LAW-Alert-Texas-553-0125

Please note that there has been a revision made to the LAW®553-TX(4P)4/21 contract as well as the LAW®553-TX-ARB4/21. The new form numbers are LAW®553-TX(4P)3/25 and LAW®553-TX-ARB3/25.

Texas recently amended its model forms to accommodate statutory changes related to inspection fees. As a result, the following revisions were made:

In addition to the required Inspection fee changes, we made the following modifications to our 553 contracts in Texas:

Programming will be required for the new revision. The standard and ARB versions will not line up the same as each other for programming purposes.

The Texas 553 Contracts have been submitted to the Texas Office of the Consumer Credit Commissioner in compliance with the Plain Language Law.

Inventory for the new product will be available by January 30, 2025. Dealers should begin using the new contract on March 1, 2025.

Spanish translations will also be available by February 6, 2025.

The Bankers Systems® brand Motor Vehicle Retail Installment Sale Contracts will also be revised and announced in a separate message.

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The BANKERS SYSTEMS® mark is owned by Wolters Kluwer Financial Services, Inc. and is used with permission by license. Wolters Kluwer Financial Services, Inc. bears no responsibility or liability with respect to the forms provided.