER THIS CONTRACT IN THE CASE OF A TOTAL LOSS OR THEFT OF THE COVERED VEHICLE AS STATED IN THE DEBT CANPLI AGREEMENT.” States require liability insurance for vehicles. Debt cancellation is not insurance. Customers must purchase liability insurance from an insurance company on the vehicle. Liability insurance is affordable. (f) A form approved by the Commissioner for debt cancellation is public information that is disclosed in accordance with Chapter 552, Demstaus der Regierung. Section 552.110 of the government code does not apply to a form approved under this chapter. Debt cancellation is not insurance, it is an amendment to the tempering contract for individuals, in which the customer pays a tax to the dealer or financial company and, in return, the dealer or financial company waives the reduced customer debts of a small deductible (according to state law) when the vehicle is a total or stolen loss and is not recovered.