Field 36021 is used to configure certain documents to print only for loans which are governed by Chapter 342 of Texas’ Finance Code (commonly referred to as “Plain Language” loans). In the past, the conditions for triggering this field to equal “Yes” or “No” were based upon whether the APR for the loan was less than, equal to, or greater than 10%.
We will be modifying this condition to substitute the APR with the interest rate, due to the provisions of Tex. Fin. Code § 342.005(1). If the interest rate on the loan is less than or equal to 10%, then “Use Texas Plain Language” will equal “No.” If the rate is greater than 10%, then “Use Texas Plain Language” will equal “Yes.”
All other conditions for the mapping will remain the same and the field can still be prompted for or imported.
This change will take effect on June 18, 2015. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
June 11, 2015