Tex. Fin. Code § 342.508

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 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.

Tex. Fin. Code § 342.508

Amended by Acts 2001, 77th Leg., ch. 916, Sec. 6, eff. 9/1/2001.