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1781
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MARVIN MANDEL, Governor
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(2) If the loan is made to two or more
borrowers, delivery of the statement to one borrower is
sufficient, but a copy of the statement shall be
furnished to each other borrower.
(3) Paragraphs (1) (ii) and (iii) of this
subsection do not apply to any loan subject to the
disclosure provisions of the federal Truth—in—Lending
Act, if
The lender complies with the applicable
disclosure provisions of the federal act and its
regulations.
(4) PARAGRAPH (1) (I) OF THIS SUBSECTION
SHALL NOT APPLY TO ANY LOAN SUBJECT TO THE DISCLOSURE
PROVISIONS Of THE FEDERAL TRUTH-IN-LENDING ACT, IF THE
LENDER COMPLIES WITH THE APPLICABLE DISCLOSURE PROVISIONS
OF THE FEDERAL ACT AND ITS REGULATIONS AND THE
INFORMATION REQUIRED UNDER (I) SUPRA IS CONTAINED IN OR
MADE A PART OF THE FEDERAL TRUTH-IN-LENDING FORM
FURNISHED TO THE BORROWER PROVIDED, HOWEVER, THAT THE
DISCLOSURES REQUIRED BY PARAGRAPH (1) (I) OF THIS
SUBSECTION SHALL BE MADE IN CONNECTION WITH ANY LOAN
SECURED BY RESIDENTIAL REAL PROPERTY.
(5) PARAGRAPHS (1)(I),(II) AND (III) OF THIS
SUBSECTION DO NOT APPLY WITH RESPECT TO A COMMERCIAL
LOAN IN THE AMOUNT OF $5,000 OR LESS WHERE THE LENDER
FURNISHES THE INFORMATION CONTAINED IN THE ACT TO THE
SAMS EXTENT AS IF SUCH LOAN WERE SUBJECT TO THE
PROVISIONS OF THE ACT.
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SECTION 3 2. AND BE IT FURTHER ENACTED, That this
Act shall take effect July 1, 1977.
Approved April 29, 1977.
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CHAPTER 168
(Senate Bill 227)
AN ACT concerning
Automobile Insurance
FOR the purpose of requiring the consideration of certain
factors in establishing certain rates.
BY repealing and reenacting, with amendments,
Article 48A - Insurance Code
Section 242(c)(4)
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