Sec. 342.503. SECURITY FOR LOAN. (a) A lender may not take as security for a loan made under this chapter an assignment of wages.
(b) A lender may not take as security for a loan made under Subchapter E or F a lien on real property other than a lien created by law on the recording of an abstract of judgment.
(c) A lender may take as security for a loan made under Subchapter E or F an assignment of:
(1) a warrant drawn against a state fund; or
(2) a claim against a state fund or a state agency.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999.
Structure Texas Statutes
Title 4 - Regulation of Interest, Loans, and Financed Transactions
Subtitle B - Loans and Financed Transactions
Subchapter K. Limitations on Authorized Lender
Section 342.501. Obligation Under More Than One Contract
Section 342.502. Amount Authorized
Section 342.503. Security for Loan
Section 342.504. Confession of Judgment; Power of Attorney
Section 342.505. Disclosure of Amount Financed and Schedule of Payments
Section 342.506. Instrument With Blank Prohibited