Sec. 342.508. MAXIMUM LOAN TERM. A lender may not enter a loan contract under Section 342.201(a) or Section 342.201(e) under which the borrower agrees to make a scheduled payment of principal more than:
(1) 37 calendar months after the date on which the contract is made, if the contract is for a cash advance of $1,500 or less;
(2) 49 calendar months after the date on which the contract is made, if the contract is for a cash advance of more than $1,500 but not more than $3,000; or
(3) 60 months after the date on which the contract is made, if the contract is for a cash advance of more than $3,000.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 916, Sec. 6, eff. Sept. 1, 2001.
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